It appears that Moody’s is reviewing the credit ratings of hundreds of billions of dollars of Commercial Mortgage Backed Securities (CMBS).

These are like residential mortgage backed securities, only they are for things like malls and apartment buildings, as opposed to houses and condos, and they are following the same path as the residential MBS, which is, as Calculated Risk notes, “First the reviews, then the downgrades, followed by the bank write-downs, and then more reviews …”