That latter theory may be a bit of a stretch--but given the unprecedented maneuvers by the government, not to mention the capital market environment as a whole right now--nothing is beyond speculation. "While we haven't yet had indications that CMBS is on the table, we're reviewing all developments and can comment as additional information comes to light," Kenneth Reed, managing director of the Commercial Mortgage Securities Association, tells GlobeSt.com.

This is what we do know, he continues: "Treasury said it's committed to purchasing GSE mortgage-backed securities, though the size and timing of those purchases are left solely up to Treasury. As for the scale of the program--or potential increases in MBS purchases--that issue would depend on the housing markets and overall market conditions."

Thus far, this is what Fannie Mae has revealed its plans to acquire GSE-backed MBS, set to go into affect later this month. It will be purchasing the securities in the open market through designated independent asset managers who will be operating on behalf of the government. The size and timing are subject to the discretion of the Treasury Secretary and the scale will be based on developments in the capital markets and housing markets. Treasury can hold these assets to maturity and, based on mortgage market conditions, may make adjustments to the portfolio. Treasury will make available information on purchases through this program in the MonthlyTreasury Statement.

Fannie Mae did not return a call from GlobeSt.com in time for publication about this new program. But even based on the bare bones information now available, it is clear that at a minimum capital market financing for multifamily will remain available, Adam Petriella, a Los Angeles-based VP of Investments and Capital Markets for Marcus & Millichap, tells GlobeSt.com. "While the sour home loans need to be cycled off their books, multifamily stands out as a star," he says.