The Other Real Estate Crisis: While other countries are making solid…
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]