Abstract
In this article, the authors discuss the importance and development of the commercial mortgage-backed securities (CMBS) market. They then review several issues that will play an important role in fostering recovery of the CMBS market or impeding the CMBS markets or particular segments within that market: (1) the risk-retention rule applicable to commercial real estate loans and CMBS under the Dodd–Frank Act, (2) the U.S. federal banking regulators’ adoption of the U.S. Basel III rule, and (3) federal government participation in the reinsurance market for terrorist insurance.
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