[extropy-chat] Redistribution of wealth

[Kevin Freels]

I assumed that most people probably think that banks like to foreclose on
properties. This isn;t the case. Not everybody is as well versed in how
banks operate as you are. I didn't assume that you were one of these people.
I was commenting on the "some" that say those things. It was obvious that
you aren;t one of them. You won;t find me arguing against you on this
thread. I am squarely behind you. :-)





----- Original Message ----- 
From: "Mike Lorrey" <mlorrey at yahoo.com>
To: "ExI chat list" <extropy-chat at lists.extropy.org>
Sent: Wednesday, September 29, 2004 1:05 PM
Subject: Re: [extropy-chat] Redistribution of wealth

>
> --- Kevin Freels <megaquark at hotmail.com> wrote:
>
> > >"Now, some say that certain groups/organizations
> > > purposely tweak market conditions in order to create these events
> > so
> > > that they can seize mass amounts of property, "
> >
> > Contrary to popular belief, banks are simply not in the business of
> > taking properties. It serves them no purpose. Most of the time, they
> lose money on a foreclosure.
>
> I didn't say they would. You assumed. In the wake of the S&L crisis,
> many people lost their homes, and many developers lost developments
> they had put a lot of money into. The banks foreclosed on them, and
> third parties bought them up at auction for far less than their
> original owners had into them. Banks that weren't able to work this
> well went into receivership with the Resolution Trust Corporation,
> which then finished all the liquidations. In the wake of all this, a
> number of large property management firms and real estate investment
> trusts made huge amounts by increasing their holdings at a very low cost.
>
> =====
> Mike Lorrey
> Chairman, Free Town Land Development
> "Necessity is the plea for every infringement of human freedom.
> It is the argument of tyrants; it is the creed of slaves."
>                                          -William Pitt (1759-1806)
> Blog: http://www.xanga.com/home.aspx?user=Sadomikeyism
>
>
>
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