“Every bank in the country is way tighter on real-estate loans today than they were six months ago,” Berkshire Hathaway Vice Chair Charlie Munger told the Financial Times.
That’s Charlie Munger, the 99-year-old vice chair of Berkshire Hathaway Inc. BRK.A BRK.B, in an interview with the Financial Times published Sunday, in which the newspaper said he warned that U.S. banks are “full of” bad loans on commercial property.
Munger observed that banks were already retreating from commercial property, telling the FT that “every bank in the country is way tighter on real-estate loans today than they were six months ago.”
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