Gothamist: Schumer on "Shoddy Lending Practices," Apartment Buildings in Jeopardy

Bottomless Chips

Tue, 02 Dec 2008 13:03:58 -0500

Schumer doesn't even understand the crisis, yet doles out caustic comments. He disgusts me.

NannyState

Tue, 02 Dec 2008 12:29:40 -0500

Why renegotiate a bad loan with a predatory landlord that speculated on rising rents? Let them go under, for christsakes, and have these properties change hands until a fair value is finally established. The rents will stay ridiculously high until the last greedy claw has been severed from those keys.

Armchair_warrior

Tue, 02 Dec 2008 09:24:31 -0500

they should really stay out. look at they have done so far? damn politicians and their wallstreet friends. let the bubble pop and let the prices go to real levels. so people would buy within their range.

starrygordon

Tue, 02 Dec 2008 09:01:04 -0500

They're doing a pretty good job of it in New York City. I am still seeing plenty of rental properties priced so that no one could possibly stay afloat if they bought them and rents did not rise quickly (which they show no signs of doing). This in spite of the bear market, bankruptcies, bailouts, layoffs. I guess they are waiting for bundles of freshly printed money to come down from Washington; the theory there seems to be that the bubbles should be reinflated. If so, look for radical inflation in the not-too-distant future. If you have savings or a fixed income, you'll be screwed. But people who have savings or pensions are suckers anyway, right?

Felix Hoenikker

Tue, 02 Dec 2008 08:38:28 -0500

We need this correction. Those pols are simply trying to keep the tax rolls fat through inflated property values. Let the bubble deflate.