Morningstar: $45 billion of the $90 billion commercial debt wall expiring in 2017 will be hard to refinance

Ten years ago lending standard were weak and now it's time to face the music.

Bloomberg: "S&P analysts are predicting that about 13 percent of real estate loans coming due will ultimately default, up from 8 percent over the past two years, according to Dennis Sim, a researcher at the firm. That’s their base case, but the default rate could be higher, he said."

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