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Germany Pushing Forward with Further CMBS Reforms	By Erika Morphy

The big news in Germany’s real estate finance market is the Pfandbrief Act, a reform of the country’s covered bond market—similar to the mortgage-backed securities and GSE business here—due to go into effect this July. This legislation covers commercial, residential as well as government loans. And now, going beyond the new law is another legislative initiative that, if passed, may give impetus to the country’s all-but-nonexistent CMBS space.

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