One interest tangent: GGP's CMBS entities have filed for bankruptcy as well. This is shocking as these securitized malls had been structured as bankruptcy remote special purpose entities, which, traditionally, is designed to prevent individual properties from being consolidated in the event the parent declares bankruptcy. Lender protections have disappeared. A likely very adverse ramification is that each of GGP's loans will be moved to special servicer status, implying increased special servicing fees, and further reducing recoveries to lenders.
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