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Commercial Real Estate Woes Persist for Banks

Various banks have disclosed that delinquent commercial real estate loans kept causing them grief in the third quarter. So reports Reuters.

JPMorgan 150x150Morgan Stanley recorded a $134 million provision for credit losses, citing “deteriorating conditions in the commercial real estate sector,” while Goldman Sachs revealed that it had roughly halved its portfolio’s exposure to office-related CRE.

Bank of America said its loans with at least 90 days of payments past due rose from $4.27 billion in the second quarter to almost $5 billion in the third quarter, much of this because of CRE holdings.

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