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Criimi Mae Raises Its Loss Estimate and Adds New Risk Manager to Staff.(Craig M. Lieberman becomes chief portfolio risk officer)(Brief Article)
Criimi Mae is increasing its estimate of losses over the life of its commercial mortgage-backed securities portfolio from $448 million to approximately $500 million.
The real estate investment trust has also appointed Craig M. Lieberman to the newly-created position of chief portfolio risk officer.
Mr. Lieberman is responsible for efforts to maximize the value of the REIT's CMBS portfolio. He oversees the company's servicing operations and will focus initially on "developing new, more accelerated workout strategies for loans in special servicing."
The commercial mortgage investor expects to announce an impairment charge to its fourth-quarter 2002 earnings.
Barry S. Blattman, who recently took over as CEO and president of Criimi Mae, said, "This higher estimate of losses is warranted by difficult conditions in the commercial real estate market, particularly the hotel sector."
He added that the estimate is within the range expected by Brascan Real Estate Finance Fund when Criimi Mae ...
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