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While the number of delinquent loans are among the highest for CRE asset classes, many have been salvaged by forbearance and loan modifications. This has been a prime reason why so little distress has entered the market. But in some cases, these lender overtures are merely kicking the can down the road. DBRS Morningstar recently described the risks remaining with a New York regional mall loan returned to the master servicer after a loan modification was approved.

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