The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Jim McMannis who wrote (143923)	9/2/2008 8:10:51 AM
From: ChanceIs	Read Replies (3) of 306849

>>>why not munis?<<< Ask yourself how many Jefferson County, AL, or Vallejo, CA cases are out tere. Methinks that the cockroaches are just starting to scurry from the woodwork. Ask yourself how many counties switched to Auction based financing and are now paying through the nose on those puppies and want desperately to switch back to traditional munis, flooding that market with new issues. If you like munis, I would wait about nine months to see where the dust settles. ___________________________________________________________ Jefferson County Creditors to Hold Off On Taking Legal Action for 30 Days DOW JONES NEWSWIRES August 29, 2008 6:33 p.m. Alabama Gov. Bob Riley said in a statement Friday that creditors will refrain for 30 days from taking any legal action against Jefferson County over its $3.2 billion in stricken sewer debt. Creditors agreed to respond next week to a proposal from Mr. Riley and a team of county officials to restructure the sewer bonds at a lower, fixed rate over a longer period. The move appears to push back another payment deadline on the bonds and averts a default and bankruptcy filing for now. Friday was the deadline for an interest payment that many had expected the county wouldn't meet. The proposal is the latest in months of negotiations over the troubled bonds. Jefferson County, which includes Birmingham, the state's largest city, has spent most of 2008 trying to refinance its sewer debt, negotiating with creditors and counterparties after its aggressive financing strategies and extensive use of interest-rate swaps backfired amid ongoing credit market woes. If the county defaults it would be the U.S.'s largest-ever municipal bankruptcy.

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