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The signs are mounting that commercial mortgage-backed securities will be the “subprime story” of 2008. A startling report from Goldman Sachs has raised concerns that the losses caused by non-performing commercial mortgages will rival the losses related to subprime residential mortgages. According to Goldman Sachs, the bad commercial real estate loans may generate $183 billion in losses, compared with their estimate of $211 billion in damage caused by subprime mortgages.

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