Would-be GSEs reformers as well as investors should remember that the GSEs influence commercial and multifamily mortgage-related securities markets as well as single-family ones.

As a recent Barclays Capital report noted, since the downturn the relative share of GSE multifamily lending “has increased significantly.” Barclays forecasts more than $40 billion of agency REMIC issuance this year, up from $35 billion last year. In contrast, the percentage of conduit CMBS share has been so far in 2011-2012 in the single digits.

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