Comments on: A Little Wierdness On A Saturday Morning http://housingdoom.com/2008/07/05/a-little-wierdness-on-a-saturday-morning/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: aaaaudio http://housingdoom.com/2008/07/05/a-little-wierdness-on-a-saturday-morning/#comment-12822 aaaaudio Mon, 07 Jul 2008 00:35:58 +0000 http://housingdoom.com/?p=1466#comment-12822 anyone get his autograph? Surely playing music isn't as lucrative as banking? anyone get his autograph? Surely playing music isn’t as lucrative as banking?

]]> By: twist http://housingdoom.com/2008/07/05/a-little-wierdness-on-a-saturday-morning/#comment-12821 twist Sat, 05 Jul 2008 17:58:39 +0000 http://housingdoom.com/?p=1466#comment-12821 Tobby- Two years ago I remember driving around the SE Valley in custom neighborhoods and noticed the huge number of signs that said "This project financed by M/I Bank". I thought at the time that this was liable to get them in trouble. I've gone back since then and seen a number of these projects that have stopped in the middle. I'm assuming they were cancelled by the prospective buyers. When I read about M/I's chargeoffs and downgrade, I wasn't surprised. Tobby-

Two years ago I remember driving around the SE Valley in custom neighborhoods and noticed the huge number of signs that said “This project financed by M/I Bank”. I thought at the time that this was liable to get them in trouble.

I’ve gone back since then and seen a number of these projects that have stopped in the middle. I’m assuming they were cancelled by the prospective buyers.

When I read about M/I’s chargeoffs and downgrade, I wasn’t surprised.

]]> By: Tobby http://housingdoom.com/2008/07/05/a-little-wierdness-on-a-saturday-morning/#comment-12820 Tobby Sat, 05 Jul 2008 17:34:52 +0000 http://housingdoom.com/?p=1466#comment-12820 In 2005-2006 M&I BOUGHT 5 banks in FL and AZ in order to expand from the "boring" midwest markets. What timing! The banks they bought in Florida were dripping with construction loans back in 2006. These banks probably would have failed by now if they had not been purchased by M&I. M&I only does 70% LTV owner occupied construction now. No spec homes in these markets. In 2005-2006 M&I BOUGHT 5 banks in FL and AZ in order to expand from the “boring” midwest markets. What timing! The banks they bought in Florida were dripping with construction loans back in 2006. These banks probably would have failed by now if they had not been purchased by M&I. M&I only does 70% LTV owner occupied construction now. No spec homes in these markets.

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