Posted on Saturday, May 30, 2009
With $2 trillion in commercial mortgage financing coming due between now and 2012, limited refinance funds (in spite of TALF), and PSA and REMIC rules restricting modification options, the calls from concerned commercial property owners and manager clients, many of whom like so many resideitial property owners are underwater on projects, are increasing. On the other hand, lender clients are calling in increasing numbers floored by requests for principal write downs and zero P&I forebearance demands from liquid commercial borrowers on illiquid assets. Everyone's preferred outcome is the same - for commercial owners to be able to keep their projects and lenders to be able to retain a good ROI, avoid accouting and regulatory challanges and added expense, and dodge investor bullets. The white elephant is how do we get from here to there? I've been blogging suggestions at foreclosurenationthebook.com. Think tank style input?