Collin County (WBAP/KLIF) – Texas Congressman Van Taylor warns of a “tsunami of foreclosures” in the real estate industry, in particular the hotel and convention sector in Collin County’s corporate hub.
That’s why Rep. Taylor has co-authored bi-partisan legislation in Washington dubbed the HOPE Act (Helping Open Properties Endeavor).
The aim is to save the county’s vast number of corporate headquarters and hotels and the jobs that come with them, as well as similar venues in other parts of the country.
Taylor told WFAA’s ‘Inside Texas Politics’ that mortgage delinquencies are already at an all-time high when regarding CMBS commercial debt. And if those businesses don’t get access to those emergency loans, he says entire communities could be lost.
“We’re going to have a tsunami of foreclosures. About a third of the hotels in the United States have that CMBS debt and the delinquency rate is actually staggering.”
Taylor continued, More than 60% of those hotel loans are delinquent in Houston and 20% are in the Dallas-Fort Worth area. The same is occurring in other large cities across the U.S.” He called the number of delinquencies nationwide, “staggering.”
(Copyright 2020 WBAP/KLIF 24/7 News. This report contains material from the WFAA-TV)