Finally - An End to Corus Banks

I still can't believe it took so long for the FDIC to shut down Corus. This bank was still making condo loans when condo projects were starting to go belly up, but with no regulators questioning Corus' activities and non-performing assets, the Glickman family continued to make sweet heart deals with friends, family and associates . . . and to reward themselves with bloated paychecks and special dividends.

For this disaster alone, Sheila Bair and her entire executive staff should be fired and prosecuted for gross negligence or worse.

Now the FDIC is stuck with billions of dollars of condos that no one wants at prices that even approach 20 cents on the dollar for some. Moreover, before the FDIC made their move, Corus made a few last minute sweetheart deals.

The FDIC thinks they will take a $1.7 billion dollar hit on Corus. Obviously the FDIC is still refusing to face the facts about Corus and what they did in the condo world throughout the United States. The FDIC will be lucky to walk away with a $3 billion hit from Corus, and it could be much higher if this drags on and on and on. And it will.


Their will be huge winners in this game. In fact, the biggest winners will be some of the same condo developers that reaped huge rewards for putting up these towers at the expense of the American taxpayer. C'est la vie.

Condo Buyers Beware - For most Florida condo projects it is still too early to start buying, whether for personal use or investment. There are some tremendous deals, but there are still more traps than deals. And I can tell you . . . the traps are being sold real hard with all the bells and whistles you can dream of. If you're interested in condos, call me. I'll steer you around the traps and show you where the deals are.

Mike Morgan, J.D., CRS, GRI
Morgan Florida Real Estate Team
(772) 260-5448

Mike@FloridaHomes.PRO

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