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RIverton Houses Fallout

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"As the value of home mortgages crumbles by the day, Wall Street has hoped that commercial real estate loans would stay clear of the storm. But bankers believe the headwinds may be shifting after a large apartment complex in Harlem warned last week that it might not be able to make good on a $225 million mortgage payment by September ... 'The fear is the next shoe to drop may be commercial real estate,' said Jeffrey Harte, a banking analyst at Sandler O’Neil. 'When consumer credit goes south, commercial will follow.'" [NYT; previously]