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TOP STORY: Pace of Defeasance Expected to Slow As Interest Rates Rise	By Erika Morphy

Defeasance activity—the CMBS industry's exit strategy of choice—has ballooned in 2005, according to new statistics from Fitch Ratings Service as well as anecdotal reports from providers. This is good news, as analysts view defeasance as generally a positive for the market. The bad news is that the pace of defeased loans is beginning to slow as rising interest rates take their inevitable toll on the process.

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