房地产金融产品营b销策划之融资.docVIP

房地产金融产品营销策划之融资 房地产金融产品Commercial Mortgage-Backed Securities CMBS is short for commercial mortgage-backed securities, which is a kind of MBS. MBS is a fixed income security or debt instrument, whose cash flow is based on the mortgage payment on a pool of loans. CMBS is specifically collateralized by loans which are secured by commercial real estate mortgages. CMBSs are usually issued by secondary mortgage market makers (eg.large banks) to pool existing mortgage loans together and sell the new security to CMBS investors as bonds. What the banks essentially do is to transfer the risks of mortgage