We have been waiting for four years for the flood of assets to be finally released by banks. Will this finally happen? Probably not but as the world of “extend and pretend” matures there is a more ordered release of assets. This has not been good though. The current workout system has helped to basically stall the Commercial Real Estate industry. The servicers are no angels. They are paid fees and the longer they hold the assets on their books the more they are paid – a natural disincentive.
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