The payback by the borrowers is what the asset is planned around. IMmginiing a payback because of the underlying real property value, at a time when that market is plummeting southward, is a very overly-optimistic view, IMHO. The cost of money over time, combined with the length of time needed for these real estate assets to finish dropping and crawl back up to their previous heights, means those loans will not be worth their face value to the holder by a long shot.

A