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Intro -- COMMERCIAL REAL ESTATE: BACKGROUND AND ISSUES -- COMMERCIAL REAL ESTATE: BACKGROUND AND ISSUES -- LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA -- CONTENTS -- PREFACE -- Chapter 1 COMMERCIAL REAL ESTATE LOSSES AND THE RISK TO FINANCIAL STABILITY -- EXECUTIVE SUMMARY* -- SECTION ONE: FEBRUARY REPORT -- A. Introduction -- B. What is Commercial Real Estate? -- 1. Types of Commercial Real Estate -- a. Retail Properties -- b. Hotel and Tourist Properties -- c. Office Buildings -- d. Industrial Properties -- e. Multifamily Housing and Apartment Units -- f. Homebuilders -- 2. How Commercial Real Estate Is Financed -- a. Construction and Development Financing -- b. Permanent Financing -- 3. Kinds of Difficulties Commercial Real Estate Can Encounter - An Introduction -- C. History of Commercial Real Estate Concerns -- 1. Commercial Real Estate Crises of the 1980s and 1990s -- 2. Recognition of Commercial Real Estate Problems before the Crisis Broke -- 3. During the Late 2000s -- 4. Emergency Economic Stabilization Act and the TARP -- D. Present Condition of Commercial Real Estate -- 1. Economic Conditions and Deteriorating Market Fundamentals -- E. Scope of the Commercial Real Estate Markets -- 1. Whole Loans -- 2. Commercial Mortgage Backed Securities (CMBS) -- a. Servicing -- b. Underlying Property and Location -- 3. CMBS Credit Default Swaps -- 4. Financing of Multifamily Housing -- F. Risks -- 1. Loans Become Delinquent -- 2. Loans Go into Default or Become Non-Performing -- 3. Loans Are Not Refinanced -- a. Qualifying Loans Face Scarcity of Credit -- b. Loans that Fail to Qualify for Refinancing -- 4. New Loans Fail to Get Financing -- 5. Broader Social and Economic Consequences -- G. Bank Capital -- Financial and Regulatory Accounting Issues -- Counterparty Issues -- and Workouts -- 1. Commercial Real Estate and Bank Capital278.
2. Accounting Rules284 -- 3. Commercial Real Estate Workouts -- a. Options for Resolving Defaulting or Non-Performing Loans -- b. Can different structural models and servicing arrangements allow private markets to function more effectively than was true for residential real estate? -- c. Are workouts actually happening? If not, why not? -- d. Potential Impediments to Successful Workouts -- i. REMIC -- ii. Taxation of Foreign Investors in U.S. Real Estate -- e. Loss Recognition -- H. Regulatory Guidance, the Stress Tests, and EESA -- 1. Supervisors' Role before Mid-2008 -- 2. Supervisors' Role in the Stress Tests -- 3. Supervisors' Role Regarding Loan Workouts -- 4. Supervisors' Role in Banks' Exit from the TARP -- 5. Summary -- I. The TARP -- 1. The Term Asset-Backed Securities Loan Facility (TALF) -- 2. The Public Private Investment Program (PPIP) -- 3. The CPP -- 4. Small Banks, Small Business, and Commercial Real Estate -- 5. What Approach to Take? -- a. Mid-Size and Small Banks -- b. Large Banks -- J. Conclusion -- ANNEX I. THE COMMERCIAL REAL ESTATE BOOM AND BUST OF THE 1980S -- 1. Demand for Office Space and Regional Impact -- 2. Tax Law Changes -- 3. Inflation, Interest Rates, and the Deregulation of Thrift Institutions -- 4. Competition among Lending Institutions and Lax Lending Practices -- 5. Faulty Appraisals -- SECTION TWO: UPDATE ON WARRANTS -- SECTION THREE: ADDITIONAL VIEWS -- A. J. Mark McWatters and Paul S. Atkins -- SECTION FOUR: CORRESPONDENCE WITH TREASURY UPDATE -- SECTION FIVE: TARP UPDATES SINCE LAST REPORT -- A. TARP Repayments -- B. CPP Monthly Lending Report -- C. CPP Warrant Disposition Report -- D. TARP Initiative to Support Lending to Small Businesses -- E. Term Asset-Backed Securities Loan Facility (TALF) -- F. Legacy Securities Public-Private Investment Program (PPIP).
G. Home Affordable Modifications Program (HAMP) Updated Requirements -- H. Metrics -- I. Financial Update -- 1. TARP -- a. Costs: Expenditures and Commitments -- b. Income: Dividends, Interest Payments, and CPP Repayments -- c. TARP Accounting -- 2. Other Financial Stability Efforts -- a. Federal Reserve, FDIC, and Other Programs -- 3. Total Financial Stability Resources (as of December 31, 2009) -- SECTION SIX: OVERSIGHT ACTIVITIES -- Upcoming Reports and Hearings -- SECTION SEVEN: ABOUT THE CONGRESSIONAL OVERSIGHT PANEL -- ACKNOWLEDGMENTS -- APPENDIX I. LETTER FROM SECRETARY TIMOTHY GEITHNER TO CHAIR ELIZABETH WARREN, RE: PANEL QUESTIONS FOR CIT GROUP UNDER CPP, DATED JANUARY 13, 2010 -- ENCLOSURE -- Requests for Documents -- End Notes -- Chapter 2 OPENING STATEMENT OF ELIZABETH WARREN, CHAIR OF THE CONGRESSIONAL OVERSIGHT PANEL - HEARING ON ―COMMERCIAL REAL ESTATE‖ -- Chapter 3 OPENING STATEMENT OF RICHARD NEIMAN, CONGRESSIONAL OVERSIGHT PANEL FIELD HEARING ON ―COMMERCIAL REAL ESTATE‖ -- Chapter 4 OPENING STATEMENT OF DAMON SILVERS, CONGRESSIONAL OVERSIGHT PANEL FIELD HEARING ON ―COMMERCIAL REAL ESTATE‖ -- Chapter 5 OPENING STATEMENT OF J. MARK MCWATTERS, CONGRESSIONAL OVERSIGHT PANEL FIELD HEARING ON ―COMMERCIAL REAL ESTATE‖ -- End Notes -- Chapter 6 STATEMENT OF JON D. GREENLEE, ASSOCIATE DIRECTOR, DIVISION OF BANK SUPERVISION AND REGULATION, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, BEFORE THE CONGRESSIONAL OVERSIGHT PANEL FIELD HEARING ON ―COMMERCIAL REAL ESTATE‖ -- BACKGROUND -- CONDITIONS IN FINANCIAL MARKETS AND THE ECONOMY -- PERFORMANCE OF THE BANKING SYSTEM -- CURRENT CONDITIONS IN COMMERCIAL REAL ESTATE MARKETS -- FEDERAL RESERVE ACTIVITIES TO HELP REVITALIZE CREDIT MARKETS -- AVAILABILITY OF CREDIT -- CONCLUSION -- End Notes.
Chapter 7 STATEMENT OF DOREEN R. EBERLEY, ACTING REGIONAL DIRECTOR, ATLANTA REGIONAL OFFICE, FEDERAL DEPOSIT INSURANCE CORPORATION, BEFORE THE CONGRESSIONAL OVERSIGHT PANEL FIELD HEARING ON ―COMMERCIAL REAL ESTATE‖ -- ADC LOAN CONCENTRATIONS IN ATLANTA -- ERODING CREDIT QUALITY OF OTHER CRE LOANS IS AN EMERGING RISK -- FDIC RESPONSE TO RISKS IN THE CRE MARKETS -- CONCLUSION -- End Notes -- Chapter 8 WRITTEN TESTIMONY OF CHRIS BURNETT, CHIEF EXECUTIVE OFFICER, CORNERSTONE BANK, ATLANTA, BEFORE THE TARP CONGRESSIONAL OVERSIGHT PANEL FIELD HEARING -- BANK REAL ESTATE LENDING -- COMMERCIAL REAL ESTATE PROBLEMS -- Residential AD& -- C Problems -- Multifamily Problems -- Commercial and Industrial (C& -- I) Problems -- EFFECTS OF TARP, AVAILABILITY OF CAPITAL FOR BANKS AND CREDIT AVAILABILITY -- BUSINESS LOAN DEMAND AND PRUDENT CAUTION -- NEW CAPITAL SCARCE -- OTHER CAPITAL CONSTRAINTS -- CONCLUSION -- Chapter 9 COMMENTS FROM MARK L. ELLIOT, TROUTMAN SANDERS, LLP, ON THE MORTGAGE AND SALE MARKETS FOR COMMERCIAL REAL ESTATE -- Demand Side -- Supply Side -- LEGACY LOANS PROGRAM -- LEGACY SECURITIES PROGRAM -- Chapter 10 TESTIMONY OF BRIAN OLASOV,* MANAGING DIRECTOR, MCKENNA LONG & -- ALDRIDGE, LLP, CONGRESSIONAL OVERSIGHT PANEL - ATLANTA FIELD HEARING -- End Notes -- Chapter 11 STATEMENT OF DAVID STOCKERT, PRESIDENT AND CHIEF EXECUTIVE OFFICER, POST PROPERTIES ON BEHALF OF THE NATIONAL MULTI HOUSING COUNCIL AND THE NATIONAL APARTMENT ASSOCIATION, BEFORE THE CONGRESSIONAL OVERSIGHT PANEL -- THE STATE OF THE MULTIFAMILY INDUSTRY -- A. Multifamily Vacancy -- B. Multifamily Construction Activity -- C. Rents and Transaction Activity -- D. New Apartment Absorption -- DEBT FINANCING AND LIQUIDITY -- MULTIFAMILY LOAN PERFORMANCE -- SECONDARY MARKET CONCERNS AND FUTURE -- COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS).
TROUBLED ASSET RELIEF PROGRAM (TARP) -- NATIONAL POLICY CHANGE TO MEET OUR HOUSING NEEDS -- ELEMENTS OF A BALANCED HOUSING POLICY -- IS A SUPPLY SHORTAGE LOOMING? -- New Construction Trends -- The Current Oversupply -- How Fast Can the Excess Inventory Be Used Up? -- WHO'S MOVING INTO APARTMENTS? -- Households on the Move -- Recent Movers -- MORE COMPETITION FROM HOMEOWNERSHIP? -- Measuring Affordability -- The House Price Effect -- THE GSES' ROLE IN MULTIFAMILY FINANCE -- Background -- The GSEs and Liquidity -- NEW APARTMENT ABSORPTIONS -- Multifamily Mortgage Debt -- CONDO CONSTRUCTION -- Apartment Investment Returns -- CHAPTER SOURCES -- INDEX.
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Commercial real estate [[electronic resource] ] : background and issues / / Kimberly C. Miller, editor
