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CBRE: This Has NOT Been A Liquidity Crisis, But A Crisis Of Bad Credit

By Implode-Explode Heavy Industries

" Maybe the administration will finally listen when one of their own potential bailout beneficiaries tells them the sad truth about the inevitable CRE implosion. Surprisingly, a very good summary of the CRE debacle straight out of CBRE Partners (with $36 Billion AUM, it is just 3x larger than Cohen And Steers). Speaking of... Where are those CMBS downgrades S&P: getting some phone calls from the administration lately? Oh wait - looks like there is a backstop, and it is called Realpoint - in case you guys dont play ball it seems you will simply be taken out of the picture: after all just two AAA ratings are required, and looks like Realpoint is about to sell their soul to the devil. (Please say it ain't true Realpoint)."

Full post as published by Mortgage Lender Implode-o-Meter on June 12, 2009 (boomark / email).