Flashback to a year ago at the Commercial Mortgage Securities Association's (CMSA) June conference. Outgoing CMSA President Kent Born was hopeful that the RMBS subprime crisis that was spilling into CMBS would result in a stronger and more sustainable market.

Meanwhile, six months ago at CMSA's investor conference held in Miami, the key phrase amidst a very dire tone was challenges and opportunities, although participants were acknowledging that the market was weighted more toward the challenges, which included a crisis of confidence, rising delinquencies and a period of lax underwriting, to name a few.

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