FDIC, Lee County, Kalifornia, It's All Greek To Me
FDIC just liquidated all their Lee county FLA commercial properties, in "take it or leave it" blocks of 50...
a block including hotels and restaurants in Cape Coral was bought by a California investment LLC.
There's another group of investors, thinking they scooped a bargain, that will get pancaked on the next down leg...
FDIC SW FLA regional have notified their local contractors that their final day of employment is May 26th...
In other words, they will liquidate all their remaining residential properties in the next 90 days.
The fire sale is occuring because FDIC have exhausted their $65 billion reserve and are now quietly borrowing Treasury money to stay afloat.
Meanwhile, Lee county courts are backed up with 23,000 foreclosures that have YET to hit the GHOST inventory.
Now we just need one more downdraft to create a major bank failure and thats all she wrote for the FDIC safety net.
Last week’s chilly reception to the Treasury’s 10 & 30 year auctions... served as a catalyst for the recent rise in rates.
The Fed surprised the market Thursday by raising the discount rate to 0.75% from 0.5%, the first RAISE in over three years!
If Greece's 5 billion Euro 10 year note test offering is not well accepted, this would raise fears of Greek insolvency...
then European leaders could be forced into some form of direct bailout. The threat of one default setting off a wave of defaults...
as scared markets would demand higher rates, would push many of the weak Southern European economies into imminent default.
Just waiting for the chaos to hit the street (Wall) again.... stay tuned as California makes matters worse by defaulting on its debt in May...
The California legislature have not shown the will to take the pain of accepting austerity spending cuts...
The shockwaves of the 7th largest economic entity going BK will make Greece's debt crisis and the plunging Euro look like nothing...
The Nattering One muses... Can you say, global panic and a second credit market freeze? I can...
a block including hotels and restaurants in Cape Coral was bought by a California investment LLC.
There's another group of investors, thinking they scooped a bargain, that will get pancaked on the next down leg...
FDIC SW FLA regional have notified their local contractors that their final day of employment is May 26th...
In other words, they will liquidate all their remaining residential properties in the next 90 days.
The fire sale is occuring because FDIC have exhausted their $65 billion reserve and are now quietly borrowing Treasury money to stay afloat.
Meanwhile, Lee county courts are backed up with 23,000 foreclosures that have YET to hit the GHOST inventory.
Now we just need one more downdraft to create a major bank failure and thats all she wrote for the FDIC safety net.
Last week’s chilly reception to the Treasury’s 10 & 30 year auctions... served as a catalyst for the recent rise in rates.
The Fed surprised the market Thursday by raising the discount rate to 0.75% from 0.5%, the first RAISE in over three years!
If Greece's 5 billion Euro 10 year note test offering is not well accepted, this would raise fears of Greek insolvency...
then European leaders could be forced into some form of direct bailout. The threat of one default setting off a wave of defaults...
as scared markets would demand higher rates, would push many of the weak Southern European economies into imminent default.
Just waiting for the chaos to hit the street (Wall) again.... stay tuned as California makes matters worse by defaulting on its debt in May...
The California legislature have not shown the will to take the pain of accepting austerity spending cuts...
The shockwaves of the 7th largest economic entity going BK will make Greece's debt crisis and the plunging Euro look like nothing...
The Nattering One muses... Can you say, global panic and a second credit market freeze? I can...
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