DoestheholdingofB-piecebyspecialservicermatter.pptVIP

Agency Conflicts, Asset Substitution, and Securitization;Motivation;Private ABS outstanding, by type of collateral;CMBS Market is Growing Quickly! ;What is a Mortgage-Backed Security?;Typical CMBS Structure;A Typical Multi-Tranche CMBS Deal;Benefits of Securitization;Organizational Costs of Securitization;Organizational Costs of Securitization;Loan becomes delinquent (exogenous event): e.g., Late payment(s) or default on covenants;How to mitigate agency costs;Why not always have SPS own B-Piece?;Why not always have SPS own B-Piece?;Empirical Predictions;Empirical Predictions;Empirical Predicti