Looking at the paper coming due in 2011, there are some no-brainers. For example: when loans on trophy assets in top markets hit maturity, they will find new debt and equity. When loans on the worst properties in the worst markets come due, they will almost certainly be candidates for foreclosure, note sales or discounted payoffs.
But the crystal ball gets pretty cloudy after that. For instance, what will happen with all of the loans in between―the loans on properties that are neither clearly topnotch nor so far underwater that there is little or no hope for them?
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