"I have spoken with a few people coming from larger institutionsbut didn't feel as though it were a match," he tells GlobeSt.com."These were primarily people who originated CMBS and CDOstructures. The [underwriting] standards they were used to workingwith were lax. We didn't feel comfortable that they could deploycapital in an environment where the underwriting has gotten so muchstricter."

Ideally, he says, the firm is looking for somebody with a strongcredit background, fundamental real estate experience and a personthat can develop relationships and find deals on his or her own,"somebody who is not emotionally invested in a big companybureaucracy; somebody more entrepreneurial in spirit." In short,somebody whose skill mirrors the needs of the few pockets of growthin the real estate debt and equity markets.

As unemployment continues to worsen on Wall Street, especiallyamong firms that provided capital for real estate transactions,these laid off executives are trying to recast themselves accordingto what the market now demands. In most cases, the once high-ticketCMBS origination skills have become virtually worthless. But tryingto determine what is in demand is difficult, given the scarcity ofdeals that are coming to market.