NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

CMBS Subordination, Ratings Inflation, and the Crisis of 2007-2009

Richard Stanton, Nancy Wallace

NBER Working Paper No. 16206
Issued in July 2010

---- Acknowledgements -----

Financial support from the Fisher Center for Real Estate and Urban Economics is gratefully acknowledged. We thank Viral Acharya, Otto Van Hemert, Dwight Jaffee, and participants at the 2010 NBER Financial Institutions and Market Risk Conference for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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