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・ Apportionment (disambiguation)
・ Apportionment (politics)
・ Apportionment Act 1820
・ Apportionment Act of 1792
・ Apportionment Act of 1911
・ Apportionment in the European Parliament
・ Apportionment paradox
・ Apposition
・ Apposition (disambiguation)
・ Appouasso
・ Appozai
・ Appraisal
・ Appraisal (discourse analysis)
・ Appraisal Institute
・ Appraisal Standards Board
Appraisal subordination entitlement reduction
・ Appraisal theory
・ Appraisal value
・ Appraised value
・ Appraiser
・ Appreciation
・ Appreciation Day
・ Appreciation Index
・ Appreciative advising
・ Appreciative inquiry
・ Appreciative inquiry in education
・ Appreciative listening
・ Apprehension
・ Apprehension (understanding)
・ Apprehensive Films


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Appraisal subordination entitlement reduction : ウィキペディア英語版
Appraisal subordination entitlement reduction
Appraisal Subordination Entitlement Reduction (ASER) or collateral valuation adjustments (CVA) are commercial mortgage-backed security (CMBS) structuring innovations designed to improve overall transaction credit quality. Appraisal Reductions were created in response to rating agency concerns that, without such an adjustment, cash flow from mortgages likely to default would be paid to the first-loss class. The rationale behind appraisal reductions is to support proactively the credit rating of senior CMBS tranches by reducing cash-flow payments to the subordinate tranches.
== See also ==

* REMIC
* Commercial mortgage-backed security
* Residential mortgage-backed security

抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)
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