While A-Rod was unanimously expected to re-sign with the Yankees, panelists at IMN's Real Estate Mezzanine Loan Forum in New York last week were not as certain about the future of the CRE CDO market. A group of panelists made up of CRE CDO managers and a CDO lawyer collectively agreed that value in the commercial real estate market has not yet bottomed out. They also agreed that CDO write-downs were not over for the major banks.
The silver lining is that the CRE CDO market will not be gone forever, the panelists said. Brian Hebb of Northstar Realty Finance Corp. said he hoped to see high-tier managers begin to make a comeback from a period of limited issuance by the end of 2008.