REIT Wrecks

Mortgage REITs: Stick with the Seasoned Veterans

Joe, you are right. The suggestion that Real Point was using selective negative data to sell research was flippant. The "headline" increase in delinquencies in the first paragraph of the report was what caught my eye. The full report is obviously more comprehensive, but nonetheless much less attention grabbing - hence the irreverance toward Real Point. I apologize, and I have deleted that suggestion from the original source post.

To be fair however, the point of the article was not to besmirch Real Point. The point of the article was to illustrate out that the more recent vintages of CMBS are experiencing higher levels of default (as your research aptly pointed out), and more importantly, the implications of that for those Mortgage REITs that invested in them. Incidentally, the number on the total level of outstanding CMBS debt that I used in the article came from Wachovia/Intex.