Commercial mortgage professionals and their clients have been eagerly anticipating being able to reap the benefits of a less-restrictive credit market this year. A late-2013 survey by PricewaterhouseCoopers (PwC) and the Urban Land Institute indicated that commercial lenders expected to loosen the restrictions on lending that they imposed after the 2008 credit crisis.

The survey indicated that some of the credit-quality worries lenders had have faded with time, and in the minds of many in the real estate and financial industries, the headwinds have changed to tailwinds, according to a report from Bloomberg.

To determine if the mortgage and lending industries have worked through and solved all of the systemic problems sufficiently to ensure that they don’t enter into another credit crisis like the one in 2008, it is important to look more closely at what caused the crisis to begin with. It is also critical to compare it to today’s practices to ensure that changes have been made to avoid the mistakes of the past and prevent a similar financial crash from happening…