Lenders Prepare for Impact: When the Wave Hits
Retelling Chapter 6 (Part 1) of The Commercial Real Estate Tsunami by Tony Wood (foreword by Matthew Anderson, ISBN 978-0-470-63637-4).
Part Three of the book shifts from diagnosis to survival tactics. Chapter 6 is aimed at lenders, and Tony Wood does not pull punches. He opens with two images: the three monkeys who see, hear, and speak no evil, and the banking phrase “extend and pretend.” Both describe how many institutions handled distressed commercial loans in 2009.