What is the biggest flaw in the commercial mortgage-backed securities (CMBS) model? (poll 2596335)

What is the biggest flaw in the commercial mortgage-backed securities (CMBS) model?

A conflict of interest among rating agencies paid by issuers of the securities

The competing interests of bondholders of different tranches

The lender who originates the loan bears no financial risk

The lack of interaction between borrowers and special servicers

The antiquated model was never designed for $230 billion in annual issuance.

The CMBS model is not broken. The market just got overheated.

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