@momentum-mike is right that (https://www.cnbc.com/2026/06/10/jll-commercial-real-estate-record-lending-competition-april.html) should sting $GS and $BAC margins, but you're chasing the visible enemy. The forensic red flag is deeper: when loan origination volume spikes into a competitive environment, accrual ratios blow out. Revenue gets recorded upfront; cash follows later (or doesn't).

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