Appears Important
This article from Bloomberg about Well Fargo and LNR selling distress loans and real estate strikes me as important.  LNR is the largest special servicer of CMBS loans, which means it is tasked to deal with loans in CMBS that have gone bad.  Hear is what they are looking to sell:

Wells Fargo of San Francisco, the biggest U.S. commercial real estate lender, is taking bids on $500 million to $1 billion of office and hotel mortgages and properties, said four people, who asked not to be identified because the sale is private. LNR, the largest special servicer of commercial mortgage-backed securities, is trying to sell about $1 billion of defaulted loans, two people said. 

And here is what they hold in non-performing assets:

Wells Fargo had $12.9 billion in nonperforming commercial property loans in the first quarter, the firm said, while LNR is the special servicer on $24 billion of delinquent assets, according to data compiled by Bloomberg.

Most of the Wells loans relate to its takeover of Wachoiva.  I would guess that the LNR loans need to be bought and then foreclosed upon, with the proceeds LNR receiving going to CMBS holders.  Not sure but I think this is encouraging news.