Commercial Mortgage-Backed Security

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Commercial Mortgage-Backed Security

A mortgage-backed security in which the mortgages on commercial building, offices, factories, apartments, and other buildings other than single-family homes collateralize the security. Unlike most other mortgage-backed securities, the structure of a CMBS is not standardized and as a result, it is difficult to assess its risk. It is also called a collateralized mortgage-backed security.
References in periodicals archive ?
Before collateralized mortgage-backed securities, one of the best sources of real estate mortgages came from insurance companies.
SBA intends to refinance the bridge financing with other indebtedness, primarily or entirely from the issuance of collateralized mortgage-backed securities.
Offsetting factors reflect aggregate investment losses in recent years largely due the economic crisis, exposure to interest-sensitive collateralized mortgage-backed securities and disintermediation risk due to an annuity block with minimal surrender charge protection.
Approximately 10 basis points of the margin reduction from the first to the second quarter of 1993 was due to the acceleration of premium amortization expense resulting from early pay-offs on collateralized mortgage-backed securities (CMO's).
Offsetting rating factors include FNWL's significant investment losses during the economic crisis, exposure to interest sensitive collateralized mortgage-backed securities and annuity business with little or no surrender charge protection.
Partially offsetting these factors are the company's exposure to interest sensitive collateralized mortgage-backed securities and a block of annuity business with little or no surrender charge protection products.
The collateral of LNR CDO 2003-1 is composed of non-investment grade and unrated collateralized mortgage-backed securities (CMBS).
The collateral of Pinstripe I is composed of collateralized mortgage-backed securities (CMBS), real-estate investment trusts (REIT) and residential mortgage-backed securities (RMBS).
The Portfolio had an overweighted position in corporates, asset-backed securities (ABS) and collateralized mortgage-backed securities (CMBS).

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