Ann: MIX Debt Update , page-9

K8 - Who do you expect to confirm this - it is not disclosed explicitely and you have done excellent forensics there to put forward a list that correlates with 14 properties from the original brochure. I didn't think of reading the original disclosure. Thanks for that. Does it look like the defaulted loan amount vs valuation is in line with overall gearing? e.g. 75-80%?

My questions:
1) What would be the normal reason to transfer a CMBS loan from one special servicer to another
2) Am I correct in saying that special servicers normally get paid a fee when resolving the issue (e.g. refinancing and moving the loan back to master servicer)
3) Why is the loan suddenly described as "limited recourse" (the last report claimed all but one loans to be non-recourse)
4) What is the extent of "partial" recourse? What can special servicer do under the contract which is in default?
5) LNR and Midland are top special servicers in US by volume. Can anybody see transfer just before the maturity date as manipulation and could this be a common practice? Since they are paid a handsome fee for servicing the loan, should it not simply be in their interest to protract the negotiations for as long as possible?
6) Should the loan be considered in default if interest payments are continuing to be made? (Don't know enough about securitized loans)

Any thoughts are welcome