Dive summary:

• There's always a black lining to a silver cloud if you look hard enough, and it appears that some investors who bought higher-quality commercial-mortgage-backed securities have discovered one – rebounding borrowers.
• The investors had assumed that they had an income stream for several years when they bought bonds that carried boom-time interest, and that worked until the recovery began.
• With the beginning of the recovery, however, and very low interest rates, borrowers are refinancing, paying off those high-dollar loans and not feeling too badly for the bond-holders.

From the article:

"We're starting to see the thaw of the market, and distressed property loans you thought might be around for a while longer can now be resolved pretty quickly." ...