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Old 12-06-2007, 06:12 PM
 
Location: The Conterminous United States
22,584 posts, read 54,025,792 times
Reputation: 13612

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As as far as I can tell, no one has posted anything about this.

Top Florida officials moved yesterday to stabilize an investment pool for local governments after a multibillion-dollar run prompted the state to temporarily suspend withdrawals by cities and school districts.

Local governments, which have been unable to remove any money from the fund since Nov. 29, will be allowed to start making limited withdrawals as early as tomorrow, officials said. The turmoil has left some towns and school districts unable to meet payrolls or pay bills and has raised concerns about similar funds across the country.

Florida’s governments in recent weeks have withdrawn billions of dollars from the fund because of concern over investments linked to subprime mortgages. It is unclear what losses the fund may sustain.

But the sudden flight from the fund, which came despite its relatively small exposure to subprime-related debt, points to a broader uncertainty among officials in other states over how far the credit and mortgage crisis might spread.

At a meeting in Tallahassee yesterday, Gov. Charlie Crist and members of his cabinet voted to quarantine $2 billion of worrisome investments in a separate fund. Local governments will be allowed to withdraw about 13 percent of their assets, or as much as $2 million, from the remaining $12 billion fund.

Moments after the plan was approved, Coleman Stipanovich, the executive director of the Florida State Board of Administration, which operates the fund, resigned.


http://www.nytimes.com/2007/12/05/bu...=1&oref=slogin
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Old 12-07-2007, 09:36 AM
 
1,023 posts, read 3,330,178 times
Reputation: 273
Quote:
Originally Posted by hiknapster View Post
As as far as I can tell, no one has posted anything about this.

Top Florida officials moved yesterday to stabilize an investment pool for local governments after a multibillion-dollar run prompted the state to temporarily suspend withdrawals by cities and school districts.

Local governments, which have been unable to remove any money from the fund since Nov. 29, will be allowed to start making limited withdrawals as early as tomorrow, officials said. The turmoil has left some towns and school districts unable to meet payrolls or pay bills and has raised concerns about similar funds across the country.

Florida’s governments in recent weeks have withdrawn billions of dollars from the fund because of concern over investments linked to subprime mortgages. It is unclear what losses the fund may sustain.

But the sudden flight from the fund, which came despite its relatively small exposure to subprime-related debt, points to a broader uncertainty among officials in other states over how far the credit and mortgage crisis might spread.

At a meeting in Tallahassee yesterday, Gov. Charlie Crist and members of his cabinet voted to quarantine $2 billion of worrisome investments in a separate fund. Local governments will be allowed to withdraw about 13 percent of their assets, or as much as $2 million, from the remaining $12 billion fund.

Moments after the plan was approved, Coleman Stipanovich, the executive director of the Florida State Board of Administration, which operates the fund, resigned.

http://www.nytimes.com/2007/12/05/bu...=1&oref=slogin
Hmmmm...you might have gotten to technical for most who want to blame things on more than the gov. LOL
On the news today....freezing loans of those who are about to foreclose, dropping interest rates again, and a supposed upswing in the entire state of FL by March. Everyone has a different story! My personal opinion...and this is just me..... we bought a home we can afford period. (Even if we lose our jobs) We love our area, our family is nearby...if everyone moved, and houses plummeted in value we wouldn't care b/c we can afford our home, and we love it. I'm in it for a home, and a life, not the money. I don't think the majority of Florida is the same as us. We purchased our home b/c it meant something to us, and b/c we want to raise our family in it. We purchased at a number that we could live in comfortably..it's not going to blow the socks off the mass public, but it's a lovely home, and works for us. If you stay in your home long enough, and make appropriate payments..you'll never lose value.
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Old 12-07-2007, 10:00 AM
 
164 posts, read 650,208 times
Reputation: 88
Lewlew An Upswing On What ?
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Old 12-07-2007, 11:50 AM
 
1,023 posts, read 3,330,178 times
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Quote:
Originally Posted by MINNIEMEME View Post
Lewlew An Upswing On What ?
Businessweek article, and on Fox News today spoke of a slight increase in the value of some homes come March. Not agreeing or disagreeing...just stating what was mentioned. With the new freeze of rates, they are saying we won't have the catastrophic foreclosure numbers some predicted, and thus, will help to keep the pricing more stable. Just an article, and the news. All homebuilding stocks took a large jump, and we'll see what happens I guess.

I don't care either way. I'm more concerned about the overall economy. We are comfortable where we are.
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Old 12-07-2007, 11:59 AM
 
Location: Vero Beach, Fl
2,976 posts, read 13,334,213 times
Reputation: 2265
Actually I had heard and read about this issue and Florida is not the only state with this potential problem. I have said this before, no one really knows the multiple layers the subprime debacle will affect. What a can of worms!!
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Old 12-07-2007, 02:10 PM
 
164 posts, read 650,208 times
Reputation: 88
Thanks LEWLEW
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Old 12-07-2007, 06:46 PM
 
47 posts, read 117,652 times
Reputation: 28
LewLew, glad to see you bought what you could afford and what you wanted.

Hiknapster, yes, I heard about this article and my first thought, Gee, I wonder what would happen if you went down to the bank and wanted to withdraw your savings? What if the bank told you, OK, you can withdraw YOUR money, but only 13% of it, what would you say? This is a story we all need to pay close attention to. What about the payrolls that can't be met because of the freeze on the money excluding 13%? What about the trickle down affect? Makes you think twice on where to put your money, doesn't it?
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Old 12-07-2007, 07:41 PM
 
Location: Heartland Florida
9,324 posts, read 26,644,447 times
Reputation: 5038
Amazing how content some people are when they get what THEY want. Unless everyone has the same opportunity, expect higher crime and economic disaster. Unaffordable real estate is the early symptom of total economic disaster ahead.
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Old 12-07-2007, 07:50 PM
 
Location: The Conterminous United States
22,584 posts, read 54,025,792 times
Reputation: 13612
To be fair, other states have funds that have invested in the sub-prime market. But you are right, the mortgage mess is insidious, and affects everyone.

Still, I found it interesting to find that the state of Florida, which had little to no constraint on development, with the possibility of certain politicians lining their pockets with the precedes, had invested in the problem, however unintentionally, and that it just might come back to bite them in the butt.

Unfortunately, the Florida school system may suffer, and it just doesn't need it right now.

Thanks to LewLew for resurrecting an unnoticed thread, so that we could discuss it. I really wanted feedback.
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Old 12-07-2007, 07:51 PM
 
8,377 posts, read 30,783,258 times
Reputation: 2423
Quote:
Originally Posted by tallrick View Post
Unaffordable real estate is the early symptom of total economic disaster ahead.
RE market= 6 months ahead of stock market= we all lose our jobs!
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