First FSAP for US flags commercial real estate woes

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The IMF on Friday warned that losses from commercial real-estate loans posed the most serious threat to the US financial system.

The IMF said the key risk revealed by its Financial Sector Assessment Programme (FSAP) for the United States stemmed from the woeful state of the commercial real estate sector, a danger long flagged by regional Federal Reserve presidents.

Christopher Towe, a deputy director in the IMF's Monetary and Capital Markets Department, said: "The wave of defaults has yet to

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