The $410 million One & Two Prudential Plaza loan has paid off, resulting in a 100% loss to the B note. The loan, which was modified and bifurcated two years ago, was split between JPMCC 2006-LDP7 and JPMCC 2006-CB16. Because of the timing of the payoff, the LDP7 deal reflects the payment and the loss with the August remittance. For CB16, the payment will have to wait until September. Accordingly, you should trade JPMCC 2006-CB16 very carefully. The underlying property is a 2.2 million square-foot office complex in Chicago...

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The Volcker Rule was enacted into law as Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”). The Volcker Rule generally prohibits banking entities1 and their affiliates from engaging in proprietary trading and acquiring or retaining any equity, partnership, or other ownership interest in a “covered fund.” The ban on investing in and owning “covered funds” exempts certain types of funds, under specified conditions, and permits de minimis investment in any such funds. Click Here for an update...

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