Maura O'Connor Quoted in Sacramento Business Journal
"Broker’s Book Predicts Foreclosure ‘Tsunami’"

Maura O'Connor was quoted in the October 30, 2009 edition of the Sacramento Business Journal in the article, "Broker's Book Predicts Foreclosure ‘Tsunami.’" The article discussed Tony Wood's self-published book, "Tsunami: The Approaching Wave of Commercial Foreclosures." According to the article, Mr. Wood is a local commercial real estate broker who penned the book along with several collaborators in the real estate industry. The article noted that the book’s underlying premise is that more than "$1 trillion in U.S. commercial mortgages are maturing within the next few years, but with real estate values plummeting, many borrowers won’t be able to make good on the loans by selling the properties or refinancing—unless values rebound quickly. The ultimate fallout is unpredictable, as the federal government is examining the issue and could announce bailout measures that would help ease the problems."

Maura, partner in the Real Estate Practice Group at Seyfarth Shaw who has represented both lenders and borrowers, contributed a chapter offering advice for all parties to start working on a solution rather than ignoring the problem. She pointed out, "If there is a troubled real estate asset, whether you are the borrower or the lender, it is much better to start figuring it out sooner and trying to reach a consensual resolution. It isn’t done overnight.” The article also noted that Maura believes more financing will become available to distressed borrowers because there’s usually the possibility of a profit. Maura commented, “You can’t bet against the ingenuity of the players in the American financial system.”