The DDR deal, the first CMBS deal after nearly eighteen months, was ten times oversubscribed. The following two deals also saw good demand even though they did not allow for TALF financing.

So clearly, there is good demand for CMBS bonds backed by well underwritten loans. Also, borrowers clearly want loans if they can get a reasonable cost of financing. DDR loans, with about 4.25% all-in cost of financing for the borrower, showed that a low cost of financing is possible even in the current market.

Bloomberg reports that the imperial bailout CEO is back. It is insulting that John Thain will be given the reins of another public company. Especially a company, CIT Group, that handed taxpayers the largest loss of the bank bailouts save American International Group (AIG).

John Thain used his crony capitalism connections with the Secretary of Treasury Hank Paulson to pass of his bankrupt company on Bank of America's (BAC) shareholders. In 1999, John Thain led a coup at Goldman Sachs that elevated Hank Paulson to Goldman Sachs CEO and pushed his mentor John Corzine onto the voters of New Jersey and out of the top job at Goldman Sachs. In 2008, Thain sold a bankrupt company with $27.6 billion in losses, Merrill Lynch, to Bank of America.