Page 658 - untitled

Notes to Chapter 21 629

22. Board of Governors of the Federal Reserve System, January 2009 Senior Loan Officer Opinion
Survey, fourth-quarter 2008, p. 8.
23. Elizabeth Duke, governor, Federal Reserve Board, “Small Business Lending,” testimony before the
House Committee on Financial Services and Committee on Small Business, February 26, 2010, p. 1.
24. National Federation of Independent Businesses, “NFIB Small Business Economic Trends,” De-
cember 2010, p. 12.
25. Ben Bernanke, “Restoring the Flow of Credit to Small Business,” speaking at the Federal Reserve
Meeting Series: “Addressing the Financing Needs of Small Businesses,” Washington, DC, July 12, 2010.
26. C. R. “Rusty” Cloutier, past chairman, Independent Community Bankers of America, testimony
before the FCIC, First Public Hearing of the FCIC, day 1, panel 3: Financial Crisis Impacts on the Econ-
omy, January 13, 2010, transcript, p. 194.
27. Federal Reserve Statistical Release, E.2 Survey of Terms of Business Lending, E.2 Chart Data:
“Commercial and Industrial Loan Rates Spreads over Intended Federal Funds Rate, by Loan Size,” spread
for all sizes.
28. William J. Dennis Jr., “Small Business Credit in a Deep Recession,” National Federation of Inde-
pendent Businesses, February 2010, p. 18.
29. Jerry Jost, interview by FCIC, August 20, 2010.
30. Board of Governors of the Federal Reserve System, Senior Loan Officer Opinion Survey on Bank
Lending Practices, April 2010.
31. Board of Governors of the Federal Reserve System, Senior Loan Officer Opinion Survey on Bank
Lending Practices, July 2010.
32. Emily Maltby, “Small Biz Loan Failure Rate Hits 12%,” CNN Money, February 25, 2009; “SBA
Losses Climb 154% in 2008,” Coleman Report (www.colemanpublishing.com/public/343.cfm).
33. Michael A. Neal, chairman and CEO, GE Capital, testimony before the FCIC, Hearing on the
Shadow Banking System, day 2, session 3: Institutions Participating in the Shadow Banking System, May
6, 2010, transcript, p. 242.
34. GE, 2008 Annual Report, p. 38.
35. Mark S. Barber, testimony before the FCIC, Hearing on the Shadow Banking System, day 2, ses-
sion 3: Institutions Participating in the Shadow Banking System, May 6, 2010, transcript, p. 263.
36. International Monetary Fund, International Financial Statistics database, World Exports.
37. International Monetary Fund, International Financial Statistics, World Tables: Exports, World Ex-
ports.
38. Jane Levere, “Office Deals, 19 Months Apart, Show Market’s Move,” New York Times, August 10,
2010.
39. National Association of Realtors, Commercial Real Estate Quarterly Market Survey, December
2010, pp. 4, 5.
40. Brian Gordon, principal, Applied Analysis, testimony before the FCIC, Hearing on the Impact of
the Financial Crisis—State of Nevada, session 3: The Impact of the Financial Crisis on Nevada Real Es-
tate, September 8, 2010, transcript, p. 155.
41. Anton Troianovski, “High Hopes as Builders Bet on Skyscrapers,” Wall Street Journal, September
29, 2010.
42. Ibid.; Gregory Bynum, president, Gregory D. Bynum & Associates, Inc., testimony before the
FCIC, Hearing on the Impact of the Financial Crisis—Greater Bakersfield, session 3: Residential and
Community Real Estate, September 7, 2010, transcript, pp. 77–80, 77–78.
43. Federal Deposit Insurance Commission, “Failed Bank List,” January 2, 2010.
44. February Oversight Report, “Commercial Real Estate Losses and the Risk to Financial Stability,”
Congressional Oversight Panel, February 10, 2010, pp. 2, 41, 45.
45. TreppWire, “CMBS Delinquency Rate Nears 9%, Up 21 BPs in August after Leveling in July, Rate
Now 8.92%” Monthly Delinquency Report, September 2010, p. 1.
46. Allen Kenney, “CRE Mortgage Default Rate to Double by 2010,” REIT.com, June 18, 2009. See also
“Default Rates Reach 16-Year High,” Globe St., February 24, 2010.
47. Ibid. Green Street Advisors, “Commercial Property Values Gain More Than 30% from ‘09 Lows,”
December 2, 2010, pp. 3, 1.