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09-04-2009, 07:24 PM #1
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Commercial Real Estate Failures May Kill More Banks
Capmark Distress May Signal Bank Failures Topping 100 (Update2)
By Linda Shen
Sept. 4 (Bloomberg) -- Capmark Financial Group Inc.’s possible collapse may signal a new wave of real estate losses for banks -- this one tied to business property -- that could push the year’s tally of failures past 100.
Capmark, ranked among the largest U.S. commercial real estate lenders by Moody’s Investors Service, posted a $1.6 billion quarterly loss on Sept. 2 and said it might go bankrupt. The Horsham, Pennsylvania-based company struggled as the default rate on commercial mortgages held by U.S. banks more than doubled to the highest since 1994.
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