Bill McCollum, Florida’s Attorney General and gubernatorial candidate in a letter dated March 19th to Larry Cretul, Speaker of the Florida House of Representatives, warned of the likely impending foreclosure crisis in the commercial real estate market and urged the Legislature to take quick action to avert some of the devastating consequences.
“While consumer protections for residential mortgage foreclosures are important, the commercial real estate loan losses and foreclosures we are told to expect over the next four years have an even greater potential to negatively impact the state and national economies,” McCollum stated.
Making reference to the $1.4 trillion in commercial real estate loans coming to term between now and 2014 which could default, as indicated in a Congressional Report, McCollum underscored that, in view of Florida’s large market, financial losses in the state would be significant.
In an effort to blunt the consequences of any impending commercial real estate foreclosure crisis in the state, McCollum suggested that the Legislature review Florida law with the view to making necessary changes, as other states in similar situations had already done.
See Full Text of Bill McCollum’s Letter to Speaker Larry Cretul Here
