I’ve not seen any official acknowledgment that Anglo’s (and indeed to a greater extent NAMA’s) policy is one of delay and pray, otherwise known as extend and pretend, until today. Speaking at an event in New York two weeks ago, Anglo’s US head said:
“Extend and pretend… it’s actually been the right strategy,” Garrett Thelander, executive vice president of the embattled lender, told a crowd of investors, brokers and developers at GreenPearl’s Distressed Real Estate Summit yesterday.
Is it the right strategy for all loans though?
I discussed this in great depth with a bank official in the context of my overdraft.
To my surprise, they didn’t see the logic of it.