For many of us, an annual right of summer’s commencement, CREFC’s mid-year conference has begun in earnest for the last time in Manhattan (we’ll be in DC at this time next year). I’ll also note that for the second straight year, the conference’s first day coincides with Game 6 of a rather hotly contested playoff series (go Bruins). The rooms seem packed – attendance this year is about a 1000 – a significant increase from 2009 – 2010. "Recovery" is being spoken with straight faces – notwithstanding the fragility seen over the past few weeks. Conversations between issuers and investors continue to expose battle lines – how long until we see a $5 billion deal? Why doesn’t this seem different than CMBS 1.0? When will we see a public deal? What will happen with risk retention? We at are looking forward to discussing these issues with all of you over the next two days. You can also follow us @crunchedcredit as we tweet from the #CREFC conference.

By: Matt Clark, Stewart McQueen, and Matt Ginsburg.