It has been widely reported in recent weeks that the presence of an Inverted Yield Curve has preceded the onset of recessions by an average of 22 months during the last several economic cycles. “Whether or not the inverted yield curve present today turns out to be an accurate predictor of recession in the current economic cycle, it’s a worthy exercise to compare the CRE markets and lending environments today with those in the months preceding the onset of The Great Recession of 2008,” says Jeffrey Nolan, Managing Director at Cobblestone Management. “In particular, data from the Commercial Mortgage Back Securities (“CMBS”) market preceding 2008 – and the period since – is informative to Banks and risk managers on several levels.”