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Perhaps as early as next weekend, Treasury Secretary Paulson, the Federal Reserve and Congress will join forces to enact legislation that will make the S&L bailout look like a preview. Last week, we were on the edge of a meltdown of the financial system, and now we will have to contend with the large pools and billions of dollars of commercial real estate loans that will be maturing over the next 12 to 36 months. As valuations decline along with LTV’s, borrowers will be unable to refinance out-of-balance loans, resulting in a write down and, thus, creating a domino effect. The paper is going to either end up in the lender’s workout group or as part of a wholesale acquisition by emerging funds that will buy the loans at a few cents on the dollar, or worse yet, dump it into the “new” RTC pool. Either way, there will be a growing demand for seasoned and proven talent who know how to aggressively play the restructure game, from tough negotiations and legal brinksmanship through working the real estate asset to maximize return.

Job Opportunities
ACKMAN-ZIFF REAL ESTATE GROUPManaging Director(NEW YORK CITY) Ackman-Ziff is currently seeking real estate professionals who will contribute to the firm’s debt platform. The critical element that the successful candidate will possess is a track record of participating in the sale of debt instruments.

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