A $49 million loan on a Florida shopping mall that was facing a foreclosure action before it was refinanced has been stripped from an issue of commercial mortgage-backed securities that J.P. Morgan Chase & Co. is bringing to market this week.
J.P. Morgan Chase & Co. plans next year to issue the first U.S. commercial mortgage-backed securities supported by defaulted loans since the 1990s, as it revives a practice that regulators used to extricate the nation from the savings & loan crisis.
Private-equity giant Lone Star Funds and banks Wells Fargo and J.P. Morgan Chase are the winning bidders for Anglo Irish Bank Corp.’s $9.5 billion portfolio of U.S. commercial real-estate loans.