[quote=Arraya]
you’re equating a legal protection from such things as a commandment from god not to do them as well as making it a moral “safe-zone” because of such protections. While not extending the same courtesy to a borrower and their legal protection – non-recourse. Now, I’m sure they could figure out a way to pay if they really were so concerned with honoring debts.[/quote]

Hey, I’m not letting the REITs off the hook even though they have the very “legal protection” that you’re referring to. It’s just a hell of a lot more difficult when you have different investors owning different properties even if the GP is the same. That’s reality. Yes, I’m sure that in some cases “they” could figure out a way to pay… and “they” still don’t bother. Which is unfortunate. But that’s the exception rather than the rule where CRE is concerned.