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We begin to see more headlines about workouts and loan restructurings. Donald Trump is left with 10% of his name-branded Atlantic City casinos, the most recent buyer of the New York Times building near Times Square got left holding the bag and takes a bath along with some big name lenders. Bankers give up on extend and pretend and foreclose on a Chicago retail developer. Simon, the number one mall REIT, circles General Growth as the number two mall REIT moves closer to emerging from a deflating bankruptcy. The logjam in the credit markets slowly starts to break down as both borrowers and their lenders begin to face up to their significant losses. Many such days of reckoning will consume real estate players in 2010 as they realize time and the economy won´t bail them out.

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