Commercial mortgage-backed securities (CMBS)

Remember 1929 when looking for the cause of the coming financial crisis

I think it is more likely that the coming financial crisis will be triggered by the market’s rejection of a few classes of securities. Something like this happened in 1929 with the collapse of pyramided securities holding companies.

Among the easiest targets in the aftermath of this will be the major credit rating agencies. The ratings the agencies bestowed on CMBS were just a marketing tool for selling securities. 

FT 25 September 2020

https://www.ft.com/content/f9ff9ed0-c7ff-4718-a65b-8be712379e84



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