Arizona commercial real estate brokers: Some lenders ignore crisis

Arizona's housing market is deep into the process of flushing out its bad mortgage debt. But lenders and borrowers of troubled commercial real-estate loans continue to live a lie. Commercial real-estate brokers have coined a phrase, "extend and pretend," to describe lenders' sluggish response to the billions of dollars in bad commercial mortgages on their books. While most Phoenix-area lenders seem content at the moment to leave commercial property in their clients' hands by extending loan terms, experts say that in many cases, they are simply postponing the inevitable.

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