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Commercial Mortgage Backed Securities (CMBS), Asset Backed Securities (ABS), and Commercial Loan Obligations (CLO) can be combined into a single category called a commercial securitization. These portfolios share three sources of risk. In normal times, we might only consider one form of risk, which is the risk of default or loss on a security when the economy is relatively healthy and future prospects look normal.

In short, the good old days.

However, with the pandemic, another form of risk becomes very important: systemic risk.

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