This part of the article: "Well, you have to understand how their loans are structured. They are called “non-recourse.” What that means is if they stop paying

This part of the article: "Well, you have to understand how their loans are structured. They are called “non-recourse.” What that means is if they stop paying the loan, and the bank gets the building back, the bank cannot sue them for the remainder of the loan. So they can just cleanly walk away with little to no cost. What they are planning…is to walk away from any buildings where the loans are worth more it makes sense to pay or to refinance. En masse.* Banks will take hundreds of billions to trillions of dollars in losses. And literally everyone knows the US government will have no choice but to bail them out, as usual." Is talking about existing loans. If the loans are structured as described, then the commercial real estate company can walk away losing only the current buildings, while maintaining their cash reserves. This part of the article is an allegation that needs backup, but if you could pull it off would make you an entrepreneur of the first class. "Then, when the banks turn around and sell these properties for pennies on the dollar, these same property companies that caused the problem in the first place are going to buy better properties for cheaper and end up better off than they were before.*"