Today's Wall Street Journal has an ominous tidbit in its piece on the British government's efforts to prop up the Royal Bank of Scotland:

Banks have moved from trying to unravel complex securities backed by subprime-mortgage loans, which ignited the crisis. They now face a broader array of problems resulting from old-fashioned loans to property developers and companies.

I've heard similar things this week. One informed source was particularly worried about commercial real estate--where, he said, the losses will be very large and are only just beginning.

--Noam Scheiber