Wilbur Ross: Commercial Real Estate to Cause 'Tragedies'
Commercial real estate faces a crisis in the coming months that—though not as serious as the residential market collapse—will cause significant problems, investor Wilbur Ross told CNBC.
Assumptions made in the earlier part of the decade about growth for the commercial market have proven untrue, leaving billions of contagion and problems across the economy, according to the famed vulture-fund executive.
"The same reckless lending that characterized the subprime mortgage business in residential was also characterizing what went on in commercial real estate in the mid 2000s," Ross said.
Posted on November 3, 2009
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