The frothy commercial mortgage-backed securities market is heading towards the danger zone, but is still a few steps away from the precipice that it fell over in 2007, said panelists at the Commercial Real Estate Finance Council’s annual conference in New York.

Panelists, who couldn’t be named according to conference rules, said one factor that is working in the market’s favor are the absence of widespread pro forma underwriting. Additionally, b-piece securitizations via CDOs have not re-emerged.

“Credit metrics are....

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