The Great Rate Reset and the Commercial Real Estate Sector

A lot of our discussions were about the highly levered mostly western economies australia uk canada whose housing sector was geared to that short end or short duration interest rate something we never talked about. I think there's going to be reckoning there so just to clarify so four and a billion dollars of loans coming through this year another five hundred billion next year in 2024this is just in the u.s. Those landlords receive about 20 percent of their financing from local and regional banks they're the biggest source of newly originated debt.