Securitization pros have had to constantly come up with new deal structures to respond to challenges posed by the ongoing financial crisis.

Nowhere is this more obvious than in CMBS. After a prolonged lull in issuance after the onset of the meltdown, CMBS 2.0 emerged in late 2009. But by February 2011, deals were getting more complex and leveraged. Some investors started to balk at the heightened risk.

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