HTran GSA II purchased in April 06 Other remaining purchased in...

HTran GSA II purchased in April 06 Other remaining purchased in June 05. Well before the commercial peak in October 2007. Properties were independently revalued at June 30th and by then valuers were being sensible. I would think devaluation in last six months might be 10-15%. AUD:USD really has helped on the equity value. NTA should be >50 cents at Dec 31 but key to survival is CS being reasonable.

REU is a gonner.
- NHP will default and govt will at best just buy the asset from the special servicer at a discount (wiping out REU debt and some senior)
- REU also failed to unwind FX position which is now a massive liability so Deutsche retaining all German rents
Poultry loan likely to default. Owner is Russian oligarch and Russians have lost the most
- NAB loan now not even being serviced as German rents retained by Deutsche and CRE income servicing CS