This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the … mortgage market) the loans underlying CMBS did not significantly change their characteristics during this period, commercial … and 1980s and, overall, the CMBS and CMBX markets performed as normal during the financial crisis (at least by the …

This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the … mortgage market) the loans underlying CMBS did not significantly change their characteristics during this period, commercial … and 1980s and, overall, the CMBS and CMBX markets performed as normal during the financial crisis (at least by the …

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 …, reflecting lower demand for these properties. Insurers react to such cash flow shocks by selling more exposed CMBS—mirrored by a …

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 …, reflecting lower demand for these properties. Insurers react to such cash flow shocks by selling more exposed CMBS-mirrored by a …

predict the early redemption of Term Asset-Backed Securities Loan Facility (TALF) loans used to purchase commercial mortgage …-backed securities (CMBS). The predictions of the model are strongly supported by the data. In addition, this paper looks at the … determinants of early redemption. CMBS originated inside the peak bubble years of 2005-2007 were much less likely to be redeemed …

This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid … declines in lending standards by incumbent banks. Finally, lending standards declined more in areas with higher mortgage …

recoveries of housing prices and employment from mortgage crises. Comparing credit cycles with and without credit reporting and … capturing the impact of mortgage default on employment by extending the Diamond-Mortensen-Pissarides search framework, I find …. The recovery after a bank liquidity tightening is slower because: (i) excluding defaulting borrowers from obtaining …