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With time ticking toward a Dec. 24 compliance date, issuers of commercial MBS continue to try to develop structures that will meet risk-retention requirements. Richard Jones, a partner at the Dechert law firm, warned that the industry is “in trouble.” In an analysis published this month, he wrote, “We as an industry don’t have a scalable solution to the problem. We … do not know what this will cost, who will pay for it, and to what extent this is an existential risk to commercial real estate capital formation as it has been conducted for the past 25 years.” He noted...