By Dr. Mark Dotzour Chief Economist and Director of Research, Real Estate Center at Texas A&M University.
I recently gave a speech at a two-day conference in Dallas. The event was the Texas Bank and Financial Institutions Special Asset Executive Conference on Real Estate Workouts. The central focus of the event was how banks and CMBS (commercial mortgage-backed securities) servicers are handling the disposition of troubled real estate loans.
This topic is of keen interest to many who are trying to find distressed real estate to purchase. I sat in on the conference produced by the International Marketing Network for the full two days because the panels were full of global caliber speakers (except of course for me). Their comments provide a snapshot of the current sentiment of the top professionals that are daily making decisions whether to continue to “extend and pretend” or move forward with foreclosure. Here are my notes.
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