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CREFC Announces 2024 Capital Markets Conference

August 14, 2024

NEW YORK, Aug. 14, 2024 – The CRE Finance Council (CREFC), the trade association that exclusively represents the nearly $6 trillion commercial and multifamily real estate finance industry, is pleased to announce its September 18, 2024, Capital Markets Conference in New York City.

This one-day event features a series of panels examining a wide range of issues top of mind for commercial real estate (CRE) finance market participants who have managed a protracted period of elevated interest rates, a rapidly evolving regulatory environment, and an array of unique challenges that impact income-producing properties.

The Conference features seasoned market professionals who will detail how the industry is managing a sizable wall of CRE debt maturities. Today’s challenges are particularly acute given a still elevated rate environment and uncertainty surrounding CRE property valuations. Panelists will focus on key servicing issues in today’s challenging markets, such as refinancing commercial mortgages at today’s substantially higher mortgage rates relative to the original loan. Other key topics include borrowers’ search for alternative sources of liquidity. Attendees will learn about the health of the securitized market, the role of debt funds, and how changes in regulations, notably Basel III, impact bank lending, and general market liquidity.

Featured panels include:

• Wall of Maturities – Fact or Fiction
• State of the Market: Servicer Perspective
• Bank Balancing Act: Challenges and Opportunities for Lending
• Out of the Shadows? Nonbank Lending in Today’s Economy
• New Issue Roundtable: State of the Securitized Market 

When: September 18, 2024

Where:

Conrad New York Downtown

102 North End Ave

New York, NY, 10282

Program

Registration
Live stream options are available.

"Commercial real estate finance market participants have endured a barrage of unprecedented challenges that include high borrowing costs, escalating expenses for property owners, and dramatic changes in how tenants work in commercial properties,” said Lisa Pendergast, Executive Director, CREFC.

"This year’s comprehensive program considers the CRE finance market’s risks and opportunities at a time when participants face a wave of debt maturities, and sources of liquidity are shifting with the emergence of new capital sources amid an evolving regulatory environment.”

To learn more about CREFC's upcoming conferences and events, please visit here.

Contact:

Aleksandrs Rozens

arozens@crefc.org

646-884-7567

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High Court Overruling of Chevron Doctrine Stirs Strong Reactions, Uncertainty

July 30, 2024

The Supreme Court’s June 28 overruling of the Chevron Doctrine continues to provoke strong reactions.

• The Loper Bright v. Raimondo decision requires courts to exercise their independent judgment in determining the meaning of an ambiguous statute.
• As reported in a previous CREFC Policy and Capital Markets Briefing, this ruling was celebrated by many Conservatives and business groups who have long sought to curb executive branch power.
• However, critics contend it will exacerbate uncertainty in the regulatory sphere as businesses ramp up lawsuits against regulation.

What they’re saying. Republican and Democratic lawmakers recently introduced strikingly different bills in the wake of the Chevron decision.

On July 23, Sen. Bill Cassidy (R-LA) introduced a bill that would require agency officials to communicate with and testify before Congress regarding certain agency actions, stating:

“For decades, the Executive Branch has exploited Chevron deference to increase its power beyond what Congress intended, all while skirting congressional oversight. Now, with Chevron deference overturned, Congress must work to rein in the Executive Branch and hold it accountable to the people and their elected representatives.”

Furthermore, according to Politico, Cassidy sent letters to various labor-related agencies including the DOL, NLRB, EEOC, and EBSA requesting information on how they would comply with the ruling.

• Reps. Steve Scalise (R-LA), James Comer (R-KY), and other House Republicans are also asking the agencies to review regulations in the new post-Chevron world.

Yes, but: Sen. Elizabeth Warren (D-MA) and several other Democratic senators introduced the “Stop Corporate Capture” bill, which would codify the Chevron doctrine and reform the regulatory process “to end corporations’ influence over the rulemaking process, prioritize scientific and public integrity, and reduce delays in implementation of laws.”

According to Warren:

“Giant corporations are using far-right, unelected judges to hijack our government and undermine the will of Congress. The Stop Corporate Capture Act will bring transparency and efficiency to the federal rulemaking process, and most importantly, will make sure corporate interest groups can’t substitute their preferences for the judgment of Congress and the expert agencies.” 

• CREFC will continue to monitor these developments and report back to you.
• Stay tuned for a CREFC webinar that will explore the implications of a post-Chevron world.

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Political Update: Harris Consolidates Support

July 30, 2024

Vice President Kamala Harris has upended the presidential race in the last nine days after President Joe Biden announced his decision to bow out of the race.

Why it matters: Harris cleared the field of contenders for the nomination within 48 hours after President Biden announced he would not seek re-election. Delegates who voted for President Biden in the primaries are under no obligation to vote for her, and won’t officially do so until a virtual roll call in mid-August.

• However, the vice president has consolidated nearly every Democrat in the party and stopped any would-be challengers in their tracks almost immediately.

Harris’s robust support in just over a week comes from leading Democrat lawmakers, President Biden, and former President Barack Obama:

• 200 representatives, 23 governors, and 45 senators have endorsed Harris. Of note, Senator Jon Tester (D-MT), Senator Joe Manchin (I-WV) (who caucuses with the Democrats), and Senator Bob Menendez (D-NJ) are the only Senate Democrats to have not yet endorsed Harris as of this writing. Vice President Harris was also endorsed on July 22 by all 50 state Democratic party chairs.
• Former President Barack Obama, and Former First Lady Michelle Obama endorsed Harris on July 26.
• According to the Associated Press’ Democratic delegate survey, Harris unofficially surpassed the 1,976 delegates needed to secure the nomination on July 22, the day after Biden dropped out, with commitments from 2,668 delegates.
• Note that Harris will not officially become the nominee until the delegates vote. The DNC has signaled that virtual voting will begin by Aug. 1 and should be wrapped up no later than Aug. 7.
• This ensures that the entire nomination process will be settled prior to the start of the Democratic National Convention in Chicago on Monday, Aug. 19.

What they’re saying: The next big decision Harris has to make is to select a vice president. While many names have been floated in D.C. circles, the top contenders include:

• Sen. Mark Kelly (D-AZ),
• Gov. Josh Shapiro (D-PA),
• Gov. Tim Walz (D-MN), and
• Gov. Andy Beshear (D-KY).

North Carolina Governor Roy Cooper (D) announced on Monday that he was bowing out of VP consideration.

What’s Next: Harris’s choice of vice president will likely be revealed soon. DNC bylaws state that the Democratic nominee needs to make his or her decision known by Wednesday, Aug. 7.

Please contact James Montfort (Jmontfort@crefc.org) with any questions.

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