As one of the largest sources of credit for commercial and multifamily real estate in the United States, the commercial mortgage backed securities (CMBS) market is an important element of the over $3 trillion commercial real estate debt market, especially in smaller markets. CMBS provides financing to retail, office, apartments, industrial, health care, and many other types of commercial real estate. If the rule is not modified before going into effect, borrowers across the country could experience significant reductions in access to credit, unwarranted increases in borrowing costs, and reduced liquidity, which could impair economic development and job creation in areas that need it most.
Following introduction of the bill, Congressman Hill stated:
Read the full text of the bill.
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