According to Wall Street Journal, Goldman analyst expects 1st quarter write-downs of investment banks in their exposure to commercial real estate would reach $7.2 billion. They hold a total of $141 billion at the end of last year. The write-downs will be much bigger if incoming data confirms a deep recession.
![[Chart]](http://s.wsj.net/public/resources/images/MI-AP321_CMBS_20080302205614.gif)
spread is rising sharply...
