Just today, I was discussing this very topic with people I met at a local lunch event. The impending commercial mortgage issue is a doozy and while the economy is showing signs of bottoming out and turning toward a slow, slow recovery many believe this is a recession/recovery looking more like a “W” than a “V” or “U”.  We are facing another major problem with massive amounts of real estate debt coming due in 2010 and 2011.  Property values cannot recover significantly enough for debts to be refinanced or commercial assets sold in order to cover the call. No one, not policy makers, financial institutions, investors or othwerwise seems to know how to best handle this tsunami headed straight for us.