국제무역
Extend-and-Pretend in the U.S. CRE Market
We show that banks “extended-and-pretended” their impaired CRE mortgages in the post-pandemic period to avoid writing off their capital, leading to credit misallocation and a buildup of financial fragility. We detect this behavior using loan-level supervisory data on maturity extensions, bank assessment of credit risk, and realized defaults for loans to property owners and REITs. Extend-and-pretend crowds out new credit provision, leading to a 4.8？5.3% drop in CRE mortgage origination since 2022:Q1 and fuels the amount of CRE mortgages maturing in the near term. As of 2023:Q4, this “maturity wall” represents 27% of bank capital.
많이 본 자료
![[팀튜링의 디지털 오디세이] 제1화 UAM의 미래](/userdata/main/incContent/sideLink/19/aaaGHKBjsPPI5g31szc-y20240605110816byhta.png)
![[2024.04] 물가상승](/userdata/main/incContent/sideLink/20/aaaGHKBjsPPI5g31szc-y20240605111046bpogp.jpg)
