Might this be the first big one?
http://www.nytimes.com/2007/10/09/business/09corus.html?pagewanted=1&_r=1
"...Today, developers owe Corus $4 billion, $3.7 billion of which, or 92 percent, is in condominiums. Of that, about 25 percent of them are in projects in the Miami area and 9 percent are in Las Vegas, according to regulatory filings. More than $2.15 billion of its outstanding loans are due by the end of this year. Nationwide, the number of condos completed this year will be up 45 percent ? 232,933 vs. 160,239 ? from 2006, according to data tracked by Marcus & Millichap Real Estate Investment Services, a real estate investment brokerage based in Encino, Calif. ..."
And what about these guys, struggling to shore-up the rather
opaque "conduits," "Structured Investment Vehicles" and other
off-balance-sheet crap that they created:
http://www.bloomberg.com/apps/news?pid=20601087&sid=al1pBplw2gaU&refer=home
"Oct. 13 (Bloomberg) -- Citigroup Inc. and JPMorgan Chase & Co. are leading a group of banks that are in talks with the U.S. Treasury about a plan to revive the asset-backed commercial paper market. ..."
and this comment:
"...Treasury is playing a ``a facilitator's role,'' said Joseph Mason, an associate professor of business at Drexel University in Philadelphia and a former financial economist at the Office of the Comptroller of the Currency.."
"facilitator's role?"
How does tax money figure into that?
Are we heading towards this again?:
[ame]http://en.wikipedia.org/wiki/Resolution_Trust_Corporation[/ame]
Evidently we did not learn much the first time around.
"We learn from history that we learn nothing from history"
(George Bernard Shaw)
This might make some interesting reading for the bored:
[ame="http://www.amazon.com/Florida-Land-Boom-Speculation-Money/dp/1567200133"]Amazon.com: The Florida Land Boom: Speculation, Money, and the Banks: William Frazer, John J. Guthrie: Books[/ame]
Pretty pricey for an -out-of-print book, but then maybe some
see present-day relevance in a story 80 years old.
Looking for opportunities, I imagine.
Replies
54
SoWal Insider
Might this be the first big one?
http://www.nytimes.com/2007/10/09/business/09corus.html?pagewanted=1&_r=1
"...Today, developers owe Corus $4 billion, $3.7 billion of which, or 92 percent, is in condominiums. Of that, about 25 percent of them are in projects in the Miami area and 9 percent are in Las Vegas, according to regulatory filings. More than $2.15 billion of its outstanding loans are due by the end of this year. Nationwide, the number of condos completed this year will be up 45 percent ? 232,933 vs. 160,239 ? from 2006, according to data tracked by Marcus & Millichap Real Estate Investment Services, a real estate investment brokerage based in Encino, Calif. ..."
NetBank went under last month due to mortgage defaults. 1500 accounts exceeded the $100,000 FDIC-insured amount--OUCH--:roll: (Do you know where your deposits are tonight?)
"WASHINGTON - NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.
It was the largest savings and loan failure since the tail end of the industry's crisis more than 14 years ago. Federal regulators appointed the Federal Deposit Insurance Corp. as a receiver for Alpharetta, Ga.-based NetBank."
.
SoWal Insider
Foreclosure filings double and bank failures, what's next? What's your angle here?
SoWal Insider
Foreclosure filings double and bank failures, what's next? What's your angle here?
The total destruction of the US economic system as you've known it!!
.
Edited
SoWal Insider
How about the total destruction of this board from negativity.
SoWal Insider
How about the total destruction of this board from negativity.
Let's call a tribal council.
.
Beach Fanatic
How about the total destruction of this board from negativity.Pollyanna much?
Though admittedly it would be refreshing to be positive for a bit. It's all in your head.
Beach FanaticAuthor
I see opportunity knocking for those that waited.
And are willing to wait a bit longer.
For now, it's just fun to watch.
As Mr. Buffet said, "when the tide goes out, you see who's
been swimming naked."
And are willing to wait a bit longer.
For now, it's just fun to watch.
As Mr. Buffet said, "when the tide goes out, you see who's
been swimming naked."
Beach Lover
I see opportunity knocking for those that waited.
And are willing to wait a bit longer.
For now, it's just fun to watch.
As Mr. Buffet said, "when the tide goes out, you see who's
been swimming naked."
Agreed Capricious
SoWal Expert
NetBank went under last month due to mortgage defaults. 1500 accounts exceeded the $100,000 FDIC-insured amount--OUCH--:roll: (Do you know where your deposits are tonight?)
"WASHINGTON - NetBank Inc., an online bank with $2.5 billion in assets, was shut down by the government on Friday because of an excessive level of mortgage defaults.
It was the largest savings and loan failure since the tail end of the industry's crisis more than 14 years ago. Federal regulators appointed the Federal Deposit Insurance Corp. as a receiver for Alpharetta, Ga.-based NetBank."
.
OUCH! I used to bank with NetBank, until they started doing little screwy things, much like NationsBank (now Bank of America) used to do.
Beach Fanatic
I have a question about how a bank failure would work for let's say someone with 50k in joint checking and savings. I know they would be federally insured since its under 100k but I have a few questions.
Would your account be automatically frozen where you couldn't take your money out?
Would your money even be there? :shock:What would happen to outstanding checks? 
Would they bounce?
How long would it take to actually GET your money if it is tied up?
I really have no idea how this would work, but it reminds me of the old adage about having money in your pocket in case of a hurricane. Is this the same type of situation because I rarely have more than $50 in my pocket, it is usually all on the debit card. Thanks in advance for responses.
Would your account be automatically frozen where you couldn't take your money out?
Would your money even be there? :shock:What would happen to outstanding checks? Would they bounce?How long would it take to actually GET your money if it is tied up? I really have no idea how this would work, but it reminds me of the old adage about having money in your pocket in case of a hurricane. Is this the same type of situation because I rarely have more than $50 in my pocket, it is usually all on the debit card. Thanks in advance for responses.
Beach FanaticAuthor
As long as you are within FDIC limits I would not worry about it.
Another bank would take over your accounts and at most you
would not have access to your money for a day or two.
The U.S governement does not want to have a Northern Rock-
style run on their hands so this would be handled fairly quickly.
Unlike anything else the goverment does.
Another bank would take over your accounts and at most you
would not have access to your money for a day or two.
The U.S governement does not want to have a Northern Rock-
style run on their hands so this would be handled fairly quickly.
Unlike anything else the goverment does.
Beach Fanatic
I have a question about how a bank failure would work for let's say someone with 50k in joint checking and savings. I know they would be federally insured since its under 100k but I have a few questions.http://www.fdic.gov/bank/individual/failed/miamivalley.html
Would your account be automatically frozen where you couldn't take your money out?
I really have no idea how this would work, but it reminds me of the old adage about having money in your pocket in case of a hurricane. Is this the same type of situation because I rarely have more than $50 in my pocket, it is usually all on the debit card. Thanks in advance for responses.
Links to the fdic and another closed bank. Appears its a fairly seamless transition. The big problem comes from widespread bank runs, but at that point we are all in a bind.
Beach Fanatic
As long as you are within FDIC limits I would not worry about it.
Another bank would take over your accounts and at most you
would not have access to your money for a day or two.
The U.S governement does not want to have a Northern Rock-
style run on their hands so this would be handled fairly quickly.
Unlike anything else the goverment does.
http://www.fdic.gov/bank/individual/failed/miamivalley.html
Links to the fdic and another closed bank. Appears its a fairly seamless transition. The big problem comes from widespread bank runs, but at that point we are all in a bind.
Thanks. I went to the website and it does look seamless. You just never know if its like other insurance claims :roll:
Beach FanaticAuthor
"...The big problem comes from widespread bank runs, but at that point we are all in a bind..."
Or with wide-spread bank failures.
Then it becomes a big bind for tax payers.
We are going to see a lot more of this and I think we
will see a Resolution Trust Corp-style clean-up of the
mess.
I think we will see auctions (REAL auctions) of property just
as there were during the S & L clean-up.
That will be the time to invest in real estate.
Or with wide-spread bank failures.
Then it becomes a big bind for tax payers.
We are going to see a lot more of this and I think we
will see a Resolution Trust Corp-style clean-up of the
mess.
I think we will see auctions (REAL auctions) of property just
as there were during the S & L clean-up.
That will be the time to invest in real estate.
Beach Lover
you never know - the dow 15,000 may save us all. & there are definite opportunities in RE for anyone who is liquid.
SoWal Insider
you never know - the dow 15,000 may save us all. & there are definite opportunities in RE for anyone who is liquid.
I'm liquid, but RE isn't tempting enough. Compared to the stock market, RE moves at a glacial pace--no need to rush.
.
Beach Lover
I see opportunity knocking for those that waited.
And are willing to wait a bit longer.
For now, it's just fun to watch.
As Mr. Buffet said, "when the tide goes out, you see who's
been swimming naked."
Fun to watch? I have heard this attitude from a few people....what the hell is fun about it? Hardworking people getting laid off? People losing their life savings in real estate? People relocating their families hoping for a better life only to end up in financial ruin.....Maybe you would enjoy dog fighting and midget tossing too. There seems to be an attitude from some that seems to enjoy seeing people fail, especially those who may have ridden the bubble to some success, only to have it explode under them....why some are like this is beyond me. Not that it would make any difference at all, but this message board has turned into a bashing board of negativity, gloom and doom, and while it is completely up to me whether to read it or not.....or believe it or not, what about the person that comes to SOWAL on vacation, thinks about investing in this market, finds this well advertised web site, reads one of these "S&L DECLARES BANKRUPTCY DUE TO FORCLOSURES IN SOUTH WALTON COUNTY DUE TO THE DEATH OF SEA TURTLES AND THE BEACH IS NOT AS PRETTY AS IT USED TO BE AND TRAFFIC SUCKS AND HURRICANES ARE COMING AND SHARKS HAVE EATEN 23 TOURISTS AND TAXES ARE RIDICULOUS AND YOU CANT GET INSURANCE...BLAH BLAH BLAH and get discouraged about an investment in our market, and buy a lake house in Eufaula....even if it is one person I think that it is a damn shame.
SoWal Insider
.or believe it or not, what about the person that comes to SOWAL on vacation, thinks about investing in this market, finds this well advertised web site, reads one of these "S&L DECLARES BANKRUPTCY DUE TO FORCLOSURES IN SOUTH WALTON COUNTY DUE TO THE DEATH OF SEA TURTLES AND THE BEACH IS NOT AS PRETTY AS IT USED TO BE AND TRAFFIC SUCKS AND HURRICANES ARE COMING AND SHARKS HAVE EATEN 23 TOURISTS AND TAXES ARE RIDICULOUS AND YOU CANT GET INSURANCE...BLAH BLAH BLAH and get discouraged about an investment in our market, and buy a lake house in Eufaula....even if it is one person I think that it is a damn shame.
I would suggest a link to rainbowsshootingoutofourbutts30A.com.
P.S. Real Estate investment isn't for girly-men (or girly-girls either).
.
Edited
SoWal Insider
I would suggest a link to rainbowsshootingoutofourbutts30A.com.
.
Are there potties of gold at the end of above said rainbows?
Edited
SoWal Insider
Are there potties of gold at the end of above said rainbows?
I wouldn't know....you'll have to ask the folks who chased rainbows what they found in the potties. .
Edited
Beach FanaticAuthor
"...Fun to watch? I have heard this attitude from a few people....what the hell is fun about it? Hardworking people getting laid off?
As I have posted elsewhere on this board, I have had one employer
go bankrupt and dissolve on me, and my wife has been permanently
laid-off from not one but TWO jobs.
Been there. Done that. Stayed finacially solvent
Besides, the problems with the whole real estate/ sub prime/alt-a/etc.
mess have not been, generally speaking, arrising from issues with
the termination of employement.
"...People losing their life savings in real estate? People relocating their families hoping for a better life only to end up in financial ruin.....Maybe you would enjoy dog fighting and midget tossing too. .."
I am against midget tossing. It is my understanding that the gold medalist
in midget tossing was on sterioids.
Perhaps if the midgets themselves used sterioids...
'...There seems to be an attitude from some that seems to enjoy seeing people fail, especially those who may have ridden the bubble to some success, only to have it explode under them..."
If you ride a bubble, and the bubble "pops," dropping you arse back
to planet Earth, I happen to think that is EXTREMEMLY funny.
If your "success" dissolves that easily, then it really wasn't "success,"
now was it?
No apologies.
Now, intermission is over and the show is starting anew....
As I have posted elsewhere on this board, I have had one employer
go bankrupt and dissolve on me, and my wife has been permanently
laid-off from not one but TWO jobs.
Been there. Done that. Stayed finacially solvent
Besides, the problems with the whole real estate/ sub prime/alt-a/etc.
mess have not been, generally speaking, arrising from issues with
the termination of employement.
"...People losing their life savings in real estate? People relocating their families hoping for a better life only to end up in financial ruin.....Maybe you would enjoy dog fighting and midget tossing too. .."
I am against midget tossing. It is my understanding that the gold medalist
in midget tossing was on sterioids.
Perhaps if the midgets themselves used sterioids...
'...There seems to be an attitude from some that seems to enjoy seeing people fail, especially those who may have ridden the bubble to some success, only to have it explode under them..."
If you ride a bubble, and the bubble "pops," dropping you arse back
to planet Earth, I happen to think that is EXTREMEMLY funny.
If your "success" dissolves that easily, then it really wasn't "success,"
now was it?
No apologies.
Now, intermission is over and the show is starting anew....
needs to get out more
Fun to watch?... and buy a lake house in Eufaula....even if it is one person I think that it is a damn shame.
So, you would have a board where no real life topics are discussed? There is much more to read here than the 'real estate' section, as you are well aware. Possibly you could start the Snapperheads board, that lists only yard sales and two for one drink specials...
What's wrong with a lake house in Eufaula?
Beach Lover
If you ride a bubble, and the bubble "pops," dropping you arse back
to planet Earth, I happen to think that is EXTREMEMLY funny.
Again, I have to ask why this is extremely funny?
I was not looking for an apology, I was just trying to figure out why someone would revel in someone elses problems......and your post explains your position......"if my life sucks, I hope yours sucks too"
to planet Earth, I happen to think that is EXTREMEMLY funny.
Again, I have to ask why this is extremely funny?
I was not looking for an apology, I was just trying to figure out why someone would revel in someone elses problems......and your post explains your position......"if my life sucks, I hope yours sucks too"
Beach FanaticAuthor
......"if my life sucks, I hope yours sucks too"
Au contraire
My life does not suck.
True, we don't own beachfront property on the panhandle.
But we do get to occasionally vacation there.
And we do have 7.5 acres of undeveloped lakefront
land, purchased (3) years ago for cash.
And the wife bought a new Toyota last year. Also for cash.
Made her quite happy
Our modest home is almost paid for (we could pay it off, but
at 5.5 apr, why bother?).
We are actually quite content.
But we do not have cable.
We don't miss not having cable, however.
We are much entertained by the "reality show"
occuring all around us.
Wth no commerical interruptions.
Au contraire
My life does not suck.
True, we don't own beachfront property on the panhandle.
But we do get to occasionally vacation there.
And we do have 7.5 acres of undeveloped lakefront
land, purchased (3) years ago for cash.
And the wife bought a new Toyota last year. Also for cash.
Made her quite happy
Our modest home is almost paid for (we could pay it off, but
at 5.5 apr, why bother?).
We are actually quite content.
But we do not have cable.
We don't miss not having cable, however.
We are much entertained by the "reality show"
occuring all around us.
Wth no commerical interruptions.
Beach FanaticAuthor
"master liquidity enhancement conduit"
http://www.bloomberg.com/apps/news?pid=20601087&sid=abj6tFU69Wtk&refer=home
"Oh what a tangled web we weave,
When first we practice to deceive"
Sir Walter Scott
http://www.bloomberg.com/apps/news?pid=20601087&sid=abj6tFU69Wtk&refer=home
"Oh what a tangled web we weave,
When first we practice to deceive"
Sir Walter Scott
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