The snowball just keeps getting bigger and bigger. The HuffingtonPost is reporting that the many businesses throughout the country --including malls and hotels--- are about to default on their mortgages.
We're probably in the first inning of the commercial mortgage problem," said Scott Tross, a real estate lawyer with Herrick Feinstein in New Jersey.
Companies have survived plenty of downturns, but economists see this one playing out like never before. In the past, when businesses hit rough patches, owners negotiated with banks or refinanced their loans.