The Post-Crisis CMBS Market: Will Regulations Prevent Another Market Meltdown?
讨论了商业抵押贷款支持证券（CMBS）市场的重要性与发展，并分析了《多德-弗兰克法案》的风险自留规则、美国巴塞尔III规则以及联邦政府在恐怖主义保险再保险市场的参与对CMBS市场复苏的影响。
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. <bold>TOPICS:</bold> <ext-link>Real estate</ext-link>, <ext-link>portfolio management/multi-asset allocation</ext-link>