[quote=briansd1]I heard that’s the kind of rework they’ve been quietly doing in commercial real estate. That’s why we haven’t been the dramatic drops (relatively speaking) we saw back during the S&L crisis.[/quote]

Exactly right. Commercial lender asset managers know what they’re doing. (That’s not to imply that residential asset managers don’t. However, they don’t.) As do commercial real estate investors. Both sides do evaluations without emotions and come to an agreement. Foreclosure happens, but it’s almost invariably by agreement.