Posted on 11/17/2009 1:09:02 PM PST by FromLori
ATLANTA -- In the waning days of the Great Recession, the federal government is still jumpstarting the economy and propping up financial markets.
It is also trying to sell Dresden Heights, a failed condo development on a noisy freeway ramp next to a Motel 6, a Waffle House and a Do-It-Yourself Pest Control.
For more than a year, the Federal Deposit Insurance Corp. has been seeking a buyer for 36 partially built condos it inherited from a high-flying, short-lived Atlanta bank. The agency has been fending off vandals, haggling with architects and uncovering the developer's blunders, all in a bid to dispose of this condo project, just one of the 2,554 foreclosed assets dumped onto its books. "These are properties with a bad story," says Jim Gallagher, a senior official in the FDIC's Division of Resolutions and Receiverships. "What we're trying to sell is something that is rundown or not completed or has some property damage."
In the past two years, the FDIC has taken over 150 failed banks. In the process, it has seized more than 5,000 houses, subdivisions, buildings, parcels and other foreclosed assets. The current backlog of property stuck on the agency's books, with an appraised value of $1.8 billion, ranges from an $18,700 clapboard home with stained carpets in Birmingham, Ala., to a $1.7 million mountainside lodge with a heated driveway in Steamboat Springs, Colo.
Taxpayers will be grappling with this flotsam for years to come, one example of how the crisis will linger long after the economy begins to revive. At a recent The financial crisis started with Americans buying homes they couldn't afford. It is ending with the government struggling to sell buildings it never wanted.
(Excerpt) Read more at online.wsj.com ...
The statistics, which are culled from TransUnion’s database of 27 million consumer records, show that mortgage delinquencies remain highest in the four states where the crisis has hit the worst.
- In Nevada, the rate reached 14.5 percent, up from 7.7 percent a year ago.
- In Florida, the rate was 13.3 percent, up from 7.8 percent last year.
- In Arizona, the rate hit 10.4 percent, up from 5.5 percent in 2008.
- In California, the rate jumped to 10.2 percent, from 5.8 percent last year.
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Waning? Sez who?
The propagandists!
DeLong thinks that Democratic deficit hawks and Republican anti-stimulus politicians will effectively prevent the government from doing anything to ameliorate a deteriorating economic situation. What’s more, outrage against the bailouts coming from the left and the right will prevent the Obama administration from orchestrating anything like we saw last fall.
So this guy changed his mind because he thinks there won't be another Porkulus - whereas the reason the Great Depression lasted so long is that FDR kept trying to have government spending lift the country out of recession.
Read my comments.
Why don’t you just post them here instead? I really don’t care to go rootin’ around in the comments section of another website to find your comments.
Did you see no. 6? It is there The Propagandists!
Uh, Lori, what I posted in #7 came directly from your link in #6.
The WSJ tries to make Ramsey seem like a guy with bad luck or bad timing. WRONG. The guy had defaulted before on other ‘ventures’ Seems to have ties to Palestine. Contributes maximally to Cynthia McKinney ——so I ask the simple obvious question——Money Launderer????
How about the "Great Depressing?" Team Obama/Reid/Pelosi/MSM/etc. certainly are doing everything possible to "depress" the economy!
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