Letter to Secretary Mnuchin:
We applaud the ongoing efforts of the Department of the Treasury and the Federal Reserve to stand-up lending facilities to stabilize the economy and provide liquidity to businesses severely impacted by this unprecedented pandemic. We write to express our concern about the looming crisis in commercial real estate adversely impacted by the COVID-19 pandemic, including the $540 billion Commercial Mortgage-Backed Security (CMBS) market that, if left unchecked, may lead to a wave of foreclosures, exacerbating the current downturn in the U.S. economy and ultimately result in permanent job loss in multiple industries and communities across the country. We request the Federal Reserve devise a relief plan for these borrowers, who through no fault of their own, have experienced a significant drop in revenue on account of the COVID-19 pandemic and related governmental orders.
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