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Some have been surprised at how quickly the US CMBS market has rebounded from virtually no issuance in 2009 to over $40 billion last year. Others have been left questioning whether the lessons from the credit crisis have been learned, and everyone is wondering where the market is headed.

CMBS is still evolving, and whether it's referred to as version 1.0, 2.0 or 3.0, there is still work to be done. That said, current transactions and the loans within them are substantially improved from their later-vintage pre-crisis brethren. However, a question that has been asked repeatedly is how new loans will be underwritten over time.

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