Federal banking examiners continue to see sharp deterioration in the credit performance of commercial real estate loans held by U.S. banks, the Federal Reserve's associate director of banking and supervision said Monday.

In a speech before the House Financial Services Subcommittee on Oversight and Investigations, the Fed's Jon Greenlee noted that about 9% of commercial real estate loans in bank portfolios were considered delinquent at the end of the second quarter.

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