With former Arizona State Land Commissioner Mark Winkleman running the new business, Mortgages Limited will no longer originate new loans, instead it will be to work out the existing 66 loans that is currently has in its portfolio.  These loans funded such high profile projects as hotel Monroe in downtown Phoenix, Chateaux on Central, and Centerpoint high rise towers in downtown Tempe.  Almost all of the 66 loans are for projects that have not been completed, most sit partially completed, and a few were never started.   The new task for the company is to assess each of the loans to determine the best long-term strategy for paying back the investors, since most of the loans (98%) are behind in their payments (most have stopped paying period).  The goal will be to get the borrowers to either start repaying those loans or start the foreclosure process against those properties.  This could mean some of those projects sitting unfinished will be even further delayed if the new company decides the best route for investors is to foreclose on the property, as that process would then include marketing the property after foreclosure to a new developer.