Commercial property weighs on banks -Fed official

U.S. banks continue to face significant challenges, particularly from rising delinquencies in commercial real estate and commercial loans, a Federal Reserve official said on Monday.

"Credit losses at banking organizations continue to rise, and banks face risks of sizable additional credit losses given the outlook for production and employment," said Jon Greenlee, associate director of the division of bank supervision and regulation.

Loan quality has deteriorated across many asset classes, he said, speaking before a House of Representatives Financial Services subcommittee hearing in Southfield, Michigan. A text of his testimony was made available in Washington.

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- Posted: 2009-11-30 10:52:09

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