TY - JOUR T1 - CMBS Loan Defaults JF - The Journal of Fixed Income SP - 52 LP - 59 DO - 10.3905/jfi.2002.319333 VL - 12 IS - 3 AU - Patrick J. Corcoran AU - Yuriko Iwai Y1 - 2002/12/31 UR - https://pm-research.com/content/12/3/52.abstract N2 - This examination of several empirical models that allow for loan seasoning and recession uses data from a recent Fitch CMBS loan default study. Loan seasoning produces a permanent increase in default rates, while the recession bump in defaults is temporary. Thus, different views of the relative importance of seasoning and the recession imply optimistic and pessimistic views of the future. ER -