This paper uncovers if and how insurance companies react to shocks to collateral in their portfolio of securitized … to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks … during the COVID-19 pandemic predict CRE mortgage delinquency, especially those stemming from lease expiration of offices …

This paper uncovers if and how insurance companies react to shocks to collateral in their portfolio of securitized … to holders of commercial mortgage-backed securities (CMBS). Using detailed micro data, we show that cash flow shocks … during the COVID-19 pandemic predict CRE mortgage delinquency, especially those stemming from lease expiration of offices …

We analyze link between mortgage-related regulatory penalties levied on banks and the level of systemic risk in the U …