Special Servicer's Survival Guide: 201

Anon posted a link to a summary from a recent conference with some interesting highlights. You should really click the link, but I'll hit some of the high points of their highlights:

• More than 2/3rds of CMBS loans coming due have been extended and can be extended no longer due to PSA limitations (I'll need to double check that one...) -Steve Van
• Flags have been laid back enforcing brand standards on their properties, but it's been three years and they're running out of patience. -Steve Van
• Pace of workouts are exceeding the pace of transfers to special servicing and he expects to work through the backlog over the next 3 - 5 years. -Clark Rogers, Keybank and echoed by Michael O'Hanlon, Berkadia
• The lack of financing since August is having a noticeable impact on maturing loans. Expects to see a big uptick in Large Loan Floaters hitting their last extension date with no possibility of refinancing. Expects massive defaults in LL Floaters. -O'Hanlon
• Big demand for Hotel product coming out of Large Loan Floaters. -Rogers
• Specials who kicked the can down the road look like geniuses today? (not sure I would call the specials geniuses).
• Still don't expect a flood of distressed loans. 
• General agreement that nothing has changed - fundamentals have stayed flat, unemployment hasn't improved, recession never really stopped...

Thanks Anon.