Chart 3 CMBS Have Assumed a Much Larger Role in Funding CRE During This Cycle

Total $1.9 Trillion CRE Debt Outstandings by Holder - for 2002
  2002 Dollar ($ Billion)
Pensions/Other 13% $238
Banks 42% 799
S&L's 8% 149
Life Co's 12% 232
Fed Mtg's/GSE's 7% 142
CMBS 18% 340

Total $1.1 Trillion CRE Debt Outstandings by Holder - for 1990
  1990 Dollar ($ Billion)
Pensions/Other 17% $193
Banks 36% 402
S&L's 18% 201
Life Co's 23% 251
Fed Mtg's/GSE's 4% 42
CMBS 2% 20

Sources: FDIC, Haver Analytic