Political Quotes

“I rise to introduce a critical bill for our economic recovery. As communities across the country continue to recover from the economic downturn and devastating falling property values, commercial real estate properties throughout the nation are confronting a severe equity crisis. Just as the crash in the residential real estate market triggered the most severe economic recession in generations, the looming crisis in the commercial real estate market, if left unchecked, could prove to be devastating for our fragile economic recovery. Studies have shown that more than $1 trillion of commercial real estate loans will be maturing in just the next few years. In fact, by 2018 more than $2.4 trillion dollars of loans held by insurance companies, thrifts, banks, and in commercial mortgage-backed securities will mature. Just as we saw with home mortgages, if these borrowers can't secure other funding options when these payments come due, commercial properties across the country will go into foreclosure, leaving communities with even more vacant storefronts, less jobs, lower tax revenues, and a deeper economic hole to dig themselves out of. Simply put, the commercial real estate industry has an equity problem too large for domestic investment alone to solve.…”