Beauty/ugly contest for 2006 originated loans, second candidate! Distressed borrowers submit yours!
Any distressed CRE borrowers submit yours-confidentially if you wish!

http://imgur.com/49s3VA4

So have a look at the completion certificate cut for this $19mm loan sold by Natixis into a CMBS trust in 2006. They said the building was completed and almost fully occupied, but the completion certificate wasn't issued until a year later!!! Shockingly brazen!! Furthermore the tenants weren't in occupancy as represented and the appraisal value is questionable!! Basically the loan was in default with a number of its terms when it was sold into the trust. This isn't conjecture folks, these are hard facts!! So post crisis Natixis is using its banking license and is hard at it again. They've originated and sold about $15 billion per annum since the CMBS market recovered from 2014.
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