Appraisal subordination entitlement reduction
- Appraisal subordination entitlement reduction
Appraisal Subordination Entitlement Reduction (ASER) or Collateral Valuation Adjustments (CVA) are CMBS structuring innovations desined to improve overall transaction credit quality. Appraisal Reductions were created in response to rating agency concerns that, without such an adjustment, cash flow from mortgages likely to default would be paid to the first-loss class. The rationale behind appraisal reductions is to support proactively the credit rating of senior CMBS tranches by reducing cash-flow payments to the subordinate tranches.
ee also
*REMIC
*Commercial mortgage-backed security
*Residential mortgage-backed security
External links
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2010.
Look at other dictionaries:
Collateral Valuation Adjustments — Collateral Valuation Adjustment (CVA) or Appraisal Subordination Entitlement Reduction (ASER) are CMBS structuring innovations desined to improve overall transaction credit quality. Collateral Valuation Adjustments were created in response to… … Wikipedia
Collateral valuation adjustments — Collateral valuation adjustment (CVA) or appraisal subordination entitlement reduction (ASER) are CMBS structuring innovations designed to improve overall transaction credit quality. Collateral valuation adjustments were created in response to… … Wikipedia
ASER — is a four letter acronym that may stand for:* Adelaide Station and Environs Redevelopment of Adelaide Railway Station. *Appraisal subordination entitlement reduction … Wikipedia
United Kingdom — a kingdom in NW Europe, consisting of Great Britain and Northern Ireland: formerly comprising Great Britain and Ireland 1801 1922. 58,610,182; 94,242 sq. mi. (244,100 sq. km). Cap.: London. Abbr.: U.K. Official name, United Kingdom of Great… … Universalium
