Structure

Refers to the tax and legal structure of a CMBS such as a pass-through structure, a bond structure, a Collateralized Mortgage Obligation (CMO) or a Real Estate Mortgage Investment Conduit (REMIC). The “structure” can determine the tax benefits, or penalties, and the rights of the CMBS holders and the issuer in the event of a failure or default within the terms of the security. Most CMBS are senior/subordinated, multiple class passthroughs classified as REMICs.

Structure
Definition Refers to the tax and legal structure of a CMBS such as a pass-through structure, a bond structure, a Collateralized Mortgage Obligation (CMO) or a Real Estate Mortgage Investment Conduit (REMIC). The “structure” can determine the tax benefits, or penalties, and the rights of the CMBS holders and the issuer in the event of a failure or default within the terms of the security. Most CMBS are senior/subordinated, multiple class passthroughs classified as REMICs.
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