Crisis of confidence. Flight to quality. Return to sanity. A market wake up call. As the crisis over subprime residential mortgages spills over into other real estate sectors, there is widespread talk in the industry about a major credit crunch. The historic rock-solid stability that CMBS has been known for has also been shaken. A few weeks ago, the Fed tried to shore up liquidity by cutting the primary discount rate, but stopped short of cutting the more influential federal funds rate. Fortunately, the upset in CMBS does not seem to have affected deal flow in commercial real estate.