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> Except the bank doesn't own the loan, it's been sold to investors as cmbs, and the language on the cmbs requires a high threshold (80% or more) to approve an
by Animats 2y ago
> Except the bank doesn't own the loan, it's been sold to investors as cmbs, and the language on the cmbs requires a high threshold (80% or more) to approve an alteration. So that's functionally impossible.
Until somebody in the chain goes bankrupt and a bankruptcy court rewrites the terms.
- x0x0 2y agoIndeed, though I suspect part of the value of the bankruptcy is it's finally a limited number of counterparties for the negotiation and they have to respond.