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CMSA applauds hearing on commercial real estate market

NationalMortgageProfessional.com
Feb 26, 2010

The Commercial Mortgage Securities Association (CMSA) commended the continuing efforts in Congress to address the unique nature of commercial real estate finance. And, to this end, CMSA wishes to thank House Financial Services Committee Chairman Barney Frank (D-MA), Subcommittee Chairman Paul Kanjorski (D-PA) and Small Business Committee Chairwoman Nydia Velázquez (D-NY), in their efforts to hold a joint hearing today to discuss CRE challenges and issues facing small businesses. The joint Small Business and HFSC Committee hearing, “Condition of Small Business and Commercial Real Estate Lending in Local Markets,” will take place at 10:00 a.m. in 2128 Rayburn House Office Building. The House Financial Services Committee will provide a live video feed of the proceedings. “CMSA is pleased that the House Financial Services Committee, joined today by the Small Business Committee, continues to review and consider the key issues related to commercial real estate finance,” said Patrick C. Sargent, president of the CMSA. “We believe commercial debt is putting stress on small and regional financial institutions that provide the bulk of lending and banking in local communities and are pleased that the Committees are addressing this important issue.” “It is vitally important that policy and lawmakers ensure that any recommended legislative, regulatory or accounting changes provide certainty and confidence for all markets and that any proposed changes assist in our overall economic recovery efforts,” Sargent continued. CMSA continues to believe reforms must account for the unique structure of the commercial market and that any eventual reforms “do no harm” during this fragile moment in the recovery cycle. It is crucial that the market maintains a view toward reviving multi-borrower, or “conduit,” CMBS deals in order to provide the capacity necessary to satisfy the enormous volume of maturing loans and borrower demand. “It’s clear the commercial real estate finance market is showing some positive signs with the year-end issuance of several single-borrower deals, but the market still awaits the resurgence of multi-borrower deals,” said Sargent. “This private lending and investing is critical to providing more capacity and additional reach into regionally diverse areas that will aid an efficient CRE recovery.” For more information, visit www.cmsaglobal.org. 
Published
Feb 26, 2010
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