Monday, November 10, 2008

Why NatCity is going away

If you want to see in a nutshell why PNC wound up buying National City, take a look at what NatCity was up to in recent years. See the 2nd paragraph on page 4 of this BusinessWeek story. You might want to read the whole story titled: They Warned Us About the Mortgage Crisis. and fyi, most of that article talks about Ohio and Cleveland, yet no mention at all of Pennsylvania or Pittsburgh in that story.

but if you want to see local foreclosure impacts by other means... Read this story from the South Florida last week about just a single development project gone bad putting 333 housing units into foreclosure... so just a single project down there that that in itself could represent more actual foreclosures than will be recorded here in a month or more. Note that the loan guarantors are named as local developer Deaktor Development... whose name I only recognized because they were the folks who redeveloped Bloomfield's Plaza theater (which used to have grade school classrooms above it for some trivia... I was told it still would have had classrooms as part of the redevelopment except that the utility bills were too high).


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