The Handbook of Commercial Mortgage-Backed Securities [Hardcover]

The Handbook of Commercial Mortgage-Backed Securities is a cornerstone reference in this emerging sector of the structured finance market. This Second Edition provides updated coverage of the market, the instruments, the tools used to assess these securities, and tax accounting issues.

In addition to an overview of the commercial real estate finance and commercial property markets, this book also covers property-market framework for bond investors, the role of the servicer, an investor's perspective on commercial mortgage-backed coupon strips, defaults on commercial mortgages, assessing credit risk, an options approach to valuation and risk analysis, legal perspectives on disclosure issues, and federal income taxation.Contributing Authors.

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SECTION I: BACKGROUND.

1. The CMBS Market: Past, Present, and Future (G. Gichon).

2. A Property Market Framework for Bond Investors (P. Corcoran).

3. Commercial Mortgage Default Rates and Loss Severity (R. Pelletier and A. Rudenstein).

SECTION II: CMBS AND STRUCTURING ISSUES.

4. Commercial Mortgage-Backed Securities (J. DeMichele and W. Adams).

5. An Investor's Framework for Modeling and Analyzing CMBS (R. Trepp and J. Savitsky).

6. Structural Considerations Impacting CMBS (J. Dunlevy).

7. How CMBS Structuring Impacts the Performance of the Bond Classes (D. Jacob and L. Tong).

8. Understanding Prepayments in CMBS Deals (D. Cheng, et al.).

9. Investing in Subordinate CMBS Bonds (J. Mathew and E. Katz).

SECTION III: RISK ANALYSIS.

10. CMBS: Developing Risk Management for a New Asset Class (M. Reilly and B. Golub).

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