CMBS loans are attractive to borrowers because they are non-recourse, the pricing is (lower/higher) than portfolio lender loans and the proceeds are portfolio lender loans. 13) What is a senior-sub or 'senior-subordinate' structure? 14) Explain the difference between a B-Note and a B-Piece? (lower/higher) than 15) How are OP Unit Holders similar, and how are OP Unit Holders assets different from public shareholders' assets in an UPREIT? 16) Portfolio mortgages differ from CMBS mortgages in a few ways. Name how they are different from a borrower's and from a lender's perspective. 17) How do mortgage REITs provide investors with extraordinary dividend yields and what is the risk involved with these policies? 18) What bond class in a CMBS securitization is exposed to losses first, the BB, B or NR class? After that first loss class is wiped out, which class is next in line to suffer losses?