Hymns: an answer to a prayer or the case for high yield mortgage notes?
Article Abstract:
The commercial mortgage-backed securities (CMBSs) business has expanded at a remarkable pace since its emergence in the early 1990s and may achieve a total market capitalization of $150 billion in 1998. High yield mortgage notes (HYMNs) provide an attractive option to investing in unrated CMBSs. An analysis of HYMNs will show that, under certain conditions, they are more easily managed in terms of reducing defaults, being tracked more cost efficiently and providing net yields which are competitive or superior to riskier investments in unrated CMBS.
Publication Name: Real Estate Finance Journal
Subject: Real estate industry
ISSN: 0898-0209
Year: 1998
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Predicting commercial mortgage foreclosure experience
Article Abstract:
A study was conducted to examine the relationship between mortgage default and the nature of mortgage borrowers and related market and economic conditions. The study also focuses on forecasting the possibility of life insurer exposure to such defaults. A model describes current borrower equity and the ratio of market value to property value as the foundation of defaults decisions. Results support the model's conclusions on mortgage default decisions and provides a bleak future for coming defaults.
Publication Name: Journal of the American Real Estate & Urban Economics Association
Subject: Real estate industry
ISSN: 0270-0484
Year: 1992
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Separate surviving deficiency judgment reduces amount realized on foreclosure
Article Abstract:
The Tax Court's ruling in Aizawa v Commissioner in 1992 clarified the legal precedent for foreclosure and deficiency judgments set in 1947 by Crane v. Commissioner. The Court's decision, ably written by Senior Judge Theodore Tannenwald, centers on the tenet that deficiency judgments are not always to be ended when a foreclosure transaction occurs. Debts can continue to be valid even after a workout.
Publication Name: Journal of Real Estate Taxation
Subject: Real estate industry
ISSN: 0093-5107
Year: 1993
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