Report title: U.S. Life Insurers: Commercial Mortgages the Next Shoe to Drop?
from Fitch Research
18 page (9232 word) report published Nov 13, 2009

Price $275.00 available for immediate download
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...Fitch Ratings published a report in April 2008 indicating that while the outlook for commercial real estate (CRE) related investments deteriorated, Fitch did not anticipate a major impact on U.S. life insurers' capital or ratings in 2008. However, delinquencies on direct mortgage loans were expected to rise from very low levels and commercial mortgage-backed securities (CMBS) were already experiencing significant declines in market value. Fitch believed that the commercial mortgage asset class most exposed to downgrade risk in 2008 was commercial real estate collateralized debt obligations (CRE CDO), which accounted for less than 1% of the industry's general account invested assets. If the economic slowdown was more severe and more extended than expected, then the industry could experience more significant losses and capital deterioration. Since the publication of the above-mentioned report, both the weakening in the financial markets and economic downturn accelerated in dramatic fashion,...

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