"...no question...at later stages of...real estate cycle."

[Marco G.]

"Look, there's no question, we are at later stages of the real estate cycle. I mean we watch it very, very carefully. We look at every component of every geography…at very granular level and there are parts of the United States where there’s been a tremendous amount of new construction. I think multifamily specifically, I think what you should be most worried about is construction financing for high-end luxury condos.” —JP Morgan Commercial Bank CEO Doug Petno (Banking)