Commercial mortgage-backed securities had extraordinarily active trading last week, market sources said, as well as excellent two-way flows and a very successful $886 million conduit from GMAC Commercial Mortgage Corp.

"We saw two large bid lists of Tier 1's, and they traded very well," said Michael Youngblood, managing director of real estate capital markets at Banc of America Securities Inc. "One was for $200 million and the other was for $100 million. We bought many of the bonds and we have already moved them."

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