re dollar
below is a just-now e-mail communication
From: J
Sent: Wed, November 17, 2010 9:58:53 AM
Subject:
We are involved - via gold n silver. Just imagine either (i) the qe that would get the price up to 100 cents on the dollar, or (ii) the revolution that would be if no qe.
Recommendation: getgold, stacksilver, pileplatinum
From: W
Date: Tue, 16 Nov 2010 17:59:55 -0800
Subject:
Should we get involved? 3cents on the dollar?!
----- Forwarded Message ----
From: a
To: J; P
Sent: Wed, November 17, 2010 9:38:13 AM
Subject: Fw: FDIC Notes
Fyi....quantitative easing doesn't seem to be helping the US residential market
From: D
Date: Tue, 16 Nov 2010 13:31:41 -0700
To: A
Subject: Re: FDIC Notes
A
I just got this from my FDIC contact,
I talked to the Asset manager late last night and she asked what I was going to bid and I told her 550,000 which is around 3 cents on the dollar. She said that she would like it a little higher but that would probably work. No one is going to bid on it.
As a reminder the 304 notes/homes breakout like this:
115 REO properties valued at approx $7.5MM (already foreclosed and sitting vacant)
11 second mortgages valued at approx $388,440
27 deeds in lieu of foreclosure valued at approx $1.74MM (we won't need to foreclose)
151 properties in need of foreclosure valued at approx $8.7MM
It looks like this can be purchase for even less than we originally thought, do you have anyone that might be interested?
D
On Fri, Nov 12, 2010 at 10:36 AM, D wrote:
A
I hope this email finds you healthy and happy.
I have been working with a group that is on the approved FDIC buyers list, they are presently looking to bid on 304 residential properties in 28 states. Most FDIC buyers are not looking at this portfolio because of the assets being spread out. We have been told by our FDIC representative, that the owners of this portfolio must sell and gave us an idea of what it might trade for. The face value of the notes in this portfolio is approx. $33MM and the brokers opinion of value (most of which were done the latter part of 2008) came in at $18.3MM. We are thinking of making a low ball offer of approx $1MM, or approx $3,200 per door. We are presently collecting data relating to costs to foreclose on these properties so that we will have an idea for total costs on a worst case scenario. We have an account set up so that if a group or individual wants to invest a small amount they can do so
Details on the 304 notes/properties are as follows:
115 REO properties valued at approx $7.5MM (already foreclosed and sitting vacant)
11 second mortgages valued at approx $388,440
27 deeds in lieu of foreclosure valued at approx $1.74MM (we won't need to foreclose)
151 properties in need of foreclosure valued at approx $8.7MM
If you or anyone you know may be interested in this opportunity please let me know.
Thanks, D |
