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1. The Goal
In 2010 Zoe Greenwood, a vice president at FIA, was asked to recommend to her life insurance company (UPL) an investment into commercial real estate debt. The investment options are (1) direct commercial mortgage lending or (2) bonds from a CMBS deal. Zoe needs to analyze whether the new CMBS could offer her client a superior risk-return tradeoff compared with making mortgage loans. .........
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