Quote:
Tim Cole wrote:
....Banks for example, don't work with owners of distressed loans to mitigate losses because their "professional" personnel are lazy and would rather write off assets to the detriment of the borrower and lender alike. In return they receive huge bonuses for rotten performance.
This statement is both wrong and irresponsible. Commercial real estate financing (nationwide) was my career before I retired.
Please tell me the name of one banker that refused to work with a borrower and cite the amount of this "alleged" bonus. What is the name of the commercial property in the Detroit area that was written off? A few facts please.
During my career I worked out plenty of loans when I thought the borrower was not at fault. But if I thought the borrower was part of the problem, such as pocketing rent money instead of fixing the place up to make it nice for the tenants then I took the remedies available under the loan documents.
Remember this thread is about the Packard Plant and what Fernando Palazuelo is doing with it.
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