KIC000029 - Commercial Mortgage-Backed Securities...

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Commercial Mortgage-Backed Securities (continued) o Types of Deals o Besides a single borrower/multt-praperty deal, a second type of deal is a mu.lti-properry conduit deal, which involves loans by conduits. o Conduits are commercial-lending entities that are established for the sole purpose of generating collateral to securitize, and tbe (MBS transactions thai result are called conduit deals. c _ The rating agencies refer to conduit transactions as mutn- borrower deals. o when a conduit deal contains one large property for more than $50 million and then smaller loans, it is referred to as a fusion conduit deal. C"""'l""~ ~O'~?"' '_' ~' ' ;O' ' '"' """"",,",",," ,,""",. ...... "" Commercial Mortgage-Backed Securities (continued) o Services o As with a nonagcncy RMBS, a servioer is required and plays an important role. a The responsibilities of the servicer include: collecting monthly loan payments ii. keeping records relating to peymenrs iii maintaining property escrow for taxes
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This note was uploaded on 09/06/2011 for the course FIN 428 taught by Professor Hood during the Fall '11 term at Iowa State.

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KIC000029 - Commercial Mortgage-Backed Securities...

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