TheMReport — News and strategies for the evolving mortgage marketplace.
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LOCAL EDITION SECONDARY MARKET Real Estate Roundtable Appoints Board Leadership THE INDUSTRY GROUP IS KICKING OFF ITS NEW FISCAL YEAR WITH THE ANNOUNCEMENT OF A NEW CHAIRMAN AND OTHER KEY MEMBERS OF THE GROUP'S DIRECTORSHIP. DISTRICT OF COLUMBIA // In Washington, D.C., the Real Estate Roundtable has an- nounced its new roster of direc- tors. The organization recently appointed members of the board for the 2013 fiscal year, and the Roundtable's incoming chairman and 21-person board began their terms on July 1. Robert S. Taubman, chairman, is stocked with high-profile industry leaders including Ross Perot Jr., chairman of Hillwood; and Donald Wood, president and CEO for the Federal Realty Investment Trust. To view the entire 21-member lineup, interested parties can visit the Roundtable's website at RER.org. The president and CEO of The Roundtable's full board the Roundtable, Jeffrey DeBoer, stated of the 2013 board, "With ABOUT CURRENT ISSUES PLAGUING THE COMMERCIAL MORTGAGE-BACKED SECURITIES SPACE. MASSACHUSETTS // Aite Group, LLC, is speaking out on contemporary issues in the com- mercial mortgage-backed securi- ties (CMBS) marketplace. The company's senior analyst, John Jay, recently released his statements in response to a New "CMBS deals are not immune to the underlying factors that cratered the residential mortgage markets. Factors such as easy underwriting standards and rosy valuation projections can easily conspire to make what once seemed to be a surefire invest- ment turn into a pumpkin." Elaborating on the state of Aite's senior analyst noted, the industry, Jay said, "The CMBS marketplace has moved on, however, all actors in this space are demanding ever more granular loan-level performance detail and loan modifications (and are getting it, thanks to data and analytics vendors)." "Deeper analysis by capital-at- CEO, and president of Taubman Centers, Inc., will become the Rountable's new chairman. In his new position, Taubman takes over duties from outgoing chair- man Daniel M. Neidich, the CEO of Dune Real Estate Partners, L.P. "I'm honored to have been organization. [The Roundtable] has built an outstanding "I'm honored to have been asked to lead this incredible asked to lead this incredible organization," said Taubman, noting that the Roundtable dur- ing the past decade "has built an outstanding reputation in Washington as an industry group that offers balanced, fact-based policy positions on issues of im- portance to the nation's income- producing real estate sector. "Thanks to the terrific leadership of Dan Neidich and our outgoing board, the active engagement of our member CEOs, our ability to work well with like-minded coalitions, and the professionalism and dedica- tion of the Roundtable staff, we continue to make significant progress on key policy priori- ties," Taubman added. Other incoming officers for the Roundtable's board of directors include Thomas M. Flexner, global head of real estate at Citigroup, who will serve as Roundtable treasurer; and William C. Rudin, vice chairman and CEO of Rudin Management Company, Inc., who will continue as secretary of the Roundtable. 78 | THE M REPORT positions on issues of importance to the nation's income-producing real estate sector." reputation in Washington as an industry group that offers balanced, fact-based policy — Robert S. Taubman, Taubman Centers, Inc. risk players will only make this a more efficient and properly risk-adjusted marketplace going forward," added Jay, concluding his forward-looking statements. New Data Initiative for RMBS Analysis ROLLING OUT A NEW SERVICE FOR THE COMPANY'S CLIENTS, CORELOGIC IS TURNING ITS ATTENTION TO THE RMBS SECTOR. CALIFORNIA // CoreLogic has launched a new provision for cli- ents using the company's private- label residential mortgage-backed securities (RMBS) dataset. California-based CoreLogic so many significant policy issues requiring clarification—including budget, tax, and financial regula- tory policies—the Roundtable will continue to present practical policy solutions supported by industry leaders and experts." Aite Evaluates the CMBS Market's Past and Present A SENIOR ANALYST FOR THE AITE GROUP TALKS CANDIDLY York Times article evaluating the potential impact of pre-crisis commercial loans. Within the publication's recently announced the incor- poration of anonymized servicer stop advance data, which will be available free of charge for the company's existing and new RMBS-data customers. The trustee-submitted data report, the Times discussed the looming due dates associated with commercial mortgage loans that were issued five-plus years ago. However, Jay's commentary indicates that the industry is striving to remain future-focused by extending mortgages that "will make safer investments due to increased detail on performance." from CoreLogic will be at the loan level, as opposed to aggre- gated. According to the com- pany, this will "enable investors to make more precise projections of future cash flows and default risks by allowing insight into the characteristics of the loans that have stopped cash flowing for principal, interest, or both." Ben Graboske, SVP of CoreLogic's real estate and finan- cial serves, data, and analytics division, stated, "The private-label SECONDARY MARKET ANALYTICS SERVICING ORIGINATION