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This 36-page report from the FRB BOG considers the "structure and operation of the markets for securitized loans and commercial mortgages and the availability of credit for business enterprises." In comparison to the 1998 edition of this report, the demands for credit for the financing of business and commercial real estate activity have remained high, and commercial mortgage debt and small-business loans have continued to expand at a fast rate. However, following the Russian default in the middle of 1998, the securitization of commercial loans has slowed considerably. Even though global financial markets have recovered since then, premiums on interest rates on risky or "less liquid" private sector debt, such as commercial-mortgage-backed securities, have remained quite high. Along with reporting on the changes in markets, the report also examines the legislative and administrative actions taken since 1998, and considers whether further action is needed.
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