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As the “Great Recession” evolved many lenders and borrowers found themselves facing what was for both a new and unique problem – overnight the value of property on which loans were based depreciated precipitously. Borrowers found themselves unable to meet their obligations; banks found their capital reserves and very existence threatened.

Overwhelmed by the magnitude of the problem, both borrowers and lenders needed creative guidance in working out the renegotiation, restructuring and settlement of loans. Lenders lacked expertise in workout and were woefully understaffed. Borrowers had nowhere at all to turn for help. And delay in confronting the issue of their debt only made the situation worse for them both financially and emotionally.

Fortuitously, borrowers and lenders had somewhere to turn for the experience, expertise and creativity they needed to work their way through the difficulties they faced.