In a white paper, the chairman and CEO of Colony Capital forecast an economically cataclysmic “domino effect” if banks, mortgage REITs and other non-bank lenders were not allowed to restructure commercial mortgage loans with their borrowers.

Barrack, a longtime confidant of President Trump, told Bloomberg in an interview that the fallout could make the Great Depression seem insignificant in comparison, hurting homeowners, real estate developers and hotel businesses.

Read the full article from Bloomberg.