Fed research confirms life insurers’ exposure to private credit exceeds 2007 subprime levels. Commercial real estate crisis ignored for years, now media blames AI

“The Fed published a research note in March 2025 that almost nobody read. It found that life insurers’ exposure to below-investment-grade debt now exceeds the industry’s exposure to subprime mortgage-backed securities in late 2007. Let that land. The same financial …

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