This is the beginning of what Ben Bernanke has been so patient about: "UBS Bets on Toxic Debt Demand After Fed’s Sale - Businessweek"

The ultimate question concerns how difficult and even whether they can disentangle bad parts of the bundles from the good. What with the dead title chains for so much property, that may prove nearly impossible. Nearly everyone would have to be very cooperative, and many people who made a killing being dishonest will want to maintain broken audit trails.

UBS AG (UBSN), which had more than $57 billion of losses and writedowns after the U.S. real-estate crash, is betting there’s enough demand for toxic commercial property assets to sell debt created at the height of the boom.

The bank is seeking buyers this week for collateralized debt obligations assembled in 2007 with a face value of $1.5 billion that contain securities tied to skyscrapers, malls and hotel loans. UBS is trying to follow the Federal Reserve Bank of New York’s record $7.5 billion sale of similar bonds last month acquired in the 2008 rescue of American International Group Inc. (AIG)

via UBS Bets on Toxic Debt Demand After Fed’s Sale - Businessweek.

They've been trying to build up a little head of steam -- to get on a roll. Ben Bernanke has been waiting and waiting, holding and carefully releasing the Fed's holdings, hoping that the bottom will come back up so that what's been being held will have much of, if not all of, its "value" back. That's why the sorting aspect mentioned above is the ultimate bottleneck. Exactly how much Ben Bernanke will be willing to write off remains to be seen.