Saturday, July 13, 2024

US Banks Dumping Exposure To $2,500,000,000,000 Market Before ‘Inevitable Losses’

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Some of the biggest banks in America are quietly selling their exposure to a troubled sector of the US economy, according to a new report.

The banks are beginning to dump commercial real estate loans in a push to “cut their losses,” reports the New York Times.

The Times points to Goldman Sachs and Citigroup, which recently sold portions of a troubled $1.7 billion loan backed by office buildings in New York, San Francisco, and Boston, as primary examples.

Capital One has also offloaded a $1 billion portfolio that included a large number of office loans in New York.

Although the value of the loans being sold by the lenders is small compared to the $2.5 trillion in commercial real estate loans owned by all US banks, the apparent change in tone is remarkable.

“…These steps indicate a grudging acceptance by some lenders that the banking industry’s strategy of ‘extend and pretend’ is running out of steam, and that many property owners – especially owners of office buildings – are going to default on mortgages.

That means big losses for lenders are inevitable and bank earnings will suffer.”

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The commercial real estate market continues to suffer from the rise of work-at-home culture.

Nationwide, 625 commercial real estate foreclosures were recorded in March, representing a 117% surge year-over-year, according to new numbers from the real estate data provider ATTOM.

California fared the worst, posting 187 foreclosures, marking a 405% surge from March of 2023.

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Helena Carey
Helena Carey
Helena Carey is a seasoned news author renowned for her engaging storytelling and insightful analysis. With a decade of journalism experience, she's a trusted voice in the ever-evolving news landscape.

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