More info…
“The Senate Banking Committee on Thursday heard from regulators and industry players on the progress of foreclosure prevention efforts including the Making Home Affordable Program, which has been criticized for what seems to be a slow start.”
It would be one thing if Goldman and JPMorgan would have escaped the crisis, and applied real smart -legal- techniques to make a killing in the face of adversity. They haven’t. They can stand up straight the way they do today, they can pay their hefty salaries (hefty in the real world), simply and only because the tax revenues collected from the people who are now thrown out on the street, both at their jobsites and at their homes, have been used to prop up Goldman but not the very people who’ve paid those taxes.
There is something so inherently wrong about this that there is no chance at all that it will turn out good. We’re not talking some kind of honest mistake here.
Radio Free Wall Street 7/16/09
Lee Adler, Russ Winter, and Aaron Krowne discuss the CIT collapse, Calpers suit against the ratings agencies, the impact of the lack of accountability, and the outlook for the stock market.
Banks and other firms that provided such loans in the past have sharply curtailed lending. That has left many developers and construction companies out in the cold. Over the next few years, these groups face a tidal wave of commercial real estate debt some estimates peg the total at more than $3 trillion that they will need to refinance…. Factoring in construction and commercial loans you arrive at a stunning 26 percent of all loans in FDIC banks and thrifts. This is a staggering figure and the U.S. Treasury is well aware of this. The question isnt whether there will be major defaults here but who will shoulder the cost? ”
“For years, one of the most important ways to finance affordable housing has been through the sale of housing tax credits to wealthy individuals. The buyers got the tax benefits, and developers of housing for workers got the upfront cash to subsidize housing that working people could afford. Enter the recession, and the tax credit market dried up.”
Related Websites -
Real Estate: The Time To Buy? None-the-less....lender's books are filling up with Commercial REOs. Commercial assets at discounted prices are showing up by the truck loads....So....it is cherry picking time. BUT one huge problem. Lenders are not lending. Well....at least not without a heavy down payment. Up to 50% on some deals....especially retail...office....industrial. Apartments still...... -
Commercial Real Estate Investing: More terms to learn the language [/caption] Greetings from the metropolis of Cedar Crest, NM! I hope this post finds all of you doing well. Today's post is yet another post on real estate terms/definitions. Yesterday, my buddy Brian (from the great state of Oklahoma) called me to talk about a business deal he was considering. ...... -
Commercial Real Estate Investment Tools: FREE Online Financial Calculators Greetings from "Category Five" Cedar Crest, NM. I have a mortage with Countrywide. I got an email from Countrywide letting me know that I am a "special" customer. And, since I am so special, they want to offer me huge discounts to get me to refinance my home. Well...I call...... -
10 Worst Real Estate Markets In 2009 As I mentioned in a previous post, the real estate market hasn't hit bottom yet. According to an Article in Fortune Magazine, 8 of the top 10 worst real estate markets in 2009 are in California. The range of the predicted price decline is between 20 to 25%. 1. Los Angeles 2008 median house...... -
Real Estate Investments - Good Idea or Bad Idea? Right now, if there was a market that had bad news written all over it, it would be real estate. The housing crisis has made investors jumpy, the economy appears to be tanking and home values are plummeting across the country. Would you believe that this is actually a good......
You must log in to post a comment.