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Panel: A Rolling Loan Gathers No Loss

WASHINGTON, DC-A panel of experts gathered for Incisive Media's 'Real Estate's Perfect Storm: Institutional Investors Weather the Crisis' to discuss the economy and the impact on real estate.

By Ryan Clark | Updated on July 22, 2009

At the Renaissance Mayflower Hotel a panel of experts waxed intellectual on the current state of the governmental stimulus, the real estate market and the future of the economy. Transwestern and Real Estate Forum co-sponsored the webinar, ‘Real Estate’s Perfect Storm: Institutional Investors Weather the Crisis’ , which included Steve Wallace from Cornerstone Real State Advisors; Pat Duncan from USAA Real Estate; Rod Vogel from Principal Real Estate Investors; Bill Carlson from CIGNA Investment Management; Brian Lee from Northwestern Mutual; Chris McGibbin from TIAA-CREF; Cathy Marcus from Prudential Real Estate Investors; and was moderated by Steve Pumper from Transwestern and Michael Desiato from Incisive Media.

Pumper noted how “this has been a year of the pretend and extend, or as Bill [Carlson] told me a couple of weeks ago, ‘a rolling loan gathers no loss.’ And so everybody is trying to kick the can down the road and kind of push things off a little bit” until the industry starts “to see some permanence occurring within the economy.”

The government has tried its hand at stabilizing the economy, but the general consensus was that these programs were not working in the long-term. “What we have seen is a progression of different small shops, generally new groups coming through with all sorts of ideas of how we could make money taking advantage of TARP or TALF or PPIP,” Marcus explained. “And thus far, at the end of each of these meetings, we’ve all sort of come to the conclusion that they just don’t work, and that we really can’t think of any way that we could reasonably do something with any of these programs.” She noted that there were too many restrictions and “bureaucratic overlay.”

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