The issuance of two successive commercial mortgage bonds with little or no support from the Federal Reserve's Term Asset-Backed Securities Loan Facility has raised the possibility that this corner of the debt market may spark its own revival.

When the market for bonds backed by commercial mortgages was dormant for more than a year, concern mounted that the securitization of loans made for hotels, office buildings and stores would not return anytime soon. Falling occupancy rates and rising delinquency rates made the picture even more dire.

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