O'Reilly logo

The Handbook of Fixed Income Securities, Eighth Edition, 8th Edition by Steven V. Mann, Frank J. Fabozzi

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTERTHIRTY-TWOCOMMERCIAL MORTGAGEBACKED SECURITIES

WAYNE M. FITZGERALD II

Managing DirectorBlackRock

MARK D. PALTROWITZ

Managing DirectorBlackRock

Commercial mortgage-backed securities (CMBS) are structured products that provide debt financing to the commercial mortgage market. CMBS are a component of commercial real estate finance (commercial banks, insurance companies, and pension funds also make direct loans to owners of commercial real estate).

As with residential mortgage-backed securities (RMBS) products, CMBS represent economic interests in pools of mortgage loans. The structure used to create CMBS transfers the credit risk of the underlying commercial real estate loans to the owners of CMBS. Certificate subordination increasingly mitigates ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required