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如此_AnnieCcc · 2021年02月13日

为什么选b

NO.PZ2018062012000013

问题如下:

In a non-recourse commercial mortgage-backed security (CMBS), if the borrower failed to make the balloon payment, which of the following statements is least accurate?  

选项:

A.

The lender can extend the loan over a period of time and charge a higher interest rate.    

B.

The lender can initiate a claim against borrower for the shortfall after sale of collerated property.

C.

Balloon risk cannot be avoided in CMBS. 

解释:

B is correct.

In a CMBS, if the borrower defaults, the lender can extend the loan over a period of time called "workout period" and modify the original terms of the loan and charge a higher interest rate, called "default interest rate", during the work period. In non-recourse CMBS, lender has no further claims apart from sale of collerated property.

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1 个答案

吴昊_品职助教 · 2021年02月13日

同学你好:

在没有追索权的CMBS中,最多只能Foreclose抵押物,卖出抵押物后,不管够不够偿还贷款,都不能追索贷款人的其他资产。因此没有权利再对shortfall提出claim。B正好说反了,因此是不正确的。

A选项。如果发生了balloon risk,也就是大额的现金流归还不上,银行通常会给borrower展期,但同时会charge一个更高的利率,所A选项正确。

C选项。当利率下降的时候,borrower会选择提前还款,这样投资者就会面临着以现在更低的利率进行投资的再投资风险。CMBS为投资者提供了call protection,避免投资者受到提前还款带来的风险。CMBS是不会遭受prepayment risk的投资方式,降低了借款人提前还款的风险,但是通过CMBS并不能避免balloon risk。