Guess what? Congress is starting to worry about commercial real estate being the next shoe to drop. Again. Still. And no one is doing anything about it. Enters a group of valiant House members, who took the matter into their own hands. They wrote a letter to Timmy G. and Ben B. begging them to take some action. Because, yeah, they will.
The group, led by Congressman Paul Kanjorski, Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, had this to say: "The growing bubble in the commercial real estate industry has the potential to infect our economy and slow a recovery. We must take the appropriate steps to ensure that our commercial real estate market does not experience a liquidity crisis that would further exacerbate our struggling economic situation."
I'm not sure what's most startling. The fact that Congress is realizing that the CRE/CMBS market is sort of in a pickle, or the fact that they're asking Tim & Ben for some answers.