The Wall Street Journal reports that opportunistic investors are hoping that 2010 will be the year that European lenders begin biting the bullet and accepting losses to get distressed commercial real-estate assets off their books.
So far, banks have mostly been turning a blind eye to technical breaches of loans. Rather than foreclosing and being forced to take write-downs, they have held nonperforming commercial-property loans on their balance sheets, extending deadlines, refinancing debt or even selling them off to subsidiaries.
Sunday, 17 January 2010
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