Word: bigs
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...about a year now, we've been hearing that commercial real estate is the next shoe to drop, the next big financial debacle. And for about a year now, the oft-predicted crisis has stubbornly refused to materialize. It's not that everything's fine in the commercial real estate business. Everything's awful and will probably get more awful. But unlike 2008's Wall Street panic, this particular financial unraveling looks as if it will play out over a period of years, not weeks...
...warehouses. On one side of the street was yet another building with an underwater construction loan that the bank was stuck with. Opposite was a facility that a vulture investor pounced on last year, thinking it was cheap, only to see prices continue their decline. (See the five big questions about retirement...
...other big difference is that while most residential mortgages are chopped into securities and sold, the bulk of commercial mortgages - and virtually all land and construction loans - stay on banks' books. Banks have leeway to delay recognizing losses on these loans - that is, they don't have to "mark to market." With banks facing total commercial real estate losses of $200 billion to $300 billion or more by Parkus' estimate, regulators have so far encouraged banks to exploit that leeway. (See the financial crisis after one year...
...upside of this approach is that it gives banks time to work out problem loans in an orderly fashion. It also averts a big hit to the FDIC's empty insurance fund. The downside is that it drags out the correction for years, delaying any rebound. "The smart money, and there is plenty on the sidelines, is waiting for the bottom to materialize," says Bonney. It may still be waiting a year from...
...came up with some big saves at the end of the second period,” Harvard coach Katey Stone said. “She challenged the puck. She was aggressive and that’s what she’s going to do. She’s done that for us all year, and we’re hoping that she’s going to keep giving that to us everyday...