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bomb 'treason' left right Former Afghan president Hamid Karzai speaks during an interview in Kabul, Afghanistan September 13, 2016. Picture taken on September 13, 2016. REUTERS/Omar Sobhani 1/10 left right A combination of still images taken from a video released by the U.S. Department of Defense on April 14, 2017 shows (clockwise) the explosion of a MOAB, or 'mother of all bombs', when it struck the Achin district of the eastern province of Nangarhar, Afghanistan, bordering Pakistan where U.S. officials said a network of tunnels and caves was being used by militants linked to Islamic State. U.S. Department of Defense/Handout via REUTERS 2/10 left right U.S. Army General John Nicholson, Commander of Resolute Support forces and U.S. forces in Afghanistan, speaks during a news conference in Kabul, Afghanistan April 14, 2017.

Struggling with online competition, huge retailers like Sears, JCPenney, and Macy's are closing hundreds of stores that typically anchor malls meaning they occupy the largest spaces at mall entrances and drive a majority of shopper traffic. When a big store shuts down, it triggers a chain reaction that can end with the shopping mall unable to collect enough rent to cover its debts, forcing it to default. By one measure, as many as a third of the malls in the US are at risk of facing this situation. This has become a nightmare for investors who are expecting to collect on those debts. They own bonds called commercial mortgage-backed securities, or CMBSs that are backed by the mall properties' rents. ezgif.com optimize (1) More Echoes of the housing crisis If this sounds familiar, that's because it's similar to one element of the financial crisis. Back then, mortgage-backed securities, which pooled homeowners' mortgages into a multitrillion-dollar financial market were part of the problem. They encouraged risky lending and, together with derivatives on the bonds that were ginned up by Wall Street, left banks and investors with massive losses that threatened the financial system as a whole. Nobody is predicting anything that dire today, but CMBSs which, Morgan Stanley says, account for nearly 10% of the $3.6 trillion commercial real-estate mortgage market work similarly.

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