In commercial real estate, financing has been tough as banks pull back from lending. Too many institutions have serious worries about what is happening in CRE. Property values keep dropping, transactions have plummeted with the lack of price discovery, and owners face hurdles in getting loans.

Regulators have put a lot of attention on banks given the number of high-profile failures earlier this year. That's helped put more of a chill on that route of lending.

Nonbanks like asset managers and hedge funds have helped pick up some of the lending volume that had fallen. But now the Financial Stability Oversight Council — which includes the Treasury, Federal Reserve, Comptroller of the Currency, Security and Exchange Commission, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Federal Housing Finance Agency, and the National Credit Union Administration Board — decided to create an "analytic framework" for nonbank financial security risks.