The Other Real Estate Crisis: While other countries are making solid...
September 2nd, 2009
While other countries are making solid headway upward and out of their recessions, we're just maybe perhaps thinking about moseying out of ours. Unless a second whammy hits. One based on $1 trillion of mortgages backed by commercial properties, which as one might expect aren't doing too hot these days. But rather than deal with the ugly problem, banks are taking a "delay and pray" strategy, hoping against hope they won't actually have to eat their losses. Well... at least they're praying. [WSJ Developments
Comments(1)