What is the purpose of the accrual tranche? Could a CMO exist without a Z class? What

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What is the purpose of the accrual tranche? Could a CMO exist without a Z class? What would be the difference  between the CMO with and without the accrual class?

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Real Estate Finance and Investments

ISBN: 978-0073377339

14th edition

Authors: William Brueggeman, Jeffrey Fisher

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