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23 August 2010
Market-based `Brady' approach needed to meet CMBS challenges, says ING's Rang
Given the overhang of real estate debt, in particular CMBS, a Brady Plan equivalent could be an interesting solution, says Michiel Rang, Head of Europe and Asia for ING Commercial Banking in a PIE Guest Column. "If a way could be found with government backing to discount this debt to reflect long-term underlying property values and avoid potentially excessive impairment to market value, it could attract investors back into the real estate market but on a more sound basis and with a better understanding of underlying risks." (See PIE 156 for full story)