Relevant:
2008-07-09 — financialsense.com
... FDIC commercial bank residential and commercial real estate noncurrent loan rates are well below levels seen in the 1991 recession, though the value of loans outstanding has expanded significantly over the last two decades. The result, even though noncurrent loan rates are still low, the value of real estate loans in noncurrent status is approaching levels seen back in 1991. If noncurrent loan rates reach 1991 levels or higher, the financial fallout will be devastating and we will continue to see more financial write downs ahead.
It is hard not to be blown away after seeing the "bank credit as a percentage of GDP" and "noncurrent loan rates" (compared to the '91 recession) charts in Chris' article.
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