{"id":1314,"date":"2007-11-30T12:58:41","date_gmt":"2007-11-30T19:58:41","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/2007\/11\/30\/from-the-sun-sentinal-in-florida-state-freezes-run-on-the-bank-at-investment-fund\/"},"modified":"2008-01-30T10:07:37","modified_gmt":"2008-01-30T18:07:37","slug":"from-the-sun-sentinal-in-florida-state-freezes-run-on-the-bank-at-investment-fund","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2007\/11\/30\/from-the-sun-sentinal-in-florida-state-freezes-run-on-the-bank-at-investment-fund\/","title":{"rendered":"From the Sun Sentinal in Florida: State freezes ‘run on the bank’ at investment fund"},"content":{"rendered":"

The Sun Sentinal article<\/a>:<\/p>\n

\u201cIn an effort to halt what one official called \u2018an investment world version of a run on the bank,\u2019 state officials froze withdrawals Thursday from a $27 billion investment fund that local governments drained by almost half during the past two weeks.<\/strong>\u201d (bold type by me for emphasis)<\/p>\n

\u201c\u2018It is certainly unprecedented, and there is a nervousness out there that we\u2019ve never seen before,\u2019 Broward County Commissioner John Rodstrom said.\u201d<\/p><\/blockquote>\n

This is nuts. What say you King County? Did I not read a few weeks ago about some of the investments King Co. made were possibly suspect and tied to mortgage securities?<\/p>\n

The mortgage securities problems are reaching out and touching everyone. What happens to government municipalities that go broke? What happens to these municipalities when those folks (and there are many) in suspect loans that have no “escrow reserve acct.” do not pay property taxes. Traditional mortgages have “escrow accounts” which are in place to pay property taxes.<\/p>\n

The Mortgage Queen Spider has evidently spun her web much more broadly and intricately than anticipated—many more objects are getting caught. Perhaps the Mortgage Queen Spider likes warmer climates, thus sparing Seattle and vicinity. Time will tell us, I suppose.<\/p>\n

Update:<\/strong> This is exactly what I’m talking <\/a>about regarding property taxes.<\/p>\n

“Treasurer’s offices all over the country are bracing for the day when lenders stop paying the taxes on many properties in the worst hit neighborhoods.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The Sun Sentinal article: \u201cIn an effort to halt what one official called \u2018an investment world version of a run on the bank,\u2019 state officials froze withdrawals Thursday from a $27 billion investment fund that local governments drained by almost half during the past two weeks.\u201d (bold type by me for emphasis) \u201c\u2018It is certainly…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[198],"tags":[30,81,74,112],"coauthors":[],"class_list":["post-1314","post","type-post","status-publish","format-standard","hentry","category-news","tag-lending","tag-mortgages","tag-s-crow","tag-subprime"],"yoast_head":"\nFrom the Sun Sentinal in Florida: State freezes 'run on the bank' at 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