Property owners are stepping up their repayment of troubled loans in commercial mortgage-backed securities. That development is dismaying to investors who invested in these securities on the premise that the securities would generate a higher interest rate for a longer period. "We're starting to see the thaw of the market, and distressed property loans you thought might be around for a while longer can now be resolved pretty quickly," said Gary Greenberg with Payden & Rygel. "It's great for commercial real estate, but it may not be the best thing for CMBS."

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