[extropy-chat] Redistribution of wealth

[Mike Lorrey]

--- 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


		
__________________________________
Do you Yahoo!?
Read only the mail you want - Yahoo! Mail SpamGuard.
http://promotions.yahoo.com/new_mail