New York Times, Aug. 27, 2020–Michael KolomatskyNearly six months into the pandemic, the share of American homeowners and renters who have missed or been late with their monthly housing payments …
Category: Top National News
With Second Stimulus Checks on Hold, Americans Spend Less at the Grocery Store
Wall Street Journal, Aug. 27, 2020–Annie Gasparro, Jawon Kang (subscription)Grocery shoppers are cutting back on spending, data show, a sign that Americans are hurting for cash as the federal unemployment …
J.C. Penney Sale Talks Stall, Pushing Retailer to Brink
Reuters, Aug. 31, 2020–Mike SpectorJ.C. Penney Co. Inc.’s talks with landlords for a rescue from bankruptcy proceedings reached an impasse, pushing the department store to the brink of collapse unless …
Retail Eviction Proceedings Pick Up as Economy Restarts
Wall Street Journal, Aug. 31, 2020–Esther Fung (subscription)Some tenants, particularly those from apparel, fitness and theater sectors, continue to struggle with rent payments even as coronavirus shutdowns lift. https://www.wsj.com/articles/retail-eviction-proceedings-pick-up-as-economy-restarts-11598952601?
A Flood of CRE Litigation Could Be On the Way
GlobeSt.com, August 27, 2020–Kelsi Maree BorlandThis is the calm before a litigation storm, according to Sean Gaffney of Crosbie Gliner Schiffman Southard & Swanson. A flood of CRE litigation could …
Commercial Mortgage Debt in Distress Surges 320%, Moody’s Says
Bloomberg, Aug. 26, 2020–John GittelsohnMore than $54.3 billion in U.S. commercial mortgage backed securities have been transfered to loan workout specialists mostly because of payment delinquencies, a 320% increase since …
Pandemic-Related Issues Dominate Industry Groups’ Agenda
Commercial Mortgage Alert, Aug. 21, 2020 (subscription)The CRE Finance Council and the Mortgage Bankers Association have mounted lobbying campaigns that have had some success at the federal level, although long-term …
Coronavirus Shutdown Stings New Jersey Mall’s Bondholders
Wall Street Journal, Aug. 26, 2020–Matt WirzMutual funds took hundreds of millions of dollars in paper losses this spring on the American Dream project despite market’s rally. (subscription) https://www.wsj.com/articles/coronavirus-shutdown-stings-new-jersey-malls-bondholders-11598434200?
Mall of America Owner Enters into Forbearance Agreement to Help with Mortgage Troubles
Minneapolis Star-Tribune, Aug. 19, 2020–Nicole NorfleetThe mall’s owner, Canadian-based Triple Five Group, has been several months late on the $1.4 billion mortgage for the megamall.https://www.startribune.com/moa-owner-behind-on-mortgage-reaches-deal-to-avoid-foreclosure/572158332/