July 22 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said a potential wave of defaults in commercial real estate may present a “difficult” challenge for the economy, without committing to additional steps to aid the market.
Bernanke, testifying before the Senate Banking Committee today, urged lenders to modify “problem” mortgages to avert defaults. Christopher Dodd, the Connecticut Democrat who chairs the panel, told Bernanke that “some have suggested” the commercial market “may even dwarf the residential mortgage problems” in the U.S.
Oops! I told you so. If Helicopter Ben says it’s bad, you know it is.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=e9b8aba3-9374-4f7d-a105-997030ae5914)
[...] also, Bernanke weighed in on commercial RE over the last couple days. He sounded less than enthused: Federal Reserve Chairman Ben S. Bernanke said a potential wave of defaults in commercial real [...]
By: Commercial RE Spins My Head Right Round… on July 23, 2009
at 9:46 am