This week some of our Nation's largest commercial real estate players approached the Administration (Congress, the Treasury Dept., and others) to ask for help in the form of bailout money due to the current economic picture.
Key to this is whether or not 'Joe and Mary' taxpayer approve - after all, we are the ones that will inevitably be paying this bill, not Congress.
Estimates were given that over the next 36 months and estimated $530 B (that's BILLION) in commercial mortgages will be due for refinancing. 2009 estimates are at $160 Billion.
The challenge lies in the collapse of the credit markets, which could potentially cause owners to go into foreclosure or even bankruptcy if they are unable to secure the new loans (refinance).
I don't think we've seen the end of industry execs heading to Washington with their hats in their hands, perhaps it's only begun.
My youngest made a good point in all of this, asking if 'this happened before or just now' -- we told him this was quite different than any other time in our Nation's history.
He said "Well, he did say we'd get a change..."
Out of the mouths of babes, eh?!
Merry Christmas 'rainers all!
Tim Mancuso - District Manager
Tim Mancuso is serving as District Manager for Lawyers Title Insurance Corp., and was Co-Founder / VP Global Sales for MyREALTY.com and the GLS - Global Listing Service. Mr. Mancuso has over 20 years experience as a Technologist, Trainer, Coach, Recruiter and Speaker Tim Mancuso - Industry Expert and Global Director of Sales
'Where Market Knowledge, Solid Technology Implementation, and Great Service meet - you will undoubtedly find Success.' - T. Mancuso
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