Talisman-7 Finance, a company set up by ABN Amro Holding NV to issue commercial mortgage-backed bonds, said one of the loans behind a €1.82bn ($2.45bn) securitization is in default. “The Mozart borrowers’ agent has admitted that the Mozart obligors will be unable to pay their debts as they fall due,” Talisman-7 said in a statement distributed by the Irish Stock Exchange. Because of “actual financial difficulties it intends to suspend making payments on its debts,” it said. The Mozart loan is the biggest in the collateral pool, accounting for 57% of the deal’s assets, Moody’s Investors Service said April 16. The loan is secured by 102 properties in Germany with a current vacancy rate of 28%, Moody’s said when it cut €1.275bn of the most senior- ranked bonds in the deal six levels to A3 from its top Aaa.
Biggest loan behind Talisman commercial mortgage bonds defaults
April 21, 2010, 3:53pm
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
Most Popular Articles
Latest Articles
California settlement forces MV Realty to void homeowner contracts
MV Realty must cancel all homeowner contracts in California, terminate liens against affected properties and return early termination fees.
-
Exclusive: House Democrat reintroduces bill targeting mortgage credit access
-
8 best Florida real estate schools for 2026
-
How consumers are using AI and the impact on the role of the real estate agent
-
AI mortgage broker Ralo launches, raises $2.9M seed round
-
CertifID buys CloseSimple to merge security, closing automation
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio