Attorney General McCollum sends letters to House and Senate leadership on commercial real estate foreclosure
March 19, 2010 – (RealEstateRama) — Attorney General McCollum today sent letters to the Speaker of the Florida House of Representatives and the Florida Senate President regarding the impact commercial real estate foreclosures could have on Florida’s economy and encouraging the legislature to be proactive in addressing the pending crisis.
“Roughly $1.4 trillion in commercial real estate loans will reach the end of their terms between 2010 and 2014 and may spawn defaults, triggering economic damages to financial institutions, small businesses and families across the nation,” wrote Attorney General McCollum.
The Attorney General encouraged the legislature to take swift legislative remedial action this legislative session to avert some of the more devastating consequences of commercial real estate foreclosures.
A copy of the letter is available online at: http://myfloridalegal.com/webfiles.nsf/WF/MRAY-83PNYT/$file/CretulLetter.pdf
