Banks search for defaults

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From the May issue: As they deal with massive write-downs and the economic havoc of the subprime crisis, big banks are increasingly cracking down on developers for being out of compliance with the terms of their construction loans. While larger developers have, for the most part, been able to appease the banks or find creative funding streams, less-established developers seem to be bearing the brunt of the new financial landscape. Experts say banks are increasingly looking for reasons to call a default on some of their loans. 

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