CMBS Subordination, Ratings Inflation, and the Crisis of 2007-2009
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This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the recent financial crisis. Using a comprehensive sample of CMBS deals from 1996 to 2008, we show that (unlike the residential mortgage market) the loans underlying CMBS did not
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美国国家经济研究局创建时间：
2010-07-01
