With the encouragement of the U.S. federal government, Wall Street helped create the investment vehicles for institutions to buy and sell CMBS, similar to what had been created in the residential markets for many years as RMBS by quasi-government agencies, Fannie Mae and Freddie Mac. Wall Street saw the opportunity based on the bond-like characteristics of real estate as an asset class, and the CMBS market was born. Why might someone be hesitant to buy a CMBS