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Property Developers Want Bailout
The government’s soup line is getting longer: Property developers are now grubbing for a piece of bailout pie. The Wall Street Journal reports that developers are warning “that thousands of office complexes, hotels, shopping centers and other commercial buildings are headed into defaults, foreclosures and bankruptcies.” A recent letter to Henry Paulson claimed “Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans. … For many borrowers, [credit] simply is not available.” The industry is asking for admittance to the $200 billion government program originally intended to fix the market for car, student and credit-card debts. The program is intended to help investors purchase securities backed by these assets. The inclusion of commercial developers into the program might make banks more willing to lend to them, as they’d be able to securitize their loans and pass them on to investors.
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WHERE IS THE BAILOUT FOR SENIOR CITIZENS THAT AREN'T AS RICH AS CROESUS? -------WHERE DO THEY GO FOR A BOOST TO THEIR SOCIAL SECURITY CHECKS............THEY ARE LIVING LONGER AND HEALTHIER, BUT NO ONE HIRES THEM BECAUSE IT MAY TAKE THEM LONGER TO DO THINGS .........AND NOW NO JOBS AT ALL...........WHAT ARE THEY ??????CHOPPED LIVER?????????
PUT SOME OF THAT MONEY IN THE SS POT !!!!!!!!!!!!!
These people have a awful lot of audacity and gaul.Wy don't they use some of the money they stole while creating this out of wack bubble and bail themselves out.I have no srmpathy for thes kind of morons.
I want a bailout too but I won't get it because I didn't steal anything, I didn't make any stupid real estate investments, I don't have two or three, or eight, mansions, I do not pay three or four thousand dollars each for my suits, and I don't know that jackass Paulson, Bush's man picked to further enrich the already rich and do nothing for the middle class.
Oh, give me a break. What is the worst that could happen if these companies go bankrupt? Someone will buy the buildings, even if it's for pennies on the dollar. It's not like the offices and malls will suddenly cease to exist.
They sure didn't hesitate to raise rents consistently in better times. Where did all that money go? They p*ssed it away, that's where. No need at all to reward them for failing to plan for hard times!
Thank you.
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