CMBS and Conflicts of Interest: Evidence from a Natural Experiment on Servicer Ownership

Published: May 12, 2015
Abstract
I study a natural experiment in commercial mortgage-backed securities (CMBS) where some special servicers changed owners (treatment group) from 2009-2010 but not others (placebo group). The ownership change linked sellers (special servicers who liquidate CMBS assets on behalf of bondholders) and buyers (new owners), presenting a classic self-dealing conflict. Average loss rates for liquidations are 11 percentage points higher (implying...
Paper Details
Title
CMBS and Conflicts of Interest: Evidence from a Natural Experiment on Servicer Ownership
Published Date
May 12, 2015
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