A detailed read of the 699-page prospectus for the CMBS issue from Jeffries LoanCore, Goldman Sachs and Citigroup (GSMS 12-GCJ7) that closed in June 2012 revealed some interesting facts regarding refinance loans in which the prior lender was being paid off at less than the full amount due. Pages … [Read more...] about 7.9.12: Apparently Discounted Payoffs Are Okay for CMBS Conduit Loans