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