Judging by a variety of metrics, the market of commercial mortgage-backed securities turned in a fantastic performance last year: estimates for 2013 put issuance at, or near, $90 billion, an 86% leap from 2012; delinquencies were on track to drop below 6% in December from 7.99% a year ago, as gauged by Fitch Ratings.

But recent reports have pointed out that underwriting standards may be getting sloppy while LTVs inch higher. And it is doubtful that a few of the engines that propelled a stellar 2013 — most notably, a robust recovery in property prices and historically  low interest rates — will have as potent an effect in 2014.

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