Congressional Oversight Panel chair Elizabeth Warren said simply, "Well it's bad."
Then she explained, "We're looking at a situation where about half of all commercial real estate loans are going to be underwater by the end of this year, and that is going to have a direct impact on about 3,000 community banks, or about 40 percent of our entire banking system."
Listen for yourself:
Another article describe the same situation: "Over the next several years, failed commercial real estate loans could litter American cities with empty stores and office complexes, cause hundreds of bank failures and weaken the economy, a watchdog report says"
Elizabeth Warren says she is giving us this forewarning so that we as a nation can prepare - to do something about it. My question to you is, if there were to be a closing of the local banks in your community due to this - are you prepared? There is a change coming! Are you prepared to meet the change?
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