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Not a positive outlook from your link. It sounds like too small an effort to be effective, and not easy to do either:
Quote:
The federal government has set up bailout programs to provide relief to the commercial real estate market, but none of these efforts is big enough to address the size of the problem, industry analysts said.
One Fed program to revive lending took aim at the problem. But this effort faltered in June, failing to attract much interest in the issuance of new commercial real estate loans. The central bank said yesterday that the program sparked only $5.4 billion in new loans of any kind last month, less than half the previous month's total.
Another government effort to buy mortgages, including commercial loans, off the books of banks has been shelved because of a lack of interest from industry. A companion plan to buy toxic bank assets, some of which back commercial loans, is being downsized for similar reasons.
Quote:
Banks and other firms that provided such loans in the past have sharply curtailed lending. That has left many developers and construction companies out in the cold. Over the next few years, these groups face a tidal wave of commercial real estate debt -- some estimates peg the total at more than $3 trillion -- that they will need to refinance. These loans were issued during this decade's construction boom with the mistaken expectation that they would be refinanced on the same generous terms after a few years. Now few developers can find anyone to refinance their debt, endangering healthy and distressed properties
And this... (isn't this what got us into this mess to begin with?)
Quote:
The Obama administration announced last week that it would loosen the eligibility requirements for a program aimed at helping borrowers with no equity to refinance into cheaper mortgages.
Not a positive outlook from your link. It sounds like too small an effort to be effective, and not easy to do either:
And this... (isn't this what got us into this mess to begin with?)
The point is, they're aware of the problem and they're working on it. Just because they're not sending emissaries off to the Glenn Beck Show to be sure you stay updated doesnt mean they're not trying to manage the situation.
The point is, they're aware of the problem and they're working on it. Just because they're not sending emissaries off to the Glenn Beck Show to be sure you stay updated doesnt mean they're not trying to manage the situation.
I didn't state that they weren't aware of it or that they weren't trying to work on it. I AM saying that what they are doing will not be effective (per your link) and that the outlook does NOT look rosy.
It's going to be a very difficult crisis to manage, I'll give you that much, but the outlook is bad bad bad.
summers73 !!! ... Once again you a "Right On Target" !
It appears that our good old buddy China may be about ready to "Crack The Whip" on that really intelligent crew of career politicians ...way down there in wonderful Washington D.C. ! OOOOOOOOOOUCH !
how much longer til the double dip recession happens?
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Green shoots! China sells $34B in Treasuries
OOOOOOOOOOUCH !
