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This paper investigates the impact of recourse on the workout process of portfolio commercial mortgage loans. A generalized model of mortgage workout with stochastic property value appreciation is developed and closed form expressions are derived for the relations between recourse and credit...
Persistent link: https://www.econbiz.de/10012955224
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...
Persistent link: https://www.econbiz.de/10013086819
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...
Persistent link: https://www.econbiz.de/10013121567