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PROBATE & PROPERTY JANUARY/FEBRUARY 2008 55 Part 1 of this article, which appeared in the November/December 2007 issue, introduced the concept of the commercial real estate collateralized debt obligation (CRE CDO).After discussing the brief history of CRE CDOs in the U.S. capital markets, Part 1 provided a side-by-side summary comparison of CRE CDOs with themore familiar commercial mortgage-backed securities (CMBS) transaction. Part 1 continued with an exploration of the basic legal structure and...

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