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collateral valuation adjustments
Collateral valuation adjustment (CVA) or appraisal subordination entitlement reduction (ASER) are commercial mortgage-backed security structuring innovations designed to improve overall transaction credit quality. Collateral valuation adjustments were created in response to rating agency concerns that, without such an adjustment, cash flow from mortgage loans 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==
*Real estate mortgage investment conduit
*Commercial mortgage-backed security
*Residential mortgage-backed security
* (Collateral Appraisal )
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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