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"Fill in the Blank" Wants A Bailout

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More cheery news: The Wall Street Journal reports that commercial real estate developers are now headed to Washington, D.C., looking for their own bailout. Via the WSJ (subscription only): "With a record amount of commercial real-estate debt coming due, some of the country's biggest property developers have become the latest to go hat-in-hand to the government for assistance. They're warning policymakers that thousands of office complexes, hotels, shopping centers and other commercial buildings are headed into defaults, foreclosures and bankruptcies." According to the Journal, $530 billion of commercial mortgages will be due for refinancing over the next three years, and $160 billion of that comes in next year." NPR also has a story on the credit crunch and how it relates to these commercial loans, while an Austin-Statesman OpEd urges the Treasury to refuse to help the developers out. [WSJ/NPR/AS]