Property woes will force more bank bailouts: economist
Commercial real estate woes will lead to a raft of banks being propped up by the state, a real-estate specialist has warned.
Elizabeth Warren, who oversees the Troubled Asset Relief Plan (Tarp), on Monday became the latest official to flag the sector's woes. Warren said in an interview with broadcaster CNBC that about half of commercial real estate mortgages would be "underwater" by the end of 2010 as weak demand and poor credit conditions create a further drag on the property market.
A mortgage
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