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All I can tell you is what I saw happen in the 60s and 70s. Now things could be
different. S&Ls and banks at that time set up separate real estate divisions
and they held the properties and managed them. Yes there were auctions also.
That took place when the lender could get the price for his mortgage amount.
The problem was with the 125% and 150% loan values that took place at that
time. what about the home equity loans that exceed the current home value.
Many homes are worth far less then loan amounts.
Dorothy Carter wrote:
> I can only tell you what I have seen.... it depends on how deep the
> recession/depression is.. in the current environ where there are massive
> layoffs I'd guess the banks can only hold and rent so much.......... During
> the 80's the banks in Alaska had auctions.... I would imagine this will be
> the case in the future.. the banks don't go bust.. they have insurance and
> they peddle the property..so they don't have to play "property manager".. I
> would guess that laws that banks adhere to don't indicate they are in the
> business of being property managers for long periods of times....I'd guess
> there are some timelines on how long they can hold paper.. ANY EX BANKERS
> out there that can clarify this discussion?
> ----- Original Message -----
> From: "Ira Tunik" <irat@xxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, November 09, 2001 10:36 AM
> Subject: Re: [RT] Debt
>
> > Don't bet on that. The banks have been known to rent homes for years
> until they
> > could sell them for more then the paper on them. In fact in the 60s S&Ls
> turned
> > many of the abandoned apartment buildings into Wh--e Houses and sold them
> > several years later. The gov. can't afford to have the banks go bust.
> They
> > saved them several times from bad foriegn loans, and they will bail them
> out
> > again at tax payers expense.
> >
> > "Dorothy K. Carter" wrote:
> >
> > > Add to that the appraisers who figured out how to inflate the appraisal
> so
> > > the homeowner did not have to pay points.. so when the value of the home
> > > goes below the mortgage... the yuppies walk away and the bank owns
> > > them..... thats when you sit back and wait for the bank auctions........
> > > they will come............... save your $$$$ homes will be avail for
> 40%
> > > of today's value by yr 2005-2006
> > > ----- Original Message -----
> > > From: "Ira Tunik" <irat@xxxxxxxxx>
> > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > Sent: Friday, November 09, 2001 9:57 AM
> > > Subject: Re: [RT] Debt
> > >
> > > > The real-estate cycle is about every ten years. There was a bust in
> the
> > > 60s, the
> > > > 70s and the 80s. Now maybe in the 2002s. The thing is that prices
> never
> > > go down
> > > > to were they were in the last cycle. Inflation takes care of that
> along
> > > with
> > > > 125% home loans. Are there any S&Ls left to go broke or does the Fed
> > > ultimately
> > > > hold all the paper once again? Oh! I almost forgot about all those
> > > mortgage
> > > > backed securities that the brokerage firms foisted upon the public
> once
> > > again.
> > > >
> > > > Dorothy Carter wrote:
> > > >
> > > > > cycles have to play out... you can't trick them to speed up... it's
> like
> > > > > asking a tulip to push through snow in order to bloom....... These
> > > larger
> > > > > cycles were in play before Bush became Pres. and prior to
> 911.......
> > > with
> > > > > large layoffs.. banks end up owning a lot of realestate.... in a
> few
> > > yrs..
> > > > > auctions at banks will be good fire sales...... have experienced
> this
> > > cycle
> > > > > before in Alaska back in early 80s.......... Now the post office
> bail
> > > out
> > > > > will be as costly as the airline bailout.... DEBT DEBT DEBT.. one
> > > small
> > > > > check from Uncle Sam won't last 1 month in the hands of those who
> need
> > > it.
> > > > > ----- Original Message -----
> > > > > From: "Earl Adamy" <eadamy@xxxxxxxxxx>
> > > > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > > > Sent: Friday, November 09, 2001 6:33 AM
> > > > > Subject: Re: [RT] Debt
> > > > >
> > > > > > I read within the past few days that only 20% of the tax rebates
> were
> > > > > spent,
> > > > > > the rest went into savings and debt paydown. I suppose that if the
> > > next
> > > > > > package goes to those who have to spend it there will be spending
> but
> > > > > > otherwise, from the standpoint of economic stimulus, looks like
> > > another
> > > > > > waste of the surplus.
> > > > > >
> > > > > > Earl
> > > > > >
> > > > > > ----- Original Message -----
> > > > > > From: "Dorothy K. Carter" <dorothy.carter@xxxxxxxx>
> > > > > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > > > > Sent: Thursday, November 08, 2001 4:17 PM
> > > > > > Subject: Re: [RT] Debt
> > > > > >
> > > > > >
> > > > > > > corp name...... and the corp calendar to float more debt
> > > continues...
> > > > > then
> > > > > > > there is the consumer....... DEBT... DEBT .... DEBT......It not
> > > just
> > > > > the
> > > > > >
> > > > > >
> > > > > >
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> > > > > >
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