NAMA, the National Asset Management Agency in Ireland responsible for cleaning up the country's real estate mess, just came out with a report on its portfolio. And it doesn't look good.

Of all the loans NAMA has purchased, only 25% are considered performing as of September. No wonder why they decided to delay the release until after the Irish election.

€27.3 billion is a lot of nationalized bad debt, especially with so much of it going bad.

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If you think that's bad, note the scale of awful in terms of the degree of default for loans held by NAMA. This doesn't bode well for the already difficult situation getting much better.