Hilco Global has issued a timely perspective specific to OREO asset managers and their teams nationwide, to assist in productively guiding their early and ongoing actions through the very challenging economic upheaval associated with the COVID-19 pandemic. Titled, “Lessons Learned By a Bank OREO Asset Manager During the Great Recession,” and authored by David Gottlieb, managing director at Hilco Real Estate, the perspective delivers an insider’s take on how past cyclical volatilities in our economy have provided highly relevant lessons that can and should be leveraged to ensure successful outcomes for banks in the weeks, months and even years ahead. 
 
Referencing actions - both taken and not taken - by OREO asset managers during the financial crisis of 2008 and the ensuing Great Recession as a benchmark for how to effectively navigate numerous real estate challenges stemming from the current pandemic, Gottlieb’s perspective advocates adherence to three key principles: proactivity, realism and preparedness.  
 
“The tendency during this time will be for OREO departments to underestimate the amount of time it will take to work through their portfolios once the recovery from this crisis begins,” says Gottlieb. “A short-term crisis doesn’t necessarily equate to a short-term recovery in real estate, particularly when you factor in what the full portfolio may look like some months down the road.”

To obtain a copy of the perspective or schedule an interview with David Gottlieb, contact Gary Epstein- Chief Marketing Officer, Hilco Global at gepstein@hilcoglobal.com.