One the U.S. largest commercial real estate lenders filed for bankruptcy. Capmark had:
consolidated debt of $21 billion and consolidated assets of $20.1 billion as of June 30 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
Interesting side note - KKR - leveraged buy-out firm - which had an interest in Capmark wrote down its interest to ZERO value back in March.
This doesn't look good for the commercial real estate market. I hope for our sakes this is not the next tsunami because that will only set US (certainly not the financial oligarchy) back even further. Good luck.