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(CNSNews.com) - The commercial real estate industry could face massive bankruptcies in 2009 if it does not receive “urgent” loans from the federal government, according to a November letter sent to Treasury Secretary Henry Paulson from the top commercial real estate trade organizations.
In the letter to Paulson, the top real estate organizations predicted that $400 billion in commercial mortgages will mature and require refinancing in 2009. A tight credit market, in which banks are wary to lend money, could prevent many owners from receiving refinancing, the letter said.
Originally posted by TrueAmerican
Finance your war, finance your bailouts, finance, finance finance. While middle class America goes down the drain, unemployment reaches dangerous levels, and many people can't even get a loan. Squeeze some more why don't ya.
Christchurch City Council has come under fire for neglecting its vulnerable tenants, instead opting to spend millions of dollars by helping a cash strapped property developer.
But the mayor of Christchurch, Bob Parker, is defending his council's decision to buy five properties from cash-strapped property developer Dave Henderson.
The council revealed it has bought the properties for $17 million.
The council says the purchase was necessary but critics are calling it a public bailout for a developer in financial trouble.
"It's a bail out for an individual and I do not believe council should be getting involved in that," said Yani Johanson, a Christchurch City councillor.
Originally posted by Sestias
The bailout of the automakers was supposed to benefit the middle class. Not just the autoworkers who would be unemployed by the thousands, but also those in related industries from auto parts manufacturers to steelmakers, to tire manufacturers, glassmakers, plastics industries, etc.--on and on into millions of jobs.