Wall Street Said to Plan First CMBS to Meet Risk-Retention Rules
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Three U.S. banks are planning to sell the first commercial mortgage bonds to comply with new rules designed to make securitization markets safer for investors, according to a person familiar with the matter.
Wells Fargo & Co., Bank of America Corp. and Morgan Stanley expect to sell as much as $1 billion of the debt in a transaction by the end of July, said the person, who asked not to be identified because the details are private.