Thursday, August 31, 2017

Harvey Hurts Houston Mortgage Bonds Already Feeling Oil Pain via Bloomberg

Declining energy prices have already battered Houston’s real estate market. Now, Hurricane Harvey is making it even worse.

Some $8.9 billion of loans packaged into commercial mortgage-backed securities since the financial crisis are supported by Houston-area offices, malls and hotels, Morgan Stanley analyst Richard Hill said in a note Monday. And, across Texas, almost $30 billion of these loans have exposure to official disaster areas, according to Trepp, a specialist firm that tracks such debt.

Read more...Harvey Hurts Houston Mortgage Bonds Already Feeling Oil Pain - Bloomberg

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