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Bank Failures

Capricious avatar
Beach Fanatic
8,457 views
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
Beach Lover
#52
hopefully nothing will bring back the craziness of 2004 - that was obviously unsustainable & unhealthy - both monetarily & the liver
elgordoboy avatar
Beach Fanatic
#53
:idontno: I wouldn't know....you'll have to ask the folks who chased rainbows what they found in the potties. :blink:


.
I am in awe...truly.
Beach Fanatic
#54
Quantify the adjective "boom."


.

I think in that sentence, boom is a noun. If it read 'the boom part', boom would be an adjective. Discuss amongst yourselves.

:biggrin:
Beach Fanatic
#55
"...In the "next few years" what economic scenario do you envision will restart the Florida RE land grab circa 2004?..."




Ah, come-on Shelly;

Ya gotta give them SOMETHING to grab ahold of.

You tell these people (current owners) that it will be
a decade (or more) before they see prices like 2004 again,
and they'll be jumping out of the 30th story windows of
those big Panama City Beach condo complexes.

I for one do not care about a decade as I plan on still owning and using my place, hopefully living there part time.

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