Like a rocket ship, our Fall Editorial Advisory Board meeting for The Institutional Real Estate Letter – North America is fast approaching (Aug. 30 – Sept. 1, 2010, at the Montage Hotel & Resort.)

Not much has changed on the banking front since 2009 — except that several more banks have failed and been taken over by the government or by competitors with government assistance, much of the TARP money has been paid back, and bank balance sheets continue to strengthen. Meanwhile, most banks continue to extend and pretend with respect to their underwater commercial loan portfolios, but over the past 12 months, a significant number of problem loans either have been foreclosed or restructured. For those that have been restructured, there’s hope for a reasonable return of — and possibly even on — capital, provided you’re the original lender or in a preferred position. If you’re the original equity holder and you haven’t entirely written down your position to zer