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Georgia Banks Fear Fallout from Commercial Loans
From Odette Yousef | :57
The Congressional Oversight Panel for TARP funds heard concerns in Atlanta about an impending wave of commercial real estate loan failures.
Georgia saw more bank failures in 2009 than any other state, and the next three years may be even worse. That's what local players in the commercial real estate market told a federal panel. The Congressional Oversight Panel for the Troubled Asset Relief Program, or TARP, chaired by Harvard Law School professor Elizabeth Warren, was in Atlanta today.
Commercial Loans Threaten a Second Wave of Foreclosures
From Odette Yousef | 03:03
News of foreclosure on the proposed site for Trump Towers in Midtown have revived fears that a second wave of the mortgage crisis is on the horizon: this one caused by commercial loans.
The Trump Towers luxury condominiums in Midtown are the latest major commercial real estate casualty in Atlanta. Last week, the site for the project was listed as a foreclosure.
Up until now, many distressed loans on office, retail, and condo buildings in Atlanta have defaulted, but few have gone into foreclosure. But the news about Trump Towers has resuscitated fears that a second wave of the mortgage crisis is on the horizon: this one caused by commercial loans.