Last Tuesday the Senate passed the Terrorism Risk Protection Act, with implementation expected by the end of this year. Though clearly a positive development for the single-asset CMBS universe - as it makes the product more available and affordable to borrowers - industry observers are still in a wait-and-see mode, because the true success of the bill will largely depend on the reaction of the insurance industry to it.

"There is a whole mechanism here that has to play out," said a source. "It's not like the Senate passes a bill, and then borrowers get instantly insured. There's a series of steps that have to occur."

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