CMBS Trading Heads Depart Goldman, Citigroup

By Nora Colomer

Published August 01, 2011, 9:42 a.m. EDT

|

Updated August 01, 2011, 9:42 a.m. EDT

1 Min Read

The heads of CMBS trading at Citigroup and Goldman Sachs departed from their respective firms late last week.

Processing Content

Warren Geiger left Citigroup, according to a statement issued by the bank on Thursday. Meanwhile, Matthew Salem, head of CMBS trading at Goldman Sachs, also departed last week, according to a report from Bloomberg.

Both banks recently made headlines when they were forced to withdraw their GS Mortgage Securities Trust 2011-GC4 transaction after Standard & Poor's said it would not be able to deliver final ratings for the deal. S&P had previously informed Goldman and Citi that they were prepared to rate the GC4 transaction.

The ratings had been a condition needed for the closing and settlement of the transaction that had been scheduled for last Thursday, the companies said.

S&P appears to have not been able to deliver the ratings due to a larger, pending review of its conduit/fusion CMBS criteria for debt service coverage ratio calculations. (Fusion deals combine smaller and larger loan sizes.)

The review appears to have suspended the company’s ability to rate new deals of this type where the calculations are required until the review is completed.

A spokesperson at Citi said that the Geiger's departure is unrelated to the S&P news.

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Fraud

FBI: Real estate cyberfraud rises with more AI, crypto scams

The industry reported $275 million in losses from internet crimes last year, a 59% annual increase as losses nationwide surpassed $20 billion.

By Andrew Martinez
Reporter

April 10
Home equity loans

HEI customers file new class action against Unison

A Colorado couple filed suit after realizing they might owe as much as $279,000 on a home equity investment contract used to obtain $88,000 in 2018.

By Spencer Lee
Technology Reporter

April 10
Economic indicators

War, oil and inflation: What it means for rates

Economists surveyed by Wolters Kluwer are scaling back rate cut expectations as Iran conflict-driven energy costs push inflation higher, complicating the Fed's path forward.

By Brad Finkelstein
Originations Editor

April 10
Inflation

Energy prices drive up inflation by 0.9% in March

A 21.2% spike in the price of gasoline was the biggest contributor to a 0.9% increase in the Consumer Price Index in March, according to a Friday report from the Bureau of Labor Statistics. The agency said other price increases were largely contained.

By Ebrima Santos Sanneh
Reporter

April 10
Originations

Jumbo lending playbook: automation, overlays and ROI

Jumbo loans demand more scrutiny and documentation, but automation is streamlining the process — and lenders who master the product stand to gain in a moderately bullish market.

By Brad Finkelstein
Originations Editor

April 10
LoanDepot

LoanDepot taps Figure to launch 5-minute loan product

LoanDepot will integrate Figure's proprietary credit and loan underwriting engine into its own proprietary mello technology platform and point of sale system.

By Colin McNamara
Reporter

April 9

Load More