ping
Is this hope and change at work? When the mtges cant be paid cuzz the tenants are either gone or hurting?
I think they are like others hoping things will change.
Obviously they have discounted the future and see no reason to hang in. They don’t see an economy happening.
There are three new buildings in the downtown with first-floor retail space and two stories of condos above them. They were built within the last three years, and here's where things stand: (1) none of the commercial space has ever been leased, and (2) most of the condos were never sold, and are being rented as apartments if they are occupied at all.
Businesses can't pay their rents unless consumers buy their products and services.
Consumers can't buy stuff unless they have incomes, and disposable income for purchases beyond subsistence level.
Neo-con RINOs and Democrats have worked together for more than two decades to destroy the middle class by importing illegal and visa-worker labor, out-sourcing manufacturing and high-tech jobs, shifting more of the tax burden and capital risk to working people.
Why don't we try a conservative approach for a change. We haven't had a real one of those since McKinley.
Then we lose another thousand banks ?
What difference does it make, because they are already ‘ignoring’ foreclosed businesses....? They will suddenly one day say oh ooops your foreclosed ,now?
I think Morgan Stanley jinglemail is a significant bellwether:
The Pale Rider is coming, and he’s bringing hell with him.
Massive unintended consequences are tied to this move...
To a large degree, default is the ONLY way these
borrowers can actually talk to workout negotiators.
After the securitization of these mortgages, they
are in packages owned by many, many individual
investors. You can’t be moved to a negotiator
unless you are in default. I expect at least half
to go into default, but most to have a workout.
Because our county and municipal governments have “assisted” excess commercial construction here for decades, “we the people” have watched (and fought, but ineffectively) this “bubble” stretching thinner and thinner for at least a decade.
It’s sad and infuriating to face a W — or L — shaped recession because of this second collapse, but if it looks like it may affect the midterm elections, I will “enjoy” hearing Hussein tell us how our President W managed to set this devastating time bomb just to hurt our Dear Leader.