Attracted by more conservative underwriting and the perceived bottoming-out of property values, banks like JP Morgan Chase and the Royal Bank of Scotland are returning to the commercial mortgage-backed securities market, albeit cautiously. "Compared to a year or two ago we've come a long, long way," said Ross Moore, an executive vice president of the real estate services firm Colliers International. "The fact there's even discussions taking place — that's a big step forward. Are we making progress toward restarting the CMBS market? Yes, I think absolutely."