2020-09-29 —

``"The numbers themselves are atrocious," PineBridge Investments portfolio manager Gunter Seeger told FT. "A [nearly] 30% markdown in appraisals pretty much across the board is horrific."... The issue may also be more complex than an equation of properties losing value in a bad economy. A Securities and Exchange Commission whistleblower complaint in May alleged that financial institutions like Wells Fargo and Deutsche Bank had been systematically and fraudulently inflating the value of properties in CMBS loan packages -- behavior strikingly similar to what precipitated the subprime mortgage crisis that collapsed the housing market in 2008.''

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