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“Pretend-and-extend” has become the mantra of lenders nationwide, helping keep many nonperforming loans out of default for the time being. However, a few lenders are forgoing this “kick-the-can” strategy and taking a pragmatic, if unenviable, position of preemptively marking down the value of performing loans pending default and selling them back to the borrower. Although currently an uncommon practice, it may come to define the future for many lenders.


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