The history of Backshop and CMBS.com

(This was originally posted Sept. 11, 2008) It is September 11, 2008 and I have started preparing content for my soon-to-be released-blog, CMBS 2.0. The history of the company is deeply connected to September 11, 2001 and what better day than the 7-year anniversary of the attacks to chronicle that history.

MISMO update May 2016

It’s been a while since I’ve posted on C-MISMO, but finally there is some real progress to report. We are releasing an updated rent roll standard for a 60-day public comment period, and Fannie Mae is going to announce its support for the standard this week in Dallas at the MBA Commercial Servicing and Technology […]

Backshop and CMBS.com expand to serve the entire CRE market

For years I have been talking and blogging about the importance of transparency, standardization and XML in the CRE market. Well, I decided it was time to be more proactive in making these concepts a reality by creating inexpensive tools for small CRE operations and providing free tools for everyone who wants to experience the […]

REG AB II Update : May 2015

It’s been about 7 months since the SEC came out with the final rules for REG AB II, and the industry response is becoming clear. CREFC, the industry trade group that controls the IRP, has hosted several meetings with the IRP working group, and the emerging strategy for compliance with REG AB II XML reporting […]

More details on Reg AB II

It’s been about two weeks since the SEC released its final rules on disclosure requirements for CMBS, and I have some more details to report.

September 11, 2014

Today is the 6th anniversary of this blog, which I write to follow the regulatory response to the financial crisis and how the implementation of the Dodd Frank law affects the CMBS market. If you are a follower, you know I believe the regulators’ primary role should be to require transparency, and I advocate that […]

SEC Finalizes Reg AB Rules: open XML, no rent rolls

Today the SEC announced its final decision on Reg AB. They held firm by requiring XML data for CMBS to be posted on EDGAR. That is a big deal and a huge win for transparency: each CMBS loan will require wide open disclosure of about 160 data elements.

SEC takes a big step back on disclosure methods

“All data – especially sensitive data – wants to be free.” On Feb. 25 the SEC reopened the comment period for REG AB II, with focus on the method used to disclose asset level data. The 19-page memorandum (download the PDF here) opens with: “This memorandum describes a potential approach for disclosure of asset-level information […]

Reg AB II is not almost here

The SEC pulled Reg AB II rule-making from the Feb. 5 agenda. So nothing happened. There’s no word on why it was pulled or when we will hear back.

Regulation AB II is almost here!

The SEC announced that on Feb. 5 they will propose final changes to loan level data disclosures for all asset backed securities including CMBS. This rule, known as Reg AB II, is an update to the original Reg AB that governed securitization rules during the financial crisis.