Obama Briefed on Commercial Real Estate

" Breaking news for you do concerns at the White House over potential failures. In commercial real estate. Jointly with the very latest what do you have Peter. And take time out we we we have learned that the president Obama's economic team briefed the president in recent weeks on the emerging problems in commercial real estate lending according. To an administration official now the real estate roundtable. Estimates that nearly three billion dollars a year in commercial real estate estate loans. Will mature each year over the next five years and beyond. So a lot of these loans could go bad. If they are not refinance them with credit so tight. A lot of developers are having a hard time getting re financing which will hit developers and -- banks. That may have to take write downs on these loans according to this administration official the team briefed the president on this quote. Looming issue the team made no policy recommendations to the president at this time in this PowerPoint presentation according to the source the briefing just focused on the facts this source tells me that the session with the president was made in recent weeks and the sort source notes that the economic team makes these kinds of targeted presentations to the president regularly. On various economic issues but the point here that is now on the president's radar screen it has become an important enough issue that the team felt the the president. Need to be briefed on it -- as we we've been reporting this morning. The commercial real estate industry is out with proposals looking for government assistance of some kind to deal with this problem. The FDIC is also focused on the problem we could see some additional policy responses from the administration on it as it proceeds guys back deal."

" Peter Barnes not DC thank you for getting on that jumping news for -- to break the story right here on Fox Business Peter thank you."