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Talking to bankers in Anchorage Alaska back in mid 80's.. they would set
minimum bids and from there it was highest bidder wins...as they were not in
business to be property managers... competes with local business that do
business with them... not a good idea..... and would guess there are laws
and guidelines that govern what banks do and can't do and how long they can
carry before they have to auction off.... Guess we'll just have to wait and
see............. :-)
----- Original Message -----
From: "Ira Tunik" <irat@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, November 09, 2001 10:53 AM
Subject: Re: [RT] Debt
> 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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