CMBS 2.0 has taken off and is getting normalized, with even a $685 million deal backed entirely by hotel properties passing muster.

However, with the recent glut of supply, and against a backdrop of economic uncertainty involving the U.S. debt ceiling negotiations and the European debt crisis, investors have had adequate leverage to get issuers to hike up spreads and subordination levels on a couple of deals that came to market in July.

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