Though generally pleased with the U.S. Senate's quick approval of The Terrorism Risk Insurance Act of 2002 (S. 2600) last Tuesday, CMBS market players are in wait-and-see mode as the bill still has to go through negotiations between the Senate and the House of Representatives.

"In light of the positive news, we hasten to add passage of the Senate bill should not be considered evidence that the political parties are ideologically closer to a compromise," said Roger Lehman, a director at Merrill Lynch, "but rather passage should be viewed as a means of expediting movement toward conferencing."

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