Seized bank plans Vegas fire sale
From Global Edge
By Global Edge, Wednesday, September 16, 2009.
Editor's note: This item is republished with permission from Global Edge Marketing Ltd. The original post can be viewed here.
The Las Vegas Sun reports that the regulator responsible for the recently closed Corus Bank, famous for its aggressive condo development lending during the boom, is selling off its foreclosed properties, which include high-profile Las Vegas projects.
The projects include Streamline Tower condominiums on which Corus was owed $108 million. Only 27 of the 275 condominiums there were ever sold. Another is One Las Vegas condominiums at 8255 Las Vegas Blvd. South, which was extended $140 million in credit.
Corus Bank had approximately $2 billion of nonperforming or bad loans from a total of approximately $7 billion.
Copyright © 2009 Global Edge Marketing Ltd.
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Submitted by John Rakoci on September 17, 2009 - 5:51am.
Gambling is not unknown in Vegas. All the bank did was roll the dice on these projects. The results prove the saying 'build and they will come' is not true. So Fl also learned this lesson but other places like Myrtle Beach has not yet and twice in 15 years their bubble burst.