Federal Reserve and Treasury officials are bracing for another possible wave of economic malaise, as commercial mortgage-backed securities begin to waver. Bad overwriting and few refinancing opportunities are the chief culprits in the CMBS downturn, according to the Wall Street Journal. By the end of 2012, $153 billion in commercial loans will be due, and data from Deutsche Bank shows that $100 billion of that might be difficult — if not impossible — to refinance. Given this troubling data, some are bracing for an impact on par with the residential market collapse. “What’s going on in the CMBS world is a precursor for what might be seen in banks’ books,” Frank Innaurato, managing director at Realpoint, a credit rater, said.