Isaac M. Gradman · Justin M. Ellis · Caleb Hayes-Deats
Commercial mortgage-backed securities have moved from a quiet corner of structured finance to the center of distress, and the convergence is unmistakable — retail in retreat, office space half-empty, and a decade of borrower operating-income falsification now surfacing across the asset class. Government enforcers, investor plaintiffs, and whistleblowers are no longer starting from scratch. The…