KeyCorp's purchase of National Realty Funding, announced this week, signals that the Cleveland banking company is serious about commercial mortgage securitization -- and bolsters the theory that banks will come to dominate the business.
National Realty will be a stronger competitor with Key behind it, said E.J. Burke, co-founder and president of the Kansas City, Mo., finance company. "Our business over the last two years has been increasingly more volatile than in previous years," he said. "It requires a principal with a strong balance sheet and the ability to weather the storm."