Posted on 10/21/2007 4:56:10 AM PDT by Turret Gunner A20
Call them grave dancers, vulture funds, turnaround specialists or the more euphemistic "opportunity investors." However you identify them, the deal is the same: When hyperactive real estate markets lose their sizzle, or property owners no longer can afford to hang on to their houses, well-capitalized investors smell blood and move in.
(Excerpt) Read more at washingtonpost.com ...
Oh, the horrors of capitalism. Boo Hoo Hoo.
LOL - sorry - I see opportunity.......the banks that floated this nonsense are the ones to blame...not the investor or those who were prudent with thier money and now see a window of opportunity
What’s the bank to do, give away the properties to those who didn’t live up to their end of the financial agreement? Good heavens, the Washington Post is such a devious rag.
The investors come in to help liquidate the properties. That is a good thing.
It’s too early in the game to jump in.
The real money to be madde will be in a year or two.
Typical pap from the blood-sucking socialist leeches at the Post.
This is also an opportunity for responsible people who have saved money to buy a nice home at a reduced price.
But we can’t write a story with that scenario, can we?
Unfortunately for the Cincinnati area, this type of market is the beginning of the end for a neighborhood. The LLC type buyers move in Section 8 housing. The people that can still afford to flee do so in droves. The only people who benefit are the moving companies...
Blaming the vultures is like blaming the stadium cleanup crew for what the fans left behind.
The fault lies with those who were buying the loan packages. They have learned their lesson, so now there is this so called credit crunch. The banking institutions could have avoided this mess by showing more respect for their customers to whom they sold the bad loans to.
The banks are the bad actors here, not the birds.
WWJD?
CNBC has been hyping this ‘mortgage crisis’ story for over nearly two years - with analyst after analyst forcasting doom and gloom.
Buyers eventually became skittish, just as a big supply of new homes and even existing homes hit the market.
Of course, real estate increased nearly 80-percent in the five years prior — which means the only people who were really hurt were speculators, plus a small percentage of REAL home-owners who just happened to buy at the top.
I truly believe the lib-dominated CNBC is desparately trying to create a recession BEFORE the 2008 election, in hopes of derailing the GOP.
I can’t wait to get the new FOX BUSINESS CHANNEL. But Comcast has put it in the UPPER TIER, which means I would have to pay an extra $30 a month just to get FBC.
Those who made promises they were not really considering to keep were being deceitful, I do not believe Jesus wants his followers to be deceitful. YMMV.
Exactly—those idiots at the bank invented these insane mortgages that made them look real good for a year or two, and then crashed and burned. And then the MSM blames the guys who are trying to pick up the pieces. At least these “vultures” are using their own money—not counting on some trillion dollar bailout by the Government.
I have read a lot about how Wall Street (including banking) operates the last couple of years. Make no mistake: it isn’t Capitalism! It is the equivalent of a big Ivy league fraternity. These guys play fast and loose with other peoples $$, pay themselves big salaries and even bigger bonuses, and then get their other buddies in Government (Federal Reserve, US, EU, UN, etc) to bail them out when they get in hot water—all the while getting cover from their other buddies in the MSM (Cramer at CNBC comes to mind). Sure, they have PhDs from all the best schools developing these elaborate financial models—but in the end it is all based on wishful thinking and false assumptions (garbage in, garbage out).
If you screw up on a big enough scale, as these guys often do, you become to big to allow to fail. That + their friendships is what these guys count on. I would call them bozos, but the game is rigged in their favor—they can make horrendous errors in judgement, and still walk away rich. Is it any wonder than Wall Street is now turning Left?
The old spy-novel cliché is that the Chinese word for “crisis” is made up of two ideograms — “danger” and “opportunity.” ‘Twas always thus.
“The banking institutions could have avoided this mess by showing more respect for their customers to whom they sold the bad loans to.
The banks are the bad actors here, not the birds.”
During the Clinton administration, the gov’t changed the lending guidelines for low end buyers who had no business borrowing money. Lenders had to write loans to those new specs.
They then should have labeled these loans as being practically noncollectable before selling the contracts to their customers, the investors. Because the banks sold loans they knew to be bad to investors the Banks are indeed bad actors and deserve to suffer. Those who took out the loans knowing they could not pay them back as specified are just as evil and rotten as the banks, neither party is a victim here.
He has invested some of the money here where his corp offices are and has transformed a blighted former timber town almost over night and created even more jobs. The best part of this man is the fact he is a big time Republican supporter plus he buys up many properties the invirals covet!
All your house are belong to us! Thank you for shopping at Warmalt!
This must be stopped! Bailouts for banks and borrowers alike! NOW!
I clicked through and read that drivel to get to the part where the writer acknowledged that vulture buyers are an integral part of the market and they provide a necessary function in establishing the market floor.
He never got round to it. Just pure class-envy nonsense, stem to stern.
I agree. We just purchased a house in Louisville that was in pre-forclosure. The bank was going to get their money, but kept asking us to pay additional costs, taxes, closing costs etc. Even after they accepted our offer and the closing date was two days away, they asked for another $900. Our realtor and theirs didn’t even tell us, and just took it out of their commission. At least we helped the couple we bought the house from, as they don’t have forclosure on their records. And we are fixing the house up to live in not to rent.
Southern Ohio/Northern Kentucky = lots of cheap land to build on. Its a little different here in NJ.
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