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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (148111)	9/19/2008 10:33:20 PM
From: Pogeu Mahone	Respond to of 306849

Thank you Grace Speed more important then anything . Why 20 cents is better then nothing,however this one is exponentially larger then 1990 so speed will will triumph over price again. ============================= Some first hand history via AG on the RTC, from the "Age of Turbulence": "The RTC had a professional staff, but for me by early 1991 being on the oversight board was almost like having a second job. I spent large amounts of time poring over detailed documents and attending meetings. The vast numbers of uninhabited properties we managed were deteriorating rapidly from lack of maintenance, and unless we moved quickly to get rid of them, we would end up with one huge write-off. Moreover, we would probably have been saddled with a bill to tear a lot of them down. I kept adding up the cost in my mind. It was not a pretty thought. S&L mortgages that were still paying interest had sold off readily in the market. But now the RTC had gotten down to the assets nobody seemed to want: half-built malls in the desert, marinas, golf courses, tacky new condo complexes in overbuilt residential markets, repossessed half-empty office buildings, uranium mines. The scope of the problem beggared the imagination: Bill Seidman, who chaired both the RTC and the Federal Deposit Insurance Corporation, calculated that if the RTC sold off $1 million of assets a day, it would need three hundred years to sell them all. Clearly we needed a different approach."