As discussed yesterday, Capmark Financial filed for bankruptcy on Sunday, 10/25/2009, with roughly $21B in debt.

“We view this reorganization process as an unfortunate but necessary response to recent unprecedented conditions in financial and commercial real estate markets, which presented a significant challenge for Capmark and similarly situated finance companies,” said Capmark President and CEO Jay Levine, in a statement. “By constraining the availability of capital, these difficult market conditions had a negative effect on all our core businesses.”

Remember that Capmark is a CRE (commercial real estate) lender, and this could be a sign for other CRE firms.  It is also important to recall that Capmark was part of GMAC at one point.  One has to wonder if the GMAC retail business is showing signs of weakness.

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3. It has happened – CIT files for bankruptcy
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5. Two critical pieces of information regarding a CIT bankruptcy