Are Commercial Notes Replacing REO's?

Not one day goes by that I don't get a request for REO's.  Not that they weren't relatively "elusive" before as far as finding a legitimate tape but it seems that now they're even more difficult to find.  So are we going through a time now when investors are turning to Commercial Notes and banks are happy to unload the paper without the hassle & liability associated with REO's?  It seems so.  I had a conference call with an FDIC Note Specialist today discussing the turn of events and what to expect next.  The most impressive difference being that the offer isn't associated so closely with value like you find in REO's.  It's not unusual that an offer will be accepted far below the REO value in part  because no other offer is made & in part because of the simplicity of the transfer.  I am excited about the product I've seen and the credibility of the sources I've met with.  Note purchases I think are at a point where they are taking over the bulk purchase market.