Singer Joni Mitchell wrote and recorded “Big Yellow Taxi” in 1970, which became an antigrowth anthem for many environmentalists with its famed line “they paved paradise and put up a parking lot.”
While she most assuredly wasn’t thinking about lenders of commercial mortgage backed securities when she wrote the song, those investors should consider the line “don’t it always seem to go that you don’t know what you’ve got ’til it’s gone” as they tighten the screws on conduit lenders.
David Bowie and Queen could have been referring to the current state of global markets in their 1981 “Under Pressure” collaboration.
With the collapse of oil prices and the devaluation of the Chinese yuan, global markets — and just about anything related to them — are under continuing pressure.
So far, commercial real estate in the United States has side stepped the meltdown.