It seems that in recent there has been very little agreement on what is "next" for the mortgage market crisis. However, one thing that many are agreeing on is that there will be, in fact, a "next" tier to the current problems. The only question is what the "next" will be.

One of the candidates for the "next" mortgage market crisis in the commercial mortgage market. Property values are declining for commercial real estate as well as for residential, and there were plenty of questionable loans made in the commercial mortgage area as well.

BloggingStocks looks at how the commercial mortgage market is following what we’ve already seen in residential:

Banks and borrowers over-extended themselves on the premise that prices
would keep rising and bail out imprudent lending decisions. This means
that the firewall that policymakers think separated one kind of credit
default from another went up in smoke.