If Morgan Stanley Walks Away, Why Shouldn't You? Firm Walks Away From 5 Properties

By
Real Estate Agent with JustListedKnoxville.com / Signature Homes

The Wall Street firm is itself walking away from five San Francisco office buildings it purchased as part of a landmark $2.43 billion deal near the height of the real estate boom. But don't call it a foreclosure or a default -- not when this kind of money is involved. A spokeswoman interviewed by Bloomberg News called it "a negotiated transfer to our lenders."

http://www.huffingtonpost.com/2009/12/17/if-morgan-stanley-walks-a_n_396543.html

"It highlights the double standard we have in this country," White says. "Businesses strategically default all the time and, in fact, they should -- they're obligated to maximize profits and minimize losses. But so should homeowners."

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