Complexity and Loan Performance: Evidence from the Securitization of Commercial Mortgages

2014 ◽  
Vol 2 (2) ◽  
pp. 154-187 ◽  
Author(s):  
Craig H. Furfine
Keyword(s):  
Median Number ◽  
Mortgage Loan ◽  
Security Design ◽  
Mortgage Loans ◽  
Median Size ◽  
Mortgage Backed Securities ◽  
Loan Quality ◽  
Commercial Mortgages ◽  
Risk Retention

Between 2001 and 2007, the complexity of commercial mortgage-backed securities (CMBS) increased substantially. The median size of commercial mortgage loan pools tripled and the median number of AAA-rated tranches doubled. I examine whether deal complexity is related to loan performance by analyzing a sample of approximately 40,000 commercial mortgage loans from 334 CMBS deals. I find that loan performance is worse for loans in more complex securitizations. However, neither the price of a deal’s securities nor a deal’s risk retention reflected that complexity correlates with lower loan quality. These findings present a challenge for theories of optimal security design.

The Return of the Loan: Commercial Mortgage Investing after the 2008 Financial Crisis

2017 ◽  
pp. 1-35
Author(s):  
Craig Furfine ◽  
Mike Fishbein
Keyword(s):  
Vice President ◽  
Cash Flows ◽  
List Type ◽  
Mortgage Loans ◽  
Risk Return ◽  
Mortgage Backed Securities ◽  
Direct Lending ◽  
The 2008 Financial Crisis ◽  
Benefits And Costs ◽  
Commercial Mortgages

Zoe Greenwood, vice president at Foundation Investment Advisors, was glancing through the offering memorandum for a new commercial mortgage-backed securities (CMBS) deal on April 1, 2010, a time when the opportunities for commercial mortgage investors had been bleak to the point of comical. This new CMBS deal represented the first opportunity to buy CMBS backed by loans to multiple borrowers since credit markets had shut the securitization pipeline in June 2008.The offering gave Greenwood a new investment opportunity to suggest to her firm's latest client. She had planned to recommend an expansion in her client's traditional commercial mortgage business, but these new bonds looked intriguing. Could the new CMBS offer her client a superior risk-return tradeoff compared with making individual mortgage loans?After students have analyzed the case they will be able to: –Learn how to construct promised cash flows from both commercial mortgages and commercial mortgage-backed securities –Understand the benefits and costs of direct lending versus indirect lending (purchase of mortgage-backed bonds) –Underwrite commercial mortgage loans issued by others to identify potentially hidden risks –Evaluate at what price a mortgage-bond investment makes financial sense

scholarly journals Implementasi Akad Murabahah Pada Produk Pembiayaan Kredit Pemilikan Rumah (KPR) di Bank Syariah Mandiri KC Bojonegoro Menurut Hukum Ekonomi Syariah

2019 ◽  
Vol 3 (1) ◽  
Author(s):  
Anis Muhtarom
Keyword(s):  
Legal Theory ◽  
Field Research ◽  
Mortgage Loan ◽  
Mortgage Loans ◽  
Economic Law ◽  
Loan Financing ◽  
Qualitative Descriptive ◽  
System F ◽  
To Receive

This study discusses about how the implementation of the murabahah bil wakalah contract theory on mortgage products in the Bank Syariah Mandiri KC Bojonegoro is seen from the perspective of Sharia Economic Law. The scope of this research is limited to the following issues: (1) How is the implementation of the murabahah contract on mortgage loans in Bank Syariah Mandiri KC Bojonegoro? (2) How is the implementation of the murabahah contract on mortgage loan products in the Bojonegoro KC Mandiri Syariah Bank according to the Sharia Economic Law? This research includes the type of field research. Because this research was conducted at Bank Syariah Mandiri KC Bojonegoro. This research is a qualitative descriptive study because in this study the author will focus the discussion on legal facts in the form of the implementation of financing between banks and customers with murabahah contracts which will then be continued with a comparative analysis of the legal facts referred to as sharia economic law theories. This is intended to test the compatibility between legal theory and the legal practice in question.The results of this research include: (1) The mechanism that must be taken to be able to receive financing for Public Housing Loans from Bank Syariah Mandiri KC Bojonegoro, is carried out through predetermined stages including: (a) submission; (b) BI checking / IDeb (debtor information); (c) the implementation of collateral estimates; (d) determination of ceilings; (e) Imputing data into a computer system; (f) approval of the official for mortgage loans; (g) Issuance of SP3 (Letter of Notification of Financing Approval); (h) Implementation of the contract which is attended by prospective customers, banks and notaries; (i) Disbursement. As for the agreements made between prospective customers and banks, there are elements as follows: (a) Contracting parties; (b) Sighat or iqab qabul akad murabahah; (c) Contract object. The object of the contract referred to in the housing loan product is a new or used house; (d) Nature of contract. Agreements are made clearly, both concerning objects, ceilings, time periods, contract places, financing nominal, margin obtained by the bank, and principal installments. In the event of default or bad credit where the customer is late in paying the installments, the bank's contribution will take the following steps: (a) Intensive billing; (b) Provision of Warning Letters 1, 2 and 3; (c) A restructuring offer (if the customer is pleased), ie installments are adjusted to the customer's ability and large at the end; (d) Voluntary guarantee selling offers; (e) Guaranteed auction. In a condition where the customer is not willing to carry out a contract restructuring, the bank offers that the auction of assets is a guarantee of the akah murabahah. As for the auction, the bank cooperates with a secret auction agency. (2) The implementation of housing loan financing with a murabahah contract in Bank Syariah Mandiri KC Bojonegoro is not in accordance with Sharia Economic Law originating from Law Number 21 of 2008 concerning Islamic Banking, MA Regulation Number 2 of 2008 concerning Compilation of Sharia Economic Law and DSN-MUI fatwa Number 4 of 2000 concerning Murabahah. Keywords: Contract, Murabahah bil Wakalah, KPR, BSM, Sharia Economic Law. 

scholarly journals 1718. The Natural History of Chronic Pulmonary Coccidioidomycosis in the Pre-Antifungal Era

2019 ◽  
Vol 6 (Supplement_2) ◽  
pp. S630-S630
Author(s):  
Alana J Freifeld ◽  
Derek Bays ◽  
George R Thompson ◽  
Susan Reef ◽  
Linda Snyder ◽  
...  
Keyword(s):  
Natural History ◽  
Complement Fixation ◽  
Acute Infection ◽  
Pulmonary Nodules ◽  
Armed Forces ◽  
Median Number ◽  
Small Samples ◽  
Prior History ◽  
Median Size ◽  
History Of

Abstract Background Prior studies to characterize pulmonary coccidioidomycosis (CM) have been limited by small samples. The historical VA-Armed forces CM patient group provides a unique cohort of patients not treated with conventional antifungals to better characterize and describe chronic pulmonary CM with an emphasis on chronic nodules and cavities. Methods A retrospective study of 374 VA-Armed forces non-disseminated CM patients diagnosed between 1955 and 1958 and followed to 1966. Patients had a pulmonary nodule or a pulmonary cavity secondary to CM. Basic demographic information, complement fixation serology, and details regarding the nodules and cavities were investigated. Results The studied population had a median age of 34 with 97% men and 84% white. Eighty percent had no underlying pulmonary disease and concurrent tuberculosis was the most common comorbid pulmonary condition (11%). Patients with cavities had a median complement fixation (CF) serology of 1:2 (interquartile range (IQR) negative 1:8). Patients with nodules had a median CF serology of negative (IQR negative 1:2). The median number of pulmonary nodules was 1 with a median size of 1–1.9 cm. Sixty-nine percent of the nodules had a sharp, well-defined border, while 10% had a calcified border. The median number of cavities was 1 with a median size of 3–3.9 cm. Forty-five percent of the cavity walls were thin, 31% were thick, and 19% were variable in size. Twenty-six percent of the cavities developed during acute infection with 46% developing without a prior history of primary infection. Twenty-nine percent of the cavities were stable in size, 20% increased in size, 5% disappeared, 4% ruptured, and 2% decreased in size. Conclusion This study helps further characterize chronic pulmonary nodules and cavities caused by CM. To the best of our knowledge, this is the largest study of the natural history of chronic CM pulmonary cavities and nodules providing valuable descriptive features. Disclosures All authors: No reported disclosures.

scholarly journals Malaysian residential mortgage loan default: a micro-level analysis

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Azira Abdul Adzis ◽  
Hock Eam Lim ◽  
Siew Goh Yeok ◽  
Asish Saha
Keyword(s):  
Financial Institutions ◽  
Mortgage Loan ◽  
Mortgage Loans ◽  
Loan Default ◽  
Content Type ◽  
Future Studies ◽  
Residential Mortgage ◽  
The Government ◽  
The Individual ◽  
Lending Institutions

PurposeThis study investigates factors contributing to residential mortgage loans default by utilizing a unique dataset of borrowers' default data from one of the pioneer lending institutions in Malaysia that provides home financing to the public. Studies on mortgage loan default have been extensively examined, but limited studies utilize the individual borrower's data, as financial institutions generally hesitant to reveal their customers' data due to confidentiality issue.Design/methodology/approachThis study uses logistic regression model to analyze 47,158 housing loan borrowers' data for the year 2016.FindingsThe findings suggest that male borrowers, Malay and other type of ethnicity, guarantor availability, loan original balance, loan tenure, loan interest rate and loan-to-value (LTV) ratio are the significant factors that influence mortgage loans default in Malaysia.Research limitations/implicationsFuture studies may expand the sample by employing data from other types of financial institutions that would give greater insights as findings might vary due to differences in objectives, functions and regulations. In addition, the findings are subjected to the censoring bias where future studies could perform the survival analysis to control for censoring bias and re-validating the findings of the present study.Practical implicationsThe findings provide valuable insights for lending institutions and the government to formulate housing loan policy in Malaysia.Originality/valueTo the best of the authors' knowledge, this is the first study in the context of emerging economies that uses financial institution's internal data to investigate factors of mortgage loan default.

Survival after resection plus intra-operative radiofrequency ablation (IRFA) to treat colorectal liver metastases (CLM): Results of an international collaborative study.

2013 ◽  
Vol 31 (15_suppl) ◽  
pp. 3558-3558 ◽  
Author(s):  
Serge Evrard ◽  
Abou Diallo ◽  
Veronique Brouste ◽  
Caroline Lalet ◽  
Gregoire Desolneux ◽  
...  
Keyword(s):  
Local Recurrence ◽  
Collaborative Study ◽  
Hepatic Metastases ◽  
Median Number ◽  
Clinical Databases ◽  
Median Size ◽  
Group Survival ◽  
One Year ◽  
International Collaborative Study

3558 Background: Adding IRFA to parenchymal resection to treat CLM is gaining increasing acceptance in specialized HPB teams treating complex, bilobar disease. Objectives were to confirm the promising results of the prospective CLOCC and ARF2003 trials on a larger international scale. Methods: Four centers combined their clinical databases regarding IRFA for CLM. Demographics, treatments, CLM characteristics, complications (Clavien-Dindo), local recurrence, and survivals (liver progression-free, LPFS, relapse-free, RFS and overall, OS) were analyzed. Results: 280 patients (38% female, median age 61y) received resection plus IRFA over 2001-2011. 205 had synchronous CLM (73%) and 247 bilateral (88%). 227 patients received pre-operative chemotherapy (173 one line, 37 two lines, 10 three lines, 7 missing); 189 received post-operative chemotherapy (103 one line, 46 two lines, 40 three lines). Median number of tumors resected was 2 (range 1-19) and ablated 2 (1-12). Median size (mm) of largest CLM ablated per patient was 8.5(0.1-50). 96 patients experienced complications: 29 G1, 19 G2, 35 G3, 10 G4, and 3 deaths. 48 patients had local recurrence of ablated CLM. 155 patients developed new CLM, 165 extra-hepatic metastases, and 119 patients died during follow-up. One-year, 3-year and median (months) RFS, LPFS and OS were respectively: RFS 41%(95CI35-47), 14%(95CI9-19), 9m (95CI8-11); LPFS 53%(95CI47-59), 31%(95CI25-37), 15m (95CI11-19); OS 90%(95CI85-93), 58%(95CI51-65), 40m (95CI37-50). Median follow-up was 38m (95CI34-49). Conclusions: In this difficult-to-treat group, survival results were good and comparable with rates reported after resection only. IRFA complements resection, enabling to treat more patients, and offers the advantage of sparing healthy parenchyma.

scholarly journals Loan to Value Caps and Government-Backed Mortgage Insurance: Loan-Level Evidence from Dutch Residential Mortgages

De Economist ◽  
2020 ◽  
Vol 168 (4) ◽  
pp. 453-473
Author(s):  
Leo de Haan ◽  
Mauro Mastrogiacomo
Keyword(s):  
Credit Risk ◽  
Policy Implication ◽  
Debt Service ◽  
Mortgage Loan ◽  
Mortgage Loans ◽  
Mortgage Insurance ◽  
Level Data ◽  
Model Predictions ◽  
Income Ratio ◽  
Loan Guarantees

Abstract Using loan level data on mortgage loans originated by Dutch banks during 1996 to 2015, we analyse the determinants of the incidence of non-performance. We find that both the originating loan-to-value ratio (OLTV) and the debt-service-to-income ratio are significantly positively associated with the probability of non-performance. The results suggest that mortgages with government-loan-guarantees perform better. Moreover, several mortgage loan and borrower characteristics, such as the (interest-only) loan type and the underwater status of the borrower, increase credit risk. Our model predictions suggest a novel policy implication: in order to avoid acceleration of non-performance probabilities, the OLTV-limit should be set to about 70–80% for uninsured mortgages, and to about 90% for those with mortgage insurance.

Long-term survival (over 10 years) of inoperable/metastatic GISTs: A retrospective series of 141 patients (pts) of the french sarcoma group (FSG).

2017 ◽  
Vol 35 (15_suppl) ◽  
pp. 11041-11041
Author(s):  
Florence Duffaud ◽  
Edouard Auclin ◽  
Antoine Italiano ◽  
Julien Mancini ◽  
Francois Bertucci ◽  
...  
Keyword(s):  
Medical Records ◽  
Univariate Analysis ◽  
Median Number ◽  
Term Survival ◽  
Primary Tumors ◽  
Long Term Survival ◽  
Factors Associated ◽  
Metastatic Gist ◽  
Median Size

11041 Background: A subset of metastatic GIST exhibit very long-term survival after imatinib (IM) introduction. The aim of this study was to analyse the clinico-biological characteristics of GIST pts alive > 10 years (yrs) after diagnosis (dx) of metastases (mets) and identify possible factors associated with long-term survival. Methods: Pts were identified from 2 sarcoma databases; NetSarc and ConticaGIST. Clinical data prospectively registered in the databases were supplemented with retrospective review of medical records. Results: We identified 141 pts (75 men, 66 women) with median age 54 (17-84) yrs and median ECOG 0 (0-2). Primary tumors (T) were all CD117+, and mainly gastric or intestinal (64 & 45 pts), with median size 10 (2-40) cm, CD34+ (82 pts), mitoses/50 HPF ≤ 5 (n = 36), or > 5 (n = 81). Genotype was documented in 82 (58%) pts with 73 (89%) KIT mutations (in exons 11,9 and 12 of 69, 3, and 1 pts respectively) and 9 WT KIT. 129 (91%) T were resected, 124 upfront, 5 post IM, with R0/R1/R2 resections in 61, 11, and 10 pts. Mets were mainly hepatic or peritoneal (78 & 51 respectively). 1st line TKI was given to 139 pts: 130 received IM; 88 (63%) within a clinical trial (CT), 41 (29%) had mets resection. Second, 3d and 4th line TKI were given to 81, 51 and 37 pts respectively, comprising 27, 7 and 10 from CT. Median number of TKIs was 2 (0-7), but 60 (44%) pts received only 1st line with no GIST progression within or after 10 yrs. 2 pts never received TKI but had mets resection. After median FU of 14.3 yrs (10-34.5), 104 remain alive, 37 died. Mean and Median OS from initial dx are 24 yrs (CI95% 21.6-27) and 20,8 yrs. Median PFS on TKIs are 127, 29, 21 and 22 mos on 1st, 2d, 3d and 4th line of TKI. In univariate analysis no factor is significantly associated with OS, but T size (≤ 10 vs > 10 cm) and oligometastatic disease (≤5 vs > 5 mets) are borderline significant (p = 0.056 and 0.07), and good PS (ECOG ≤ 1) at 2dline TKI initiation is associated with better PFS (p = 0.03). Conclusions: This large series of long-term ( > 10 yrs) survivors of metastatic GIST shows a high proportion of mets resection and a longer duration of PFS for TKI at any line. In this selected population, no prognostic factor is associated with long OS.

RUSSIAN MORTGAGE MARKET AND REGISTERS OF MORTGAGE COLLATERAL OF MBS COVERED BY DOM.RF MORTGAGE AGENCY

2021 ◽  
Vol 1 (2) ◽  
pp. 49-57
Author(s):  
I. A. NOVOSELOV ◽  
Keyword(s):  
Mortgage Market ◽  
Quantitative Aspect ◽  
Mortgage Loans ◽  
Mortgage Backed Securities

The article examines the main trends in the development of the Russian mortgage market and the market of mortgage-backed securities (MBS) associated with government incentive measures. We consider the importance of the registers of mortgage collateral of MBS for the assessment of various risks arising when working with these securities. We analyze the quantitative aspect of mortgage loans in collateral pools for issues covered by the guarantee of the mortgage agency DOM.RF. The analysis of pools includes the aspects of time to maturity, yield, difficultness of the collateral loans and the changes in the Loan/Value ratio. We propose the directions for the development of models for predicting the prepayment levels for mortgage collateral pools.

Real-Life Use of Levodopa/Carbidopa Intestinal Gel in Parkinson’s Disease According to Analysis of Pump Data

2020 ◽  
Vol 10 (4) ◽  
pp. 1529-1534
Author(s):  
Dag Nyholm ◽  
Malak Adnan ◽  
Marina Senek
Keyword(s):  
Parkinson’S Disease ◽  
Parkinson's Disease ◽  
Daily Life ◽  
Real Life ◽  
Median Number ◽  
Motor Fluctuations ◽  
Adherence To Treatment ◽  
Therapy Adherence ◽  
Median Size ◽  
Efficacious Treatment

Background: Levodopa/carbidopa intestinal gel (LCIG) infusion is an efficacious treatment of motor and non-motor fluctuations in people with Parkinson’s disease (PD). Real-life use of the treatment is not previously studied. Objective: The aims of the study were to explore the use of LCIG and to determine how extra doses of LCIG are used in daily life. Methods: Twenty-five PD patients with ongoing LCIG therapy were consecutively included. Pump data was retrieved from 30 days on average, by means of software, extracting the most recent pump events. Results: The daily duration of infusion was 15 hours on average, in 18 patients, whereas the remaining 7 patients used 24-hour infusion. Morning doses ranged from 38–190 mg levodopa, for patients who utilized this function. Median number of daily extra doses was 2.5 (range: 0–10.6) and median size of the extra dose was 24 mg (0–80 mg) levodopa. Median total daily levodopa intake with LCIG was 1201 mg (range: 417–2322 mg). Conclusion: Retrieving pump data is possible and may be important for evaluating the at-home use of LCIG, to optimize the therapy. Adherence to treatment should be monitored, which is not technically difficult, at least in device-aided treatments for PD.

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