tag:blogger.com,1999:blog-21846828.post5545000169199667450..comments2024-01-14T16:01:08.962-08:00Comments on The Rational Realist: Why There Are No Distressed DealsRational Realisthttp://www.blogger.com/profile/08886526093283532105noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-21846828.post-76513642149400954252013-02-05T11:38:23.382-08:002013-02-05T11:38:23.382-08:00This is great, and you nailed it, but some of the ...This is great, and you nailed it, but some of the articles you quote seem to either slightly miss the mark or at least subtly dance around the truth. "As a special servicer, you have a view into what rents are..." What? Who CARES what rents are, I can call a broker and get that in 2 seconds. If you OWN the special servicer you get FIRST DIBS on the assets. And in this case, the assets = pretty much all assets in the country right now, considering how shitty things are and how everything is controlled by just a few special servicers. Again, you seem to understand this, but the articles seem to dress up the ugly truth.<br /><br />I would add, though, that that is not the only reason for the scarcity of bargains vs the olden RTC days. Another major reason is the fact that this was a very, very bad downturn across the board and across the globe. Not just special servicers but banks don't/didn't want to casually unload real estate at super-discount prices, because everyone has lost money on all sides at some point over the past few several years. In the early 90s, the problem was limited to the S&L crisis; just a small corner of the universe. This meant that it wasn't such a big deal to dump some great product at pennies on the dollar. The sky wasn't falling at the time like it has been in commercial real estate this time around.Anonymousnoreply@blogger.com