Here is an important question about the bailout that I haven't seen addressed anywhere

[WatchWhatISay]

What percentage of the outstanding real estate loans are
secured by commercial real estate loans, as opposed to
residential real estate?  Because these loans are never
mentioned - according to this administration, the press, etc.
this comes about from HOMEOWNERS who were irresponsible enough
to get in over their heads, not commercial real estate
developers and corporations that built fancy new shopping
centers and stores.

Yet when I was driving around Houston today, there are fancy
new stores and shopping centers with stone and stucco fronts,
tile roofs, granite & wood interiors, that look like the
trendy new "Tuscany villa" style, all over the
place.  While a boatload of older buildings and shopping
center sites sit empty. 

When they say real estate loans, everyone assumes they mean
houses.  But my guess is that a large portion of "real
estate owned" by many banks is commercial real estate.

Anybody seen any numbers on this, or know where to look?

[msongs]

1. maybe a lot of these new developments are just for tax writeoffs and other scams? nt

[MadMaddie]

2. I can tell you where I live - Eastside of Seattle

There are a huge number of business buildings sitting empty. They are still building new buildings.

Those are great questions and we haven't heard any of the details on this toopic.

[mediaman007]

3. Good point! My how the hypocrites have been harping about the

borrowers. Now if it turns out that some of the borrowers are Chamber of Commerce types, they will just have to eat a little more crow.

[Mojorabbit]

4. from the bailout proposal

"(1) Mortgage-Related Assets.–The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008."
http://blogs.wsj.com/economics/2008/09/20/treasurys-financial-bailout-proposal-to-congress/

[WatchWhatISay]

6. Thanks for that answer

Now what do we do? Every one is being sold on the idea that its about homeownership, and that is not the whole truth. They know we would be even more opposed if we knew we were saving shopping centers, small investor rental homes, the palatial new banks down the road that I had never heard of before.

As I'm writing this, I'm listening to Chris Matthews and all he and his experts (Jim Kramer and some other guy) are talking about is houses, houses, houses. People were shocked when they heard we may also bail out credit card companies, foreign banks, etc. Do they realize we are probably going to also bail out every wild eyed real estate speculator also?

[Mojorabbit]

7. I have no idea what they should do

seriously. It is not just here. Russia is pumping money into their banks. Europe is too. I don't have the answer. It would help tremendously if there were some transparency so one could make an informed opinion on just what is going on.

[ColbertWatcher]

5. Good question.

The GOP are really good at glossing over details.

Well done.