That's not quite right. But if rents dropped below the loan payments then the property owners really have no choice other than to go into foreclosure proceeding

That's not quite right. But if rents dropped below the loan payments then the property owners really have no choice other than to go into foreclosure proceedings. And the banks that have to undercut these loans (and maybe society in general) would really, really like to avoid having trillions of dollars of real estate come up for foreclosure again.