Selling Defunct Savings and Loans at Bargain Prices
The defunct savings and loan properties are to be sold at virtually “fire sale” prices, which will result in potential billion-dollar losses. Where’s the hurry?
I am no real estate expert, but we all expect some inflation in the years ahead. The purchasers of the properties at bargain prices, reselling them several years hence, will surely profit handsomely, if for no other reason than inflation.
We know that the government does not want to be in the business of real estate, but surely ways can be found to market these properties over the years on a selective basis.
Perhaps a highly respected figure in the private sector of real estate can head a specially created department to manage and dispose of these properties at the right and earliest time to minimize the final losses, if any.
JACK BLANKLEY
Los Angeles
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