Expect Tight Credit Conditions To Persist As Commercial Mortgage Defaults Rise

In 2009, U.S. banks were largely in denial about the non-performing loans on their books, says [Brian] Olasov. “Everyone laughed, everyone knew about the extent of the problems, but their public face was ‘we have no problems.’”  But this year will be different, Olasov predicts. “In 2010, I think it’s going to be a year of increasing recognition of these problems, and at least with respect to some banks the movement of those non-performing loans into the marketplace. And that could be an enormous opportunity.”

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