Liu, Peng; Quan, Daniel - In: The Journal of Real Estate Finance and Economics 46 (2013) 2, pp. 321-338
The decision to foreclose on a CMBS mortgage is made by the special servicer. A mortgage loan is in special servicing when it is either delinquent or in a state of imminent default. A special servicer should represent the interests of the underlying CMBS bondholders by returning the highest...