Property Developers Looking for Piece of Bailout Pie

Now that U.S. automakers have been given a piece of the billion-dollar bailout, other business sectors hit hard by the U.S. credit crisis are now seeking money.

Some of the biggest U.S. property developers are asking the government for money as $160 billion in maturing commercial mortgages come due next year, the Wall Street Journal reported today. There's an estimated $530 billion in commercial mortgages due for refinancing over the next three years.

Commercial mortgages typically run for 10 years at most and have large cash payments due at maturation.  

Source:  CNBC, Property Developers Request Bailout: Report

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