|Looming bankruptcies, banks going under, and no help for Main Street. CCIM North Texas Chapter got advice to brace themselves for another year in "Troubled Times" last week in Dallas.|
Winstead's financial services honcho Keith Mullen says loan maturities coming due in ‘10, ‘11 and ‘12 are worth about $800 billion and there’s no easy answer to “Who’s going to finance the shortfall?” Big banks are doing OK after getting TARP and paying it back, but few have CRE mortgages on the books. The regional banks, however, are left holding the bag with most of the commercial mortgages and many will fail as a result. Keith hears FDIC leadership plans to close four to eight banks each week.
Keith’s predictions & advice:
Also at the event, the chapter (second largest in the nation) installed its 2010 officers: Joseph Garrett, Susan McClure, Alex Johnson,Roger Davis, Kate Dubroc, David Schnitzer, and past president Stephen Williamson, who inducted them into office.