When defaults spiked for loans underwritten by commercial mortgage-backed securities (CMBS), many Texas attorneys sought state court-appointed receivers for commercial real estate assets.
Placing a struggling property in receivership has long been a remedy available for lenders, but Texas' relatively expedited and inexpensive nonjudicial foreclosure process limited the remedy's practical value for traditional lenders.
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USA, Texas, Insolvency & Restructuring, Real Estate, Securitization & Structured Finance, Munsch Hardt Kopf & Harr PC, Debtor, Collateral (finance), Commercial property, Debt, Mortgage loan, Foreclosure, Liability (financial accounting), Due diligence, Underwriting, Default (finance), Commercial mortgage-backed security, Mortgage-backed security, Secured loan
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In the fallout of recent commercial mortgage-backed securities defaults, mortgage servicers have increasingly used receivership sales for commercial real estate assets, including last month’s sale of the Davis Building in downtown Dallas.
Filed under:
USA, Banking, Insolvency & Restructuring, Real Estate, Securitization & Structured Finance, Munsch Hardt Kopf & Harr PC, Bond market, Debtor, Commercial property, Debt, Mortgage loan, Foreclosure, Liability (financial accounting), Default (finance), Commercial mortgage-backed security, Mortgage-backed security, Secured loan
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