Congress should make it easier for lenders to foreclose on office buildings, retail stores, and hotels, bankers said in testimony Wednesday to a House Judiciary subcommittee.

The bankruptcy code permits lenders to foreclose immediately on commercial properties if owners do not file for reorganization or begin monthly payments within 90 days after a creditor goes to court.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.