Servicers and Mortgage‐Backed Securities Default: Theory and Evidence
研究了商业抵押贷款支持证券中主服务商和特殊服务商处理问题贷款时的利益冲突，发现将两种服务权集中于同一公司可降低违约贷款止赎的可能性。
We study conflicting incentives of the master and special servicers in handling troubled loans in a Commercial Mortgage‐Backed Securities deal and how the frictions between the interests of the two servicers might be diminished if the master and special servicing rights are held by the same firm. We show that concentrating both servicing rights in one firm reduces the likelihood that a defaulted loan terminates in foreclosure.