'Hidden Brownfields' Could Lower Property Values
Murray, Michael, Kemp, Carolyn, Mortgage Banking
Overlooked environmental issues from the past decade could ¿idd another burden to banks holding "underwater" commercial mortgages.
Derek Ezovski, president of Outsourced Risk Management Solutions LLC, West Hartford, Connecticut, described some environmental reports required in the commercial mortgagebacked securities (CMBS) market as "lackluster" and, for smaller banks, similar to "discretionary costs," he said.
"The difference between CMBS and commercial banking is that CMBS did have a requirement that (environmental reports] had to be done, but no one was really checking it," Ezovski said. "If it was done to the highest quality or lowest quality, it really was more of a …
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Publication information: Article title: 'Hidden Brownfields' Could Lower Property Values. Contributors: Murray, Michael - Author, Kemp, Carolyn - Author. Magazine title: Mortgage Banking. Volume: 70. Issue: 8 Publication date: May 2010. Page number: 91+. © 2009 Mortgage Bankers Association of America. Provided by ProQuest LLC. All Rights Reserved.
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