REOMAC Creates Commercial Real Estate Committee

REOMAC, a trade association serving the mortgage default industry, has created a commercial real estate committee. Until now, the group had been primarily focused on residential real estate owned. The new committee is led by co-chairs John Murray and Peter Monroe. "In light of the imminent tsunami of commercial mortgage defaults and foreclosures, it is crucial that our organization find new and innovative ways to help the private REO industry respond," said Shelley Kaye, president of REOMAC. Mr. Monroe is currently the president and chief executive of a venture capital firm. He served as the president of the Resolution Trust Corp. Oversight Board during the late 1980s and early 1990s. "There are more than a half a trillion dollars of commercial mortgages requiring refinancing over the next three years," Mr. Monroe said. "Given the state of the economy, the debt markets and the great number of commercial mortgages in complex conduit structures, a commercial meltdown of historic proportions is inevitable." Mr. Murray is a managing member of an investment firm.