Ms. Park was a guest on Business News Network (BNN) this morning, Wed March 31 at 8:50am EST. A clip of her appearance is available on the BNN web site.
**Please note: Danielle mis-spoke when explaining that the VIX under 17 suggests people are “uber-bearish”, she meant to say this was evidence that many are now complacent and “uber-bullish” about further market gains. Sorry for the confusion!
By the end of 2010, about half of all commercial real estate mortgages will be underwater, said Elizabeth Warren, chairperson of the TARP Congressional Oversight Panel, in a wide-ranging interview on Monday.
“They are [mostly] concentrated in the mid-sized banks,” Warren told CNBC. “We now have 2,988 banks—mostly midsized, that have these dangerous concentrations in commercial real estate lending.”
As a result, the economy will face another “very serious problem” that will have to be resolved over the next three years, she said, adding that things are unlikely to return to normalcy in 2010.”
Warren explained recent numbers to CNBC:
Stocks & Commodities magazine interviewed me recently for their April edition. An hour is a luxurious interview these days. I appreciated the time and breadth of questions. We were able to go into more detail than typical spots. The magazine is available on news stands now. A link to the article can also be viewed on their web site here.
