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Shortfalls Plague Some CMBS Deals.(Brief Article)
Moody's Investors Service has identified unanticipated interest shortfalls as an emerging problem for the commercial mortgage-backed securities industry.
This has led to some downgrades and watch listing and more are expected.
In CMBS transactions, servicer advances for principal and interest, property protection, and trust expenses help provide liquidity to CMBS.
Servicers that facilitate this liquidity are reimbursed for the amounts advanced plus interest on a priority basis "at the top of the distribution waterfall."
Nicholas Levidy, a Moody's analyst, noted, "Unfortunately, in some cases where the servicer seeks reimbursement for large advance ...
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Source: HighBeam Research, Shortfalls Plague Some CMBS Deals.(Brief Article)