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This question is kind of like, which disease should we find a cure for first? Real Estate Developers are warning of massive commercial property defaults in the coming year if the government cannot come in and help them make good. The problem is unlike home loans, which borrowers repay after a set period of time, commercial mortgages are underwritten for 5 to 10 years with huge balloon payments at the end. This will force most developers to refinance at the end of the term, but with the credit market being a “frozen pipe”, this will make for a very interesting chain of events.
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