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On the face of it, a loan sale is a loan sale. It’s a means of getting a troubled asset off the books in a shorter time frame than foreclosure would entail, although oft en with smaller proceeds than a foreclosure auction could provide. Yet for banks and special servicers, the considerations differ. One group has to balance the pluses and minuses of conducting the sales with the quarterly ups and downs of its other operations, while the other has a clear-cut responsibility to the CMBS trust. Neither has a clear-cut edge in getting the most benefit from selling notes.

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