Earlier this week, the FHFA released its 2013 Scorecard, an outline of goals for Fannie Mae and Freddie Mac this year. (Goal No. 1: Finally addressthe Sam and Diane romantic tension between the two.) While the FHFA--Fannie and Freddies regulator--calls for a 10% lending reduction, a competitive marketplace might make that happen naturally. Centerline Capitals Vic Clark says since Fannie and Freddie will focus lending on less risky product in 2013, CMBS loans could take anywhere from 10-20% of their market share (which was as high as 65% last year).

Vic adds that since Fannie and Freddie may shy away from financing on what he calls B-minus and C-product in markets such as Texas and California (since the GSEs would rather not fill their portfolio with older product), competition from alternative financing sources might have beaten them to the punch anyway. No matter who the lender is though, the best pricing in the market wins, according to Vic--which should create an aggressive, but exciting, lending environment in 2013.