When the commercial real estate market crashed late in 2007, the worst loans went bad early.

Since then property values have largely recovered and underwriting has loosened, putting many borrowers in a better position to refinance when their loans came due. Yet other borrowers are treading water; they continue making payments, but their property values have not fully recovered, and they have not paid down much principal or boosted cash flows.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.