'Jingle Mail': Developers Are Giving Up On Properties

catherine at 03:19 2010-08-26 said:

this is what TAKES OUT THE REST OF THE BANKS...................suntrust was the BUILDER GOTO BANK, they are sitting on millions of acres of worthless land, sure that Wells and Citi are in the same boat. the last two have a credit card problem, everyone is getting all gooooey over the cards being paid on time - THAT IS BECAUSE THEY ARE DRAINING THEIR 401s to stay afloat and walking on their mortgages and paying up on cards because they will be living on those babies for a long, long time, THE LUCKY ONES..............

citi, wells, suntrust..........byebye

this should have happened in 2007 and we might be seeing recovery in the looking glass

but the government pissed 25 trillion on the mess (and I get beat a lot on that number but the government is just starting to admit 14-16 trillion, AHEM, (after acting like it was just peanuts)

now what do you think the 'carry' and 'cost' is on that type of debt, AHEM AHEM, so 25 trillion will probably be a low number..................said in 07 that this would cost us 100 trillion but now think I was light there tooooo........

but there is NO MO money to piss away on developers, builders, foreclosures, etc., when there are NO BUYERS ANYWHERE............the value HAS TO drop to whatever bottom, probably 70% lower than 5 years ago and when it gets there.............capitalism will takeover........because sometime in our future some leadership will put people back to work, BUT NOT SEEING that for about 4-5 years sadly........... Permalink