For what it’s worth, this is not nearly as large a thing as residential real estate circa 2008. Even under some pretty harsh assumptions about default and recov

For what it’s worth, this is not nearly as large a thing as residential real estate circa 2008. Even under some pretty harsh assumptions about default and recovery rates in office and retail real estate, the losses are surprisingly modest. Biggest holders are the regional commercial banks and life insurance companies. This is the best deep dive I know of https://markets.jpmorgan.com/research/email/tjge61kj/xJP09l1bqA5VP60NQoCeRw/GPS-4367489-0 https://markets.jpmorgan.com/research/email/tjge61kj/xJP09l1...