It’s the Return of Extend and Pretend
The JPMorgan Chase Building at 270 Park Avenue under construction in New York in 2022.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
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Back in the days after the 2008 financial crisis we used to talk a lot about “extend and pretend,” or the idea that banks and mortgage servicers were modifying home loans to keep them afloat.