The commercial mortgage-backed securities (CMBS) market has struggled to reestablish itself in the aftermath of the financial crisis. Efforts to reignite securitization have sought to balance shortfalls in credit availability against persistent concerns regarding incentive conflicts in the CMBS structure. While CMBS market participants have made observable progress in addressing several perceived deficiencies, major structural issues may go unattended as activity resumes. Among the key challenges that persist as impediments to the efficient functioning of the market, potential misalignments of incentives between originations, issuers, servicers, and ratings agencies coincide with differences in incentives across securitization and balance sheet lenders. While a resumption of CMBS issuance may be interpreted as validation of reforms already undertaken, the failure to address incentive conflicts with practical and implementable remedies leaves open the possibility of costly disruptions to credit flows in the future.
1010 Affordable Housing Amazon Amenitization Architecture Artificial Intelligence Asia Australia automation Autonomous Vehicles Borrowing Constraints Brexit California Canada Capital Business China Co-Working Environment coastal markets Colombia Commercial Brokerage Commercial Real Estate commissions Congestion consumer bias covid-19 CRE credit card market Credit Default Swaps Credit Insurance Credit Risk Transfers Culture Data Analytics Data Collection Technology Debt Market Demand Demographics Density Development Discrete Choice disruption Diversity drones e-Commerce Economic Corridors economic policy economics Equity Funds Equity Market Ethnic Factors Europe Fannie Mae financial asset management Foreclosures Foreign Policy France Freddie Mac general equilibrium Global Global Financial Crisis Globalization great depression Great Recession Hedonic Housing & Residential housing boom Housing Disease housing prices Housing Supply Identity Income Inequality India Inter-generational mobility Investing jobs labor market Lagging Regions land use regulation Language Macroeconomics malls Market Pricing megacities Microeconomics Migration Minimum Payments Mixed-Use Mobility moral hazard mortgage insurance mortgage market Mortgage Rates Mortgages Multi-family Nation Building Non-Traditional Mortgages Office Market office sector Placed Based Policies Political Risk Price Discovery Private Equity Business public health Public Schools real estate brokerage Real Estate Investment Real Estate Investment Trusts Recession Rental Retail Retirement reverse mortgages Risk Adjustment risk-shifting robotics single family housing Slums Sorting South America Spatial Regions spillover effect Sub-Prime Mortgages Sustainability Technology trade transportation United States Urban Urbanization Warehouse welfare