Richard Carlson

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  www.mortgagebankers.org/CommercialMultifamilyServicinga - [Cached Version]
  Last Visited: 11/2/2009  

  Rich Carlson, Senior Director, Fitch Ratings

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  www.bridgerfunding.com/bcf/News.do?id=20071031290.2_82b - [Cached Version]
  Published on: 10/31/2007    Last Visited: 10/31/2007  

  Richard Carlson, +1-312-606-2373 (Chicago)

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  www.ncbsavingsbank.com/PressReleaseDetails.aspx?id=1096 - [Cached Version]
  Published on: 6/20/2006    Last Visited: 3/10/2007  

  Contact: Richard Carlson (Fitch Ratings), (312) 606-2373

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  www.insurancebroadcasting.com/052605.htm - [Cached Version]
  Published on: 5/26/2005    Last Visited: 8/24/2005  

  'There are no guaranties that availability of coverage will not be as serious a problem as it was before TRIA passed, which underscores the importance of a long-term solution,' said Richard Carlson, Director, Fitch Ratings. 'The lack of a federal backstop that provides insurance companies with a way to measure risk could make pricing an issue again and lead to larger than expected increases in terrorism insurance premiums, which in turn would greatly effect large, high-profile properties in major metropolitan areas where premiums would increase substantially.'
  
  A potential TRIA expiration would also adversely affect CMBS servicers, who currently enforce the inclusion of terrorism coverage on the loans they service and, because of changes in mortgage loan documents, may have a more difficult time demanding it if TRIA is not extended, according to Richard Carlson, Director, Fitch Ratings.
  
  'There is greater potential for litigation as borrowers and servicers try to determine what is meant by commercially reasonable or available,' said Carlson. 'Additionally, if premiums for terrorism coverage go up, servicers may no longer be able to rely on the language of the loan documents to enforce the terrorism insurance requirements, and this may result in an unnecessary disruption to the CMBS market.'
  
  Fitch's policy regarding terrorism coverage remains unchanged, with one exception.When the policy was established initially, it was applied primarily to single asset transactions.Four years later, fusion transactions which are concentrated with large loans, have become increasingly common, and those transactions will be reviewed closely for acceptable coverage. 'Fitch views terrorism insurance coverage as an important structural protection for bondholders, and is hopeful that TRIA will be extended for two years, which would give the market sufficient time to develop a permanent, long term solution.' said Carlson.

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  biz.yahoo.com/bw/080128/20080128005812.html?.v=1 - [Cached Version]
  Published on: 1/28/2008    Last Visited: 1/28/2008  

  Fitch will then share this information with the overall CMBS community by publishing press releases and special reports. 'In the current environment, servicer ratings are more important than ever,' said Senior Director Rich Carlson.
  ...
  Richard Carlson, 312-606-2373, Chicago

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  nreionline.com/news/Fitch_Loan_Servicing_CDOs/ - [Cached Version]
  Published on: 3/2/2007    Last Visited: 3/2/2007  

  "Servicers should be sure to determine their role up front when pursuing servicing assignments for CRE CDOs," says Richard Carlson, a Fitch Ratings senior director who coauthored the report.

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  www.mortgagebankers.org//roster/default.aspx?id=ros3468 - [Cached Version]
  Published on: 4/11/2006    Last Visited: 11/2/2009  

  Richard Carlson Senior Director

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  www.mortgagebankers.org//roster/default.aspx?id=ros3474 - [Cached Version]
  Published on: 4/11/2006    Last Visited: 11/2/2009  

  Richard A. Carlson Chief Financial Officer

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  2007 CREF/Multifamily Asset Administration and... - [Cached Version]
  Published on: 1/1/2007    Last Visited: 9/13/2007  

  Richard Carlson, Senior Director, Fitch Ratings

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  Apartment Finance Today - [Cached Version]
  Published on: 7/16/2005    Last Visited: 7/16/2005  

  And ICB is preparing to do the same, said Rich Carlson, a director at Fitch Ratings in Chicago, who analyzes CMBS loan servicers.
  
  Follow the leader
  
  While CBA and ICB declined to discuss these operations, Carlson and Bechtel concurred that both appear to be following Bayview Financial, L.P.'s successes in originating small-balance loans and pooling them for securitization - in some cases bundled with single-family mortgages.
  ...
  "The theory behind these efforts is that securitization of small-balance pools amid strong investor demand ultimately translates to higher [loan] proceeds and better pricing that will win over borrowers," Carlson said.In contrast to the huge traditional CMBS issues sold in the public markets, so far the smaller small-balance pools have typically sold to mostly institutional buyers through private placements, he and Bechtel explained.
  
  While it's impossible to say just how the additional competition and efficiency will affect small-balance borrowing rates, Carlson and Bechtel agreed that the gap between small-balance and traditional conduit rates seems destined to narrow as CBA, ICB and perhaps additional players ramp-up operations.
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  One factor potentially limiting the market penetration of small-balance conduit channels is the ever-intensifying competition from financiers including the established Wall Street conduits, various portfolio-type lenders and government-sponsored enterprises Fannie Mae and Freddie Mac, Carlson said.
  
  Another factor is the uncertainty about the ongoing depth and breadth of investor demand for securities backed just by small-balance commercial and multifamily mortgages, Carlson added.While institutional investors have demonstrated resilient demand for public CMBS issues for several years running, some small-balance issues might ultimately prove too small and insufficiently diversified to generate the level of liquidity institutions want, said Carlson.
  
  Nevertheless, small-property investors, at least for the near-term, can probably expect competition for their borrowing business to intensify as CBA and ICB ramp up their small-balance conduit operations.But as Carlson and Bechtel both pointed out, the newcomers may well have to go through some growing pains as they fine-tune their respective business models.

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