It’s pretty clear that there are a bunch of mortgage backed securities that are going to be coming due over the summer and all through next summer. Banks have no intention of renewing those loans or extending additional terms. There are actually a whole bunch of players lined up on the sidelines who have aggregated money and capital to buy those notes and take the properties.

This isn’t about people who don’t want their properties. These are people who do want their properties. The notes are being sold at deep discounts. Your lender is either going to take .60 or $.70 on the dollar from a third party or they are going to renegotiate the terms of the loan with you as the borrower.

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