After the banks get bailed out this time....

They are going to need another bailout. Again.

The credit agencies (Moody's - a POS company in and of itself) are now starting to review the ratings of $302.6 billion in commercial mortgage-backed securities as real-estate values drop and property owners fall behind on payments.

This is commercial property, not residential (you know, all the land that the empty Circuit City stores and Chevy dealerships are standing on)

In case you haven't been paying attention the past year, the following will happen:

1) Reviews of the securities
2) Downgrades
3) Bank write-downs
4) CNBC shocked at the losses
5) Cries for more bailout money

http://www.bloomberg.com/apps/news?pid=20601087&sid=aUxk2VzFAWjU

 

Folks have been saying for months commercial real estate is the next shoe to fall.

 

It's falling. Some of it on my head.

 

Who cares? Just let me know when my rebate check is coming. Them PS3 games aren't cheap.

 

Yep, when all the stores go out of business, there isn't anyone left to pay the rent. Here in Shitsville, the mall is half empty and rumours abound it is going to close for good any day now. Why not just turn the place into a homeless shelter?

 

Will your mall make the list?

http://deadmalls.com/

 

Found it surprising that some of the banks have already paid back several million of the the bailout funds they already received.

 

When I get my check, I'm gonna march straight down to Circuit City and buy some.

Oh wait.