“What brought back the securitization industry is the New York Fed saying ‘we are going to back the senior bonds; we’ll create more structure, create new oversite and make it a little bit tighter.’ That created and improved the CMBS industry we see today. If it wasn’t for groups like the MBA working with the New York Fed, the CMBS industry would not have been revived.”
–Alan Kronovet Jr., CCMS, Head of Commercial Mortgage Servicing with Wells Fargo Bank, Charlotte, N.C.
