Governance issues and default resolution in commercial mortgage backed securities

Author(s)
Darling, Jacob A., 1976-
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Massachusetts Institute of Technology. Dept. of Architecture.
Advisor
Lynn Fisher.
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Abstract
With the increasing role of CMBS in commercial real estate lending, it has become crucial to understand the agency and governance risks that are created with the CMBS servicing structure. This study is an investigation of three key relationships within CMBS servicing, (1) between the servicers and different investor classes, (2) between the master servicer and the real estate owner/borrower, and (3) between the special servicer and the real estate owner/borrower. Through interviews with industry professionals and careful reading of the documentation that drives CMBS governance structures, the study reveals several different conflicts of interest that could significantly impact both the cash flow available to various trust investors and the underlying value of the real estate asset securing the mortgage.
Description
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2004.
 
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
 
Includes bibliographical references (leaves 59-60).
 
Date issued
2004
URI
http://hdl.handle.net/1721.1/26717
Department
Massachusetts Institute of Technology. Department of Architecture
Publisher
Massachusetts Institute of Technology
Keywords
Architecture.
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