NEW YORK CITY-Defaulting on mortgage debts has now extended from the homeowner market to the commercial real estate market, with a number of commercial property owners surrendering their properties upon defaulting on loans.
The value of properties thus surrendered has dropped below mortgage amounts and several owners including Taubman Centers Inc. of Los Angeles have opted to surrender their buildings despite possessing the funds required to make payments. Other property owners are urging lenders to restructure their loans. For the full story, go to Wall Street Journal.
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