Kristen Grind over at the Puget Sound Business Journal had another great article about the unfolding mess with local developer Mike Mastro: Rival banks battle over Mastro bankruptcy A legal battle between rival creditor banks over developer Michael Mastro Sr.’s real estate holdings is breaking out in federal bankruptcy court — a dispute that affects…
Tag: banks
PSBJ: Local Banks Feeling the Regulatory Squeeze
Over at the Puget Sound Business Journal, reporter Kirsten Grind posted an interesting story today on their recently-launched BizTalk blog: Crackdown on HomeStreet Bank comes as a surprise Washington state regulators don’t seem to have much patience these days for our struggling community banks and are increasingly slapping them with cease-and-desist orders to force a…
Cramdowns Rejected by Senate, Appraisals Insulated from Banks
Two good news stories on the national front that are worth sharing this morning. Story 1: Senate Defeats Mortgage ‘Cram-Down’ as Democrats Balk The U.S. Senate rejected a measure that would let bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the legislation would increase…
News Roundup: Local Banks on the Brink
The last few days have seen a handful of articles in the local press on the subject of the strength (or lack thereof, as it turns out) of local banks. Here’s a brief summary. First-up is a relatively in-depth look at the status of dozens of banks based in Washington State: Washington’s banks under stress…
Seattle Times “$1.5M condo on 20K income” Story Full of Gaping Holes
Last Friday, the Seattle Times ran an interesting story about a “limousine driver, earning little more than minimum wage” being approved for a loan on a $1.5 million condo in Bellevue Towers. The story was also picked up by at least one of the local television news outlets, and has been making the rounds on…