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Economy, the Fed, and Rates…

February 10, 2026

Economic Data & Labor Market

• A volley of labor data landed this week—and the picture is weaker than the Fed acknowledged seven days ago. The December JOLTS report showed just 6.5 million openings (vs. 7.25M expected), the lowest since 2020. ADP private payrolls added only 22,000 in January. Initial jobless claims spiked to 231,000 (+22,000), topping all estimates, though severe winter weather likely inflated the figure. Pantheon Macro’s Samuel Tombs said the Fed is “premature in its judgment that the labor market has turned a corner.”
• January layoff announcements hit 108,435—the highest for any January since 2009. Nearly half of the layoffs came from just three firms: UPS (~30,000), Amazon (~16,000), and Dow (~4,700). Hiring intentions fell 13% y/y to 5,306—the weakest January on record (Challenger). Bloomberg Economics argues the surge is too concentrated to signal a broader wave, but Indeed’s Cory Stahle warned the market looks “perilously close to a definitive breaking point.”
• White-collar openings are plummeting—and the bridge to higher unemployment is shortening. The BLS job-opening rate for finance workers fell to 2% in December—the lowest in the survey’s 15-year history, down from 7% in mid-2022. Professional and business services openings hit their lowest since April 2020. 
• Consumers look better in surveys than in financing behavior. Michigan sentiment rose to 57.3 (a six-month high), but gains were driven almost entirely by wealthier Americans with stock holdings; confidence among those without equity remained weak. Respondents assessed the highest probability of losing their own job since July 2020. December consumer credit surged $24 billion—revolving credit up $13.8 billion, the biggest monthly jump in over two years. Spending can look resilient when it’s debt-financed, but that makes it more rate-sensitive than headlines imply.
• International travel to the U.S. fell 4.2% in 2025—the first annual decline since the pandemic. The U.S. Travel Association estimates that ~$50 billion in spending will be lost due to roughly 11 million fewer visitors. Hotel RevPAR has been negative every month since April’s tariff blitz. Disney warned of “international visitation headwinds.” The structural damage—visa restrictions, border scrutiny, reputational decline—parallels the U.K.’s post-Brexit experience. Bank of America expects “anemic” hotel demand in 2026.
• Data calendar itself has become a volatility input. The partial shutdown pushed January payrolls to February 11 and CPI to February 13. The jobs report also carries annual benchmark revisions expected to show materially weaker prior job growth—Governor Waller said the revisions will reveal essentially zero employment growth in 2025.

Federal Reserve Policy & Fed Independence

• Warsh's call for a new Fed-Treasury "accord" adds an institutional layer — and a warning. Deutsche Bank sees Fed holdings shifting toward T-bills (up to ~55%, from under 5% today) over five to seven years; Bessent signaled patience, saying he expects the Fed to "take at least a year" to decide its path. But critics warn the accord framework could backfire. SGH Macro's Duy: "A public agreement that synchronizes the Fed's balance sheet with Treasury financing explicitly ties monetary operations to deficits"—effectively yield-curve control dressed up as independence. Columbia Threadneedle's Al-Hussainy was blunter: if the accord implies the Treasury can count on the Fed buying "some portion of the curve for the foreseeable future, that's hugely problematic."
• Multiple Fed voices reinforced a cautious stance despite weakening labor data. Vice Chair Jefferson said he was “cautiously optimistic,” arguing productivity growth could return inflation to 2% and tariff pass-through would prove temporary. Governor Cook was more hawkish: risks are “tilted toward higher inflation,” and after “nearly five years of above-target inflation, it is essential that we maintain our credibility.” The committee is split on whether labor softness or inflation persistence is the bigger risk.
• Waller broke ranks—and his read of the labor market is sharply different from Powell’s. The governor dissented in favor of a cut at the January meeting, arguing benchmark revisions will show virtually no employment growth in 2025: “Zero. Zip. Nada. This does not remotely look like a healthy labor market.” Bostic, meanwhile, pushed back on Bessent’s claim the Fed has “lost the trust of the American people,” citing stable inflation expectations as evidence the public still has faith. Futures now price the first cut by June—a month after Powell’s term ends—with two to three total cuts this year.
• The Warsh balance-sheet debate moved from academic to operational this week. The FT's Unhedged column explored "privatizing" the Fed's $6.6 trillion balance sheet—resuming QT while incentivizing banks to absorb Treasuries via looser capital rules. Strategas's Clifton was direct: bank regulatory policy now exists to "generate demand for U.S. Treasuries to help the government fund itself." The risk: loading duration onto banks recreates SVB-style rate risk; the alternative—short-term issuance with forced low rates—ends in fiscal dominance and a dollar collapse (as Martin Wolf noted).

Treasury Yields, Markets & Credit

• The curve steepened sharply and it’s the story that matters most for borrowers. Closing levels (Feb. 6): 2-year at 3.50%, 10-year at 4.21% (−3 bps on the week), 30-year at 4.85% (−2 bps). The 2s/10s spread hit 74 bps intraweek—just shy of the April 2022 high before settling around 71 bps Friday.
• This is not normal “growth optimism” steepening. Labor weakness is pulling the front end down while fiscal concerns and the Warsh balance-sheet agenda hold the long end up. AGF’s Nakamura called it a global phenomenon—curves are steepening in Japan, Germany, the U.K., and Canada as governments add fiscal stimulus—but the U.S. has more room to widen given worries about White House interference with Fed independence. Barclays’s Pradhan expects further steepening; Nuveen’s Cooper sees it led by the long end on sticky inflation and heavy borrowing.
• The transmission problem: Fed cuts may not reach long-term borrowers. A steeper curve means mortgages, auto loans, and corporate financing benchmarked to 10- and 30-year yields won’t move in lockstep with policy-rate cuts. The only scenario that flattens the curve meaningfully is labor deterioration severe enough to drag inflation expectations lower. Evercore’s Casiraghi says unemployment would need to rise to ~4.6% to put a March cut in play.
• AI disruption risk is now a first-order credit concern. Apollo’s Zito asked: “Is software dead?” From 2015–2025, PE took 1,900+ software companies private for $440+ billion. Barclays estimates BDCs have ~20% software exposure; actual figures are likely much higher. Apollo cut its direct-lending software exposure roughly in half during 2025. UBS warns private credit defaults could hit 13% under aggressive AI disruption. Oaktree’s Howard Marks warned of an eventual data-center glut.

CRE Finance Market Implications

• Curve steepening creates a split market for CRE financing. Floating-rate borrowers (bridge, construction) benefit from front-end repricing: if two to three cuts arrive in H2 2026, SOFR-based coupons could decline 50–75 bps. But permanent fixed-rate financing benchmarked to the 10- and 30-year sees little improvement as fiscal concerns and the Warsh balance-sheet agenda may keep term premium elevated. All-in CRE mortgage coupons remain in the high-5% to mid-6% range; curve shape is doing more work than rate level.
• Insurance costs are becoming a structural threat to affordable housing. Enterprise Community Partners reports premiums jumped 25%+ for many affordable housing providers in 2023 (according to a report published this week), with some rates doubling. Rising operating costs have already driven some operators into bankruptcy. Market-rate landlords face the same pressure and are passing costs to tenants or deferring maintenance. Enterprise’s Donovan: “This is not today’s crisis—this is also tomorrow’s crisis.”
• White-collar hiring freeze and tourism decline hit specific property types. Finance and professional services openings at multi-year lows weaken the demand story for urban office—the 4.2% drop in international visitors and negative hotel RevPAR since April pressure hospitality.

You can download CREFC’s one-page MarketMetrics, which includes statistics covering the economy and the CRE debt capital markets, here.

Contact Raj Aidasani (raidasani@crefc.org) with any questions.

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Collaboration in Focus: Highlights from the CREFC Servicer/Investor Roundtable

February 10, 2026

CREFC’s President and CEO Lisa Pendergast recently hosted the trade association’s latest industry roundtable, bringing together Master and Special Servicers with Bond Investors to foster dialogue and build consensus across the commercial real estate finance landscape.

The gathering featured a robust lineup of industry leaders. 

• Servicers were represented by firms including Berkadia, CW Capital, K-Star, KeyBank, LNR Partners, Midland, Situs, and Trimont. 
• Bond Investors in attendance included representatives from Alliance Bernstein, DWS, Ellington, JP Morgan, Lord Abbett, MetLife, Prime Finance, Torchlight, and Webster Bank.

Common Ground and Constructive Dialogue

The evening’s discussion was characterized by a spirit of collaboration. Participants moved beyond individual interests to identify shared challenges and potential solutions for the broader market.

What they're saying: "The discussion at the table left me believing that we have more in common than we do in conflict," noted Adam Smith, Director at DWS Group and Chair of the CREFC Investment Grade Bondholders Forum. "I found it very worthwhile to identify shared pain points and agree they should be addressed."

Key Discussion Points

The conversation spanned high-level market trends and specific operational improvements, including:

• Macro Market Outlook: The current status and future trajectory of the Conduit, SASB, and CRE CLO sectors.
• Operational Enhancements: Improving the reporting processes for property releases.
• Technical Resolutions: Streamlining non-recoverable determinations to ensure market clarity.

Dana Jo Martino, SVP – Managing Director, Asset Management Servicing at Berkadia and co-Chair of the CREFC Servicer Forum, emphasized the value of these face-to-face interactions, stating:

"Our roundtable proved that when we combine diverse expertise with candid conversation, real solutions emerge," she said. "The meeting was both collaborative and highly productive, reinforcing the value of working together to address the challenges ahead."

Get Involved

CREFC Forums provide a platform for members to shape industry standards and solve complex market issues.

Click here to learn more and join a CREFC Forum.

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CREFC to Convene Commercial Real Estate Finance Leaders at High Yield, Distressed Assets, and Servicing Conference in New York

February 10, 2026

NEW YORK, NY — February 10, 2026 — The CRE Finance Council (CREFC) once again plans to bring together leaders from across the commercial real estate finance ecosystem at its High Yield, Distressed Assets, and Servicing Conference on March 10, 2026, at the New York Athletic Club.

This one-day conference convenes servicers, alternative lenders, investors, and all capital markets participants focused on commercial real estate debt, with a particular emphasis on high yield strategies and sub-performing and non-performing loans. The program reflects the evolving dynamics of credit markets as private capital expands its footprint, asset classes diverge in performance, and loan maturity pressures continue to reshape investment and servicing strategies.

As the recognized voice of the commercial real estate finance industry, CREFC represents lenders, investors, issuers, servicers, and market participants across the capital stack. Through its research, policy advocacy, and member-driven programming, CREFC provides a forum for the industry’s most timely and candid discussions.

“The commercial real estate market is moving into a phase in which credit conditions, asset performance, and capital availability are no longer moving in lockstep,” said Lisa Pendergast, President and CEO of CREFC. “Private credit continues to expand its role in the lending stack, while traditional lenders adjust to a more complex risk environment. At the same time, asset stress and opportunity are emerging unevenly across property types.

“This conference brings together servicers, alternative lenders, and high yield investors operating across commercial real estate debt and equity to examine how these forces are reshaping the market in real time. Our 2026 program includes sessions tailored to the expertise of market participants, with deep dives into the expansion of private credit, signals in the New York City office recovery, multifamily opportunities and challenges, evolving dynamics in hospitality, and innovative approaches to servicing.”

Key sessions at the High Yield, Distressed Assets, and Servicing Conference include:

• Private Credit Expansion: Evolving Players in the Debt Stack
• NYC Office: Separating Signal from Noise in the Recovery
• The NYC Multifamily Squeeze: Managing Opportunities
• Heads in Beds, Stress in the Stack: Hospitality Deep Dive
• Beyond the Box: Servicing Complex and Emerging CRE Assets
• Reimagining Urban Real Estate: One-on-One with GFP’s Brian Steinwurtzel

CREFC gratefully acknowledges the support of our conference sponsors, including Partner Sponsor Holland & Knight.

Event Details:

• When: March 10, 2026
• Where: New York Athletic Club | 180 Central Park South | New York, NY 10019
  
• Conference Program 
  
• Registration

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Anti-Single-Family Rental Bills Make a Committee Appearance

February 10, 2026

Legislation that would restrict institutional investors’ ability to own single-family houses has been “attached” to a House Financial Services Committee hearing today, Tuesday, February 10. 

• The hearing is entitled Priced Out of the American Dream: Understanding the Policies Behind Rising Costs of Housing and Borrowing. 
• According to the Committee memo, this hearing will examine how policies in the financial services and housing sectors have contributed to rising cost-of-living pressures for American families by restricting access to capital and credit.

Why it matters: This action indicates the legislation could advance through committee process and potentially to the House floor, though a markup or floor action is not yet planned.

• As we covered previously, the White House issued an executive order on January 20 covering institutional ownership of single-family homes targeting single-family rentals. The order mainly focuses on government agencies and curtailing federal involvement with such arrangements. Click here for CREFC’s analysis of the order.
• Industry observers originally thought committee action was unlikely given the stances of GOP committee leadership, but this is viewed as an escalation of the issue, even if the legislation ultimately does not advance. 
• On February 9, the White House issued a Statement of Administrative Policy that praises the Housing for the 21st Century Act, but it notes the bill lacks a ban on institutional investors purchasing single-family homes. If the White House insists on that provision, it could complicate a housing bill’s path to enactment.

Go deeper: The following bills are attached to today’s hearing, though they may not be substantively discussed by the witnesses or the committee members: 

• H.R. 6962, the Families First Housing Act of 2026 (Rep. Pat Harrigan R-NC). This bill requires federal agencies selling single-family homes they own to create a 180-day window in which the property is only available for purchase by “qualified first-look” buyers. Those buyers are defined as a natural person intending to occupy the property as their primary residence, nonprofit housing organizations, units of local government, or community land trusts. The legislation would also require each federal agency with disposition authority to establish and maintain a public website identifying eligible properties available for sale.
• H.R. 7186, the American Family Housing Act (Rep. Mary Miller R-IL). This bill directs the SEC to monitor and prohibit investment firms with more than $100 billion in assets from purchasing single-family homes or from acquiring more than a 49 percent ownership in entities that own more than 100 single-family properties.
• H.R. __, a bill to set restrictions on the sale of single-family homes by the federal government (Rep. Marlin Stutzman R-IN). This discussion draft directs various federal agencies that finance single-family mortgage loans or sell real estate-owned properties to implement guidelines that restrict the guaranteeing, securitization, or transfer of single-family homes to large institutional investors. The legislation also includes narrow, tailored exceptions for build-to-rent developments that are planned, permitted, and financed as rental communities, along with other limited exceptions determined by the relevant agency head.

Contact David McCarthy (dmccarthy@crefc.org) with questions.

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House Passes Housing Supply Bill 

February 10, 2026

On February 9, the House of Representatives overwhelmingly passed the Housing for the 21st Century Act in a bipartisan 390-9 vote. CREFC and 11 other real estate trade organizations sent a joint letter urging passage ahead of the vote. Click here for the letter. 

Why it matters: Both the House and Senate have passed housing supply bills, and now the chambers must negotiate to align their priorities and advance a bill to the President’s desk. 

Go deeper: Recall the Senate passed the ROAD to Housing Act last fall and attached it to the must-pass defense bill, but House leadership rejected the provision in favor of the House Financial Services Committee working through its own bill. 

• ROAD and Housing 21 both seek to boost housing supply by reducing burdensome regulation, streamlining approvals, and incentivizing pro-housing zoning policies. 
• However, some House Republicans are opposed to certain bipartisan provisions in the Senate bill. 
• The House-passed bill also includes several community bank bills that aim to reduce regulations and burdens on small banks. Click here for a section-by-section summary of the Housing 21 bill.

What’s next: Lawmakers will need to work to advance a compromise bill soon, as bipartisan appetite for legislation will diminish as the midterm elections get closer. 

Yes, but: The White House issued a Statement of Administrative Policy that praises the bill, but it notes the bill lacks a ban on institutional investors purchasing single-family homes (see our story below for more detail). If the White House insists on that provision, it could complicate a housing bill’s path to enactment. 

Contact David McCarthy (dmccarthy@crefc.org) with questions. 

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CREFC to Convene Commercial Real Estate Finance Leaders at High Yield, Distressed Assets, and Servicing Conference in New York

February 10, 2026

Industry leaders to explore how to navigate today’s complex commercial real estate finance environment

The CRE Finance Council (CREFC) once again plans to bring together leaders from across the commercial real estate finance ecosystem at its High Yield, Distressed Assets, and Servicing Conference on March 10, 2026, at the New York Athletic Club.

This one-day conference convenes servicers, alternative lenders, investors, and all capital markets participants focused on commercial real estate debt, with a particular emphasis on high yield strategies and sub-performing and non-performing loans. The program reflects the evolving dynamics of credit markets as private capital expands its footprint, asset classes diverge in performance, and loan maturity pressures continue to reshape investment and servicing strategies.

As the recognized voice of the commercial real estate finance industry, CREFC represents lenders, investors, issuers, servicers, and market participants across the capital stack. Through its research, policy advocacy, and member-driven programming, CREFC provides a forum for the industry’s most timely and candid discussions.

“The commercial real estate market is moving into a phase in which credit conditions, asset performance, and capital availability are no longer moving in lockstep,” said Lisa Pendergast, President and CEO of CREFC. “Private credit continues to expand its role in the lending stack, while traditional lenders adjust to a more complex risk environment. At the same time, asset stress and opportunity are emerging unevenly across property types.

“This conference brings together servicers, alternative lenders, and high yield investors operating across commercial real estate debt and equity to examine how these forces are reshaping the market in real time. Our 2026 program includes sessions tailored to the expertise of market participants, with deep dives into the expansion of private credit, signals in the New York City office recovery, multifamily opportunities and challenges, evolving dynamics in hospitality, and innovative approaches to servicing.”

Key sessions at the High Yield, Distressed Assets, and Servicing Conference include:

• Private Credit Expansion: Evolving Players in the Debt Stack
• NYC Office: Separating Signal from Noise in the Recovery
• The NYC Multifamily Squeeze: Managing Opportunities
• Heads in Beds, Stress in the Stack: Hospitality Deep Dive
• Beyond the Box: Servicing Complex and Emerging CRE Assets
• Reimagining Urban Real Estate: One-on-One with GFP’s Brian Steinwurtzel

CREFC gratefully acknowledges the support of our conference sponsors, including Partner Sponsor Holland & Knight.

When:
March 10, 2026

Where:
New York Athletic Club
180 Central Park South
New York, NY 10019

Event Details: 
Conference Program 
Registration 

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CRE Securitized Debt Update

February 10, 2026

Private-Label CMBS and CRE CLOs

Seven transactions totaling $7.5 billion priced last week:

1. BX 2026-CSMO, a $3.1 billion SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone (80% ownership) and Stonepeak (20%) to refinance the 3,032-room Cosmopolitan Las Vegas Resort & Casino.
2. ACORE 2026-FL1, a $1.1 billion CRE CLO sponsored by ACORE. The managed transaction comprises 22 loans secured by 45 properties. The pool’s top-three property types are multifamily (57.9%), industrial (14.8%), and retail (8.9%).
3. BANK5 2026-5YR20, a $962 million conduit backed by 37 five-year loans secured by 263 properties across 43 states and Puerto Rico from BofA, JPMorgan, Morgan Stanley, and Wells.
4. LBTY 2026-225L, an $800 million SASB backed by a fixed-rate, five-year loan for Brookfield to refinance the 2.4 million square foot office building at 225 Liberty Street in Manhattan.
5. SPGN 2026-TFLM, a $615 million SASB backed by a floating-rate, five-year loan (at full extension) for Simon Property Group and Nuveen to refinance The Florida Mall in Orlando.
6. CRSNT 2026-MOON, a $596 million SASB backed by a floating-rate, five-year loan (at full extension) for Crescent Real Estate to refinance The Crescent, a 1.4 million square foot mixed-use office and retail center in Dallas.
7. BX 2026-CART, a $331.2 million SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to finance its purchase of 16 retail properties in Texas.

By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $22.9 billion, representing a 5% increase from the $21.8 billion recorded for same-period 2025.

Spreads Hold Steady

• Conduit AAA and A-S spreads were unchanged at +67 and +100, respectively.
• Conduit AA and A spreads were unchanged at +125 and +175, respectively.
• Conduit BBB- spreads were unchanged at +435.
• SASB AAA spreads were unchanged in a range of +100 to +135, depending on property type. 
• CRE CLO AAA spreads were unchanged at +135/+140 (static/managed), while BBB- spreads were unchanged at +275/+285 (static/managed).

Agency CMBS

• Agency issuance totaled $2.5 billion last week, comprising $1.8 billion in Freddie Multi-PC and K transactions, $485.9 million in Fannie DUS, and $230.7 million in Ginnie Mae Project Loan transactions.
• Agency issuance for YTD 2026 totaled $21.7 billion, 63% higher than the $13.3 billion recorded for same-period 2025.

Contact Raj Aidasani (raidasani@crefc.org) with any questions.

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Department of Homeland Security Funding Faces Another Shutdown Risk

February 10, 2026

Washington may be heading toward an awkward Valentine’s Day, with lawmakers facing a February 14 deadline to fund the Department of Homeland Security (DHS) or risk another partial shutdown. 

Last week President Trump signed a bill to fully fund the remaining five government agencies through September 30, 2026, that were closed during the government shutdown in early February. They include:

• Defense,
• Financial Services and General Government Appropriations,
• Labor-HHS-Education,
• National Security-State, and
• Transportation-HUD.

However, the bill only funds DHS until this coming Friday, Feb. 13 to give lawmakers more time to work out a deal.

What's next: On Sunday, the Democrats sent Republicans a list of ten demands they are calling “guardrails” in order to pass a compromise bill. These guardrails include judicial warrant requirements and limits on mask wearing by ICE agents, along with others you can read about here.

However, negotiations have not proved productive as of yet, with Senate Majority Leader John Thune (R-SD) recently stating. 

The bottom line: If the Senate doesn’t pass a bill to fund DHS by Wednesday, that leaves almost no time to get a bill over to the House and signed into law before Friday. 

• To complicate matters, the House is scheduled to be on recess starting on Friday, February 13 and not returning until Monday, February 23.
• This could set up a weekslong shutdown of the department. A short term funding patch could extend negotiations through late February, but the underlying issues would likely remain unresolved.
• Many lawmakers are expecting a shutdown of DHS at this point due to time constraints. If a shutdown does happen, it will be limited to programs under DHS, which includes airport TSA and FEMA. While TSA agents would still be deemed “essential”, they would work without pay as in past shutdowns. 

Contact James Montfort (jmontfort@crefc.org) with any questions.

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Treasury Secretary Bessent Testifies at FSOC Oversight Hearings

February 10, 2026

On February 4 and February 5, Treasury Secretary Scott Bessent appeared before the House Financial Services Committee (HFSC) and the Senate Banking Committee (SBC), respectively, for Financial Stability Oversight Council (FSOC) oversight hearings. 

• Bessent defended the administration's economic agenda, fielding questions on deregulation and Treasury priorities, financial stability, digital assets, and broader macroeconomic questions related to tariffs and taxes. 

Deregulation: Republicans pressed Bessent on rolling back Biden-era financial rules, with a focus on deposit insurance reform and community bank support. 

• As outlined in the 2025 FSOC report released last week, Bessent emphasized that Treasury is "moving back" to 2019 activity-based guidance for designating systemically important financial institutions. 
• Bessent also reiterated the need for more tailored regulatory requirements across the banking sector.
  • He said that U.S. regulators would not permit external bodies to determine capital standards for the U.S. financial system. This aligns with what we have heard over the past few months in terms of the banking agencies’ efforts on a forthcoming bank capital proposal. 
  • The Secretary also noted that community banks provide most of the lending for agricultural, small real estate, and business loans. He stressed that onerous regulations have negatively impacted small and community banks, noting that 50% of community banks have disappeared since the financial crisis.
• Democrats shared their concerns that deregulation could lead to financial instability and reduced credit availability. 

Community Development Financial Institutions (CDFI) funds: In response to multiple Democrats noting that fiscal year 2025 CDFI funds have not been released, Bessent said timing sits with the Office of Management and Budget (OMB) apportionment and did not offer a specific date. 

• However, he also said that he was “eagerly awaiting the release of these funds from OMB so we can move them forward.” 

Tariffs: Bessent defended tariffs as an "essential tool." He argued tariffs are used as leverage to compel other countries to negotiate and reduce their own tariffs and non-tariff barriers. 

• He also pointed to San Francisco Fed data that he believes demonstrates that tariffs do not cause inflation.

Given that Bessent is focused on centralizing regulatory policymaking, using his role as FSOC chair to coordinate agency activities, CREFC continues to closely monitor his statements. 

• We expect the release of the bank capital proposal in Q1 2026 and will work with members to provide feedback. 

Please contact Sairah Burki (sburki@crefc.org) with questions.

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