KIC000028 -...

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Unformatted text preview: - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - _ . ~ - - - - - - - - - -•••CommercialM0r:tgage-BackedSecurities(continued)oPrepaymentProtectionand DistributionsofPrepaymentPremiumso[JIa C1v1BS structure,there are two levels of prepaymentprotection.Theloante....el wheretherelire variousformsof prepaymentprotectionprovided(lockouts,prepaymentpenaltypoints,yieldmaintenance,and defeasance).Ii.Thestructurelevel,e.g., the seniortrenchescan be structuredto payotrseql.letltiallyas in a CMOstructureoWhen a defeasanceoccurs, there is no distributionmade 10 thebondholdersSincethereare no penaltiesor charges,thereis 110 issueas 10 howanypenaltiespaid by the bcrrcwerare to be distributedamongthebondholdersin a CMBSstructure<:.f'\""""~.""'O_""o,oJ:;"""""""'.P,"""""",,,,,P,,,,,,""'H,IICommercialMortgage-BackedSecurities{continued)oPrepayment Protectionand DistributionsofPrepaymentPremiumsowhenthereare prepaymentpenaltypoints,therearc rulesfor distributingthe penaltyamongthe CMBS...
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  • Fall '11
  • Hood
  • the deal, Mortgage-backed security, Commercial mortgage-backed security, prepayment penalty points, Mortgage-BackedSecurities

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KIC000028 -...

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