Matches in SemOpenAlex for { <https://semopenalex.org/work/W35985828> ?p ?o ?g. }
Showing items 1 to 91 of
91
with 100 items per page.
- W35985828 abstract "This project reviews the structure of Commercial Mortgage-Backed Securities at issuance as well as their underlying collateral analysis and deal level analysis. Through the comparison of CMBS 1.0 and CMBS 2.0 (CMBS 1.0 is the Commercial Mortgage Backed Securities issued pre-crisis and CMBS 2.0 is the CMBS that was issued after the 2008 Global Financial Crisis), we investigate how the underwriting standards evolved as a response to the crisis of 2008. This paper looks at several different categories with convergent informational outcomes. This paper identifies how underwriting standards becomes stricter, for example the cutoff LTV for CMBS 2.0 is lower and cutoff DSCR for CMBS 2.0 is higher. The new CMBS issuance starts to take off after 2008, though slowly. Moreover, this paper provides estimates of expected loss by vintage through the use of its own collateral model. Bloomberg identifies the deals we modeled as falling into one of the following categories: Conduit, Portfolio, SASB (single asset/single borrower), or Small Balance deals. In total, we modeled 617 American CMBS deals, which originated at various years between 2000 and 2011. Approximately 4,000 bonds were included in our model. The underlying property and loan information that we used in our model came exclusively from the Bloomberg database. We modeled the change in property values by the time-dependent Moody’s CPPI index. We also considered stressed property values. The discount factor on the value of a particular stressed property is influenced by relative location of the target property to stressed properties. We subtracted the current balance of the underlying loan by the current estimated value of the property in our model to get the expected loss for each loan. Then we summed each of the individual losses to get the expected total loss for each deal. This algorithm influenced our decision to investigate the change in value of the collateral underwriting the loans." @default.
- W35985828 created "2016-06-24" @default.
- W35985828 creator A5000053135 @default.
- W35985828 creator A5047757729 @default.
- W35985828 date "2012-01-01" @default.
- W35985828 modified "2023-09-27" @default.
- W35985828 title "CMBS Issuance and Collateral Analysis Review" @default.
- W35985828 cites W2004882139 @default.
- W35985828 cites W2163412263 @default.
- W35985828 cites W3121687468 @default.
- W35985828 cites W3122098802 @default.
- W35985828 hasPublicationYear "2012" @default.
- W35985828 type Work @default.
- W35985828 sameAs 35985828 @default.
- W35985828 citedByCount "0" @default.
- W35985828 crossrefType "journal-article" @default.
- W35985828 hasAuthorship W35985828A5000053135 @default.
- W35985828 hasAuthorship W35985828A5047757729 @default.
- W35985828 hasConcept C10138342 @default.
- W35985828 hasConcept C111472728 @default.
- W35985828 hasConcept C138885662 @default.
- W35985828 hasConcept C139719470 @default.
- W35985828 hasConcept C144133560 @default.
- W35985828 hasConcept C162118730 @default.
- W35985828 hasConcept C162324750 @default.
- W35985828 hasConcept C165060548 @default.
- W35985828 hasConcept C183206440 @default.
- W35985828 hasConcept C189950617 @default.
- W35985828 hasConcept C22738907 @default.
- W35985828 hasConcept C26503482 @default.
- W35985828 hasConcept C2777764128 @default.
- W35985828 hasConcept C2777910564 @default.
- W35985828 hasConcept C2778300220 @default.
- W35985828 hasConcept C2780619108 @default.
- W35985828 hasConcept C2780821815 @default.
- W35985828 hasConcept C38652104 @default.
- W35985828 hasConcept C41008148 @default.
- W35985828 hasConcept C68799949 @default.
- W35985828 hasConcept C73283319 @default.
- W35985828 hasConcept C76178495 @default.
- W35985828 hasConcept C97330809 @default.
- W35985828 hasConceptScore W35985828C10138342 @default.
- W35985828 hasConceptScore W35985828C111472728 @default.
- W35985828 hasConceptScore W35985828C138885662 @default.
- W35985828 hasConceptScore W35985828C139719470 @default.
- W35985828 hasConceptScore W35985828C144133560 @default.
- W35985828 hasConceptScore W35985828C162118730 @default.
- W35985828 hasConceptScore W35985828C162324750 @default.
- W35985828 hasConceptScore W35985828C165060548 @default.
- W35985828 hasConceptScore W35985828C183206440 @default.
- W35985828 hasConceptScore W35985828C189950617 @default.
- W35985828 hasConceptScore W35985828C22738907 @default.
- W35985828 hasConceptScore W35985828C26503482 @default.
- W35985828 hasConceptScore W35985828C2777764128 @default.
- W35985828 hasConceptScore W35985828C2777910564 @default.
- W35985828 hasConceptScore W35985828C2778300220 @default.
- W35985828 hasConceptScore W35985828C2780619108 @default.
- W35985828 hasConceptScore W35985828C2780821815 @default.
- W35985828 hasConceptScore W35985828C38652104 @default.
- W35985828 hasConceptScore W35985828C41008148 @default.
- W35985828 hasConceptScore W35985828C68799949 @default.
- W35985828 hasConceptScore W35985828C73283319 @default.
- W35985828 hasConceptScore W35985828C76178495 @default.
- W35985828 hasConceptScore W35985828C97330809 @default.
- W35985828 hasLocation W359858281 @default.
- W35985828 hasOpenAccess W35985828 @default.
- W35985828 hasPrimaryLocation W359858281 @default.
- W35985828 hasRelatedWork W1508723482 @default.
- W35985828 hasRelatedWork W1545745191 @default.
- W35985828 hasRelatedWork W1577025209 @default.
- W35985828 hasRelatedWork W1584215082 @default.
- W35985828 hasRelatedWork W158775740 @default.
- W35985828 hasRelatedWork W1978612790 @default.
- W35985828 hasRelatedWork W1988264332 @default.
- W35985828 hasRelatedWork W1997273774 @default.
- W35985828 hasRelatedWork W2042477392 @default.
- W35985828 hasRelatedWork W226927046 @default.
- W35985828 hasRelatedWork W2518371874 @default.
- W35985828 hasRelatedWork W2902719877 @default.
- W35985828 hasRelatedWork W2909827669 @default.
- W35985828 hasRelatedWork W3011173198 @default.
- W35985828 hasRelatedWork W3121570935 @default.
- W35985828 hasRelatedWork W3121685890 @default.
- W35985828 hasRelatedWork W3122194672 @default.
- W35985828 hasRelatedWork W3122437710 @default.
- W35985828 hasRelatedWork W3125284564 @default.
- W35985828 hasRelatedWork W3125322138 @default.
- W35985828 isParatext "false" @default.
- W35985828 isRetracted "false" @default.
- W35985828 magId "35985828" @default.
- W35985828 workType "article" @default.