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Two of the pillars of lending — commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLO) — aren’t as solid or as useful as they had been in previous years, and that’s putting it politely. Private-label CMBS and CLO issuance declined by more than two-thirds in just the last year, from $92.3 billion to $30.7 billion in September, according to the Commercial Real Estate Finance Council (CREFC). On the CMBS side, conduit CMBS — multi-asset, multi-borrower loans — saw issuance drop 27 percent on the year, while single-asset, single-borrower CMBS loans fell even further by 73 percent.