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The Other Real Estate Crisis

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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]