real estate developers share of the bailout money?
Here’s a clip from the AP story:Commercial real estate developers said Monday they also are petitioning the government for support from the $ 700 billion rescue fund. The Real Estate Roundtable said an estimated $ 400 billion of commercial real estate mortgages will come due by the end of 2009 without adequate refinancing options.
Industry officials said thousands of office buildings, hotels, shopping centers and other commercial buildings could be headed into foreclosure or bankruptcy unless the government provides support.
Jeffrey D. DeBoer, president of the Real Estate Roundtable, said the industry has written to federal officials asking to be included in a new $ 200 billion loan program being run by the Federal Reserve, with support from the financial bailout program, to bolster the market for credit card debt, auto loans and student loans.
DeBoer said the commercial real estate industry would like to see that program expanded to cover their properties or have a similar program begun to help their industry.
So I had to ask Banks car companies and now maybe commercial real estate developers… So where will the government getting around to helping those in real need… American families???
Well said Toopy but I still have to point out these are the very same people who landed us in this mess and they rather then step-up and try to fix the mess they made the go whining about needing more money because we little guys can no longer afford their services.