Wilbur Ross, chairman and CEO of WL Ross & Co. thinks there’s going to be “at least 500 more banks fail between now and end of next year.”
In an interview with CNBC’s Maria Bartiromo, Ross said that commercial real estate is currently the biggest problem for banks. “The first wave of the big banks were the securitizations, Ross said. “The regional banks are the ones now going down. They mostly didn’t have much in the way of securitization but they all have construction loans, they have development loans, they all have loans on little shopping centers and they’ve got that kind of portfolio very heavily.”
