Commercial real estate developers seek government

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Commercial real estate developers seek government
« Thread Started on Dec 23, 2008, 4:37am »

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Commerical real estate developers seek government bailout
Posted: 11:55 AM ET
(CNN) — Citing the dangers of a deteriorating economy and the potential fallout from a “crisis in credit and confidence” in financial markets, leading commercial real estate developers have asked the federal government for a bailout in the form of access to a $200 billion government loan program.

The request was made in a November 26 letter — obtained by CNN Monday — to Treasury Secretary Henry Paulson.

While the Treasury Department did not reply to representatives of the real estate industry, Paulson has previously said that the $700 billion Troubled Asset Relief Program (TARP) “may be expanded over time … to include other assets, such as commercial mortgage-backed securities, non-agency residential mortgage-backed securities or other asset classes.”