How about that commercial real estate collapse? No CRA involvement?
But I thought the CRA and the poor people caused the meltdown? Now I read about 30-story towers in default! Did the poor people and their CRA loans do that, too?
Commercial real estate facing worse days
Well now here’s a story about the ugly future of commercial real estate loans and I can’t for the life of me find any reference to the CRA, poor people, Freddie, Fannie or any of the bogeymen you conservatives believe are hiding under the bed! Can you help me to understand?
The Commercial Loan Nightmare Facing U.S. Banks
Banks are in for another ugly year in 2010. But this time the problem will be the big batch of deteriorating commercial real estate loans on their books. That’s because the big banks were operating with the same loose standards—and aggressive behavior—as the investment banks in order to compete in the real estate market during the boom years.
But, but I thought the banks were FORCED to make loans to poor minorities? That’s what the great conservative minds here said!
Carrick, Kenny, Jvette? Can you help?
