I never realized winning a World Series was so exciting and exhausting. I came close to living in cities where the home team won the Fall Classic (San Francisco 2002, Boston 1986) but this was the first time my home team actually got it done.
Every series (Atlanta, Philadelphia, and Texas) was a thrill and the entire city was watching. The cast of characters that make up the team really connected with the cast of characters that make up the Bay Area. I have been a Giants fan since moving to San Francisco in 1992 and loved every minute of the victory.
I was lucky enough to go to:
• Game 1 of the Atlanta series where Tim Lincecum threw the complete game: a one-hit shutout. We had great seats for that game!
• Game 4 of the Phillies series where Juan Uribe hit a walk-off fly ball to secure a 6 to 5 win and take a 3 games to 1 lead in the series. Here is the National Anthem sung by Huey Lewis and the News with a jet fly over.
• Game 2 of the World Series where the Rangers completely melted down and the Giants scored seven runs in the eighth to crush Texas 9-0. Here are two more runs in the bottom of the eighth.
• The victory parade in San Francisco that drew 1 million and shut down the city for a day. Mayhem!
Good luck next year Giants!
— — —
Jim Flaherty is CEO of CMBS.com and the creator of the Backshop loan origination system. He is a trained credit professional with experience installing enterprise underwriting systems for commercial real estate lenders, rating agencies and investors.
For the first time in years, CREFC has proposed an increase in data disclosure by proposing a new report, the Loan Modification Report, to be effective Dec. 1, 2010. It isn’t perfect, but it is progress.
This report is designed for Special Servicers to use when they modify a loan. CMBS Investors have demanded this information because loan modifications have a direct impact on the bond payments and, therefore, the value of the bond. Despite the fact that modifications are fairly common these days, Special Servicers have not been doing a good job reporting the new terms. The current deficiency in reporting these modifications has grown into a major problem.
The new report will hopefully help solve that problem because it will require Special Servicers to disclose the terms of the modifications.
My only negative comment regards the format of the report. Instead of a data-driven report in XML or even Excel, they picked PDF. Pretty much the worst format they could have picked.
But, if the special servicers actually describe the modifications in enough detail, folks who are trying to recreate the bond models can update the amortization/bond models manually to reflect modified loan terms. That is progress.
— — —
Jim Flaherty is CEO of CMBS.com and the creator of the Backshop loan origination system. He is a trained credit professional with experience installing enterprise underwriting systems for commercial real estate lenders, rating agencies and investors.
Giants!
/0 Comments/in What's going on /by jimflahertyI never realized winning a World Series was so exciting and exhausting. I came close to living in cities where the home team won the Fall Classic (San Francisco 2002, Boston 1986) but this was the first time my home team actually got it done.
Every series (Atlanta, Philadelphia, and Texas) was a thrill and the entire city was watching. The cast of characters that make up the team really connected with the cast of characters that make up the Bay Area. I have been a Giants fan since moving to San Francisco in 1992 and loved every minute of the victory.
I was lucky enough to go to:
• Game 1 of the Atlanta series where Tim Lincecum threw the complete game: a one-hit shutout. We had great seats for that game!
• Game 4 of the Phillies series where Juan Uribe hit a walk-off fly ball to secure a 6 to 5 win and take a 3 games to 1 lead in the series. Here is the National Anthem sung by Huey Lewis and the News with a jet fly over.
• Game 2 of the World Series where the Rangers completely melted down and the Giants scored seven runs in the eighth to crush Texas 9-0. Here are two more runs in the bottom of the eighth.
• The victory parade in San Francisco that drew 1 million and shut down the city for a day. Mayhem!
Good luck next year Giants!
— — —
Jim Flaherty is CEO of CMBS.com and the creator of the Backshop loan origination system. He is a trained credit professional with experience installing enterprise underwriting systems for commercial real estate lenders, rating agencies and investors.
www.cmbs.com
www.backshop.com
CREFC updates IRP
/0 Comments/in Industry news, Industry standards /by jimflahertyFor the first time in years, CREFC has proposed an increase in data disclosure by proposing a new report, the Loan Modification Report, to be effective Dec. 1, 2010. It isn’t perfect, but it is progress.
This report is designed for Special Servicers to use when they modify a loan. CMBS Investors have demanded this information because loan modifications have a direct impact on the bond payments and, therefore, the value of the bond. Despite the fact that modifications are fairly common these days, Special Servicers have not been doing a good job reporting the new terms. The current deficiency in reporting these modifications has grown into a major problem.
The new report will hopefully help solve that problem because it will require Special Servicers to disclose the terms of the modifications.
Check out the exposure draft: CRE Finance Council INVESTOR REPORTING PACKAGE Version 5.1
The Loan Modification Template is on Page 102.
My only negative comment regards the format of the report. Instead of a data-driven report in XML or even Excel, they picked PDF. Pretty much the worst format they could have picked.
But, if the special servicers actually describe the modifications in enough detail, folks who are trying to recreate the bond models can update the amortization/bond models manually to reflect modified loan terms. That is progress.
— — —
Jim Flaherty is CEO of CMBS.com and the creator of the Backshop loan origination system. He is a trained credit professional with experience installing enterprise underwriting systems for commercial real estate lenders, rating agencies and investors.
www.cmbs.com
www.backshop.com
Burning fuel
/0 Comments/in What's going on /by jimflahertyFighter jets and race cars — what could be better?
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