WASHINGTON, D.C. - - Jan S. Sternin, (top right photo) CMB, Senior Vice President of Commercial and Multifamily at the Mortgage Banker Association, issued the following statement after the U.S. House passed H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009.
"We are gratified that the bill gives regulators the flexibility to recognize the unique nature of commercial real estate lending and applaud legislators for their efforts to avoid further disrupting the commercial real estate market.
"Risk retention already exists in the commercial mortgage-backed securities (CMBS) business model through a market-based solution in which specialized participants act as gatekeepers by purchasing the B piece, or first loss position. These participants possess a sophisticated knowledge of the underlying market and assume the risk retention role."
CONTACT: John Mechem, (202) 557-2924, jmechem@mortgagebankers.org
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