I find that a bit surprising. I used to structure CMBS transactions before the financial crisis and even then all income from properties would be ticked back ag

I find that a bit surprising. I used to structure CMBS transactions before the financial crisis and even then all income from properties would be ticked back against the leases and the dataset verified by an independent auditor. In fact the CMBS market blew massive holes in banks balance sheets in 2008 but not because of fraud, but because the commercial property market tanked so much (and will likely not do much better after covid). So it is always possible that underwriting standards drifted downward, and there are perhaps different standards in the US than Europe. But I find this story surprising and unlikely and would like to see more before forming an opinion.