Commercial real-estate woes will push a plethora of banks belly-up, says Eugene Ludwig, former Comptroller of the Currency.
“Losses from commercial real estate will be quite high by historic standards,” Ludwig, now chairman of consulting firm Promontory Financial Group, told Bloomberg.
“Hundreds of banks will fail or will be resolved over the course of the cycle.”
Last year, 140 banks failed.
Problems abound for real estate loans involving malls, office buildings, hotels and apartment/condo buildings.(more)
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