At a congressional subcommittee hearing in Chicago yesterday, Illinois' own Rep. Luis Gutierrez warned of a coming "tsunami" in the real estate market. The congressman pointed out that half of the $1.5 trillion in commercial real estate loans that are coming due in five years are now underwater. If enough borrowers default, those loans could spur a flood of bank closures. The Democrat wants to see federal regulators allow banks to pay off loan losses over a 10-year period, instead of the current one-year process.
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