The monthly totals for issuance of commercial mortgage-backed securities in the U.S. this year have been the highest since 2007. However, some market participants are raising concerns about CMBS underwriting standards. "Large-loan CMBS deals of late are coming to market with some average assets and aggressive assumptions," said Huxley Somerville, Fitch's head of CMBS. "In fact, the large-loan CMBS landscape is changing so dramatically that Fitch is questioning what it's seeing."

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