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Persistent link: https://www.econbiz.de/10011482537
We study conflicting incentives of the master and special servicers in handling troubled loans in a CMBS deal and how the frictions between the interests of the two servicers might be diminished if the master and special servicing rights are held by the same firm. We show that concentrating both...
Persistent link: https://www.econbiz.de/10013128244
In assessing the riskiness of a mortgage loan, one of the primary underwriting criteria used by lenders and one of the macro-prudential measures used by policy makers is the LTV ratio at the time of origination. This ratio is critical because it determines the probability of a default and the...
Persistent link: https://www.econbiz.de/10012954934
We study conflicting incentives of the master and special servicers in handling troubled loans in a CMBS deal and how the frictions between the interests of the two servicers might be diminished if the master and special servicing rights are held by the same firm. We show that concentrating both...
Persistent link: https://www.econbiz.de/10013046698
We examine a recent trend in the market where investors purchase residential properties. We find that investors purchase at a discount of 9.5% compared to individuals purchasing in the same period and geographic area. More specifically, we find that small investors purchase at a discount of...
Persistent link: https://www.econbiz.de/10012920152
Lenders' access to soft information on appraisal inflation could lead to adverse selection in private mortgage securitization. Combining a nationwide mortgage data with a real estate transaction data and using a difference-in-differences empirical design, we document that securitized refinance...
Persistent link: https://www.econbiz.de/10012827699
Persistent link: https://www.econbiz.de/10014470076