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.
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