losses (see chart).
US CMBS issuance - historical and projected Erosion of protections for AAACMBS investors, 1995-2007
USD billions Size of AAA and non-AAA honchos, Percent ... required 52% LTV, 92% leasing and 2 times debt service coverage.
Estimated property decline AAACMBS investors could 2006 and 2007 vintage AAACMBS prices
absorb, Percent Percent ... their value. The remaining discount to par value on many legacy super-senior AAACMBS securities mostly reflects the fact that many property loans are floating rate (originated