Extend and Pretend

What to do if you are the FED and you're looking down the barrel of a Commercial Real Estate implosion? Get banks to extend the length of the loan so that you can pretend they're really not in default. This is the exact same thing that the Japanese did when their real estate imploded in the 1990's, and Spain is doing now. More desperation that produces Zombie Banks who are "financing" Zombie construction companies and will do nothing more than extend the pain for another decade...or two...or three.