Jingle Mail Haunts Commercial Mortgage-Backed Securities as Property Values Get Slashed Below Loan Amounts | Wolf Street

What options exactly does mall-REIT Washington Prime Group [WPG], now reduced to a penny stock, have when another one of its malls, the 850,000-square foot Oak Court Mall, anchored by Dillard’s and Macy’s, that was once upon a time the premier mall of Memphis, TN, has trouble making the mortgage payment? The mortgage is secured by the mall property, and if push comes to shove, the landlord can just let the lender have the mall and walk away. Jingle mail. But in slow motion.

Jingle Mail Haunts Commercial Mortgage-Backed Securities as Property Values Get Slashed Below Loan Amounts | Wolf Street