Profiting from the Bank and S&L Crisis: How Anyone Can Find Bargains at America's Greatest Garage Sale

Overview

It's the fire sale of the century! As banks and savings and loans have failed, our government has been left with over $400 billion in assets that it now has to sell. Fast. And with more banks teetering on the brink of failure, there's more on the way. Everything is on the block: office buildings, cars, condos, houses, apartment buildings, yachts, fine art, computers, vacation homes, land, and more. All are for sale at cut-rate prices that have been characterized as "more in the realm of a steal than a good buy" ...
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Overview

It's the fire sale of the century! As banks and savings and loans have failed, our government has been left with over $400 billion in assets that it now has to sell. Fast. And with more banks teetering on the brink of failure, there's more on the way. Everything is on the block: office buildings, cars, condos, houses, apartment buildings, yachts, fine art, computers, vacation homes, land, and more. All are for sale at cut-rate prices that have been characterized as "more in the realm of a steal than a good buy" and as "a blowout of the bottom of the market." But the best prices in the world won't help if you can't find the store. Profiting from the Bank and Savings & Loan Crisis is the first and only book to describe how anyone - from regular consumers to wealthy investors - can find bargains at this giant national garage sale. Pizzo and Muolo explain the inner workings of the FDIC and RTC, the two government agencies empowered by Congress to dispose of the assets of failed banks and S & Ls. Besides telling how to locate government asset auctions, the authors also disclose how to use inexpensive home computers to tap into the RTC's and FDIC's giant computer data bases of available assets, how to inspect property and merchandise offered for sale, how to do your own appraisals, how the government will loan you most of the purchase money, and how low- to moderate-income workers can get favored treatment on home purchases. The government's mandate to sell off the assets of failed banks and S & Ls presents individual taxpayers with an unparalleled opportunity to recover for themselves some of the billions of dollars spent on the bailout. Filled with invaluable commonsense details, Profiting from the Bank and Savings & Loan Crisis offers clear, concrete advice for investors - large or small - looking for the deal of the century.
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Editorial Reviews

Publishers Weekly - Publisher's Weekly
In this thoroughly researched and deftly organized guide, Pizzo and Muolo (coauthors of Inside Job ) explain how to use a telephone and a personal computer to tap into the holdings of 2000 failed banks and savings and loans. These holdings--some $400 billion of assets, loans and income properties--are now held by the Resolution Trust and Federal Deposit Insurance corporations, which eventually sells them at unadvertised auctions. Assets in the RTC and FDIC listings range from shopping centers, hotels and yachts to small shops and homes and a flea market of equipment, art and furniture. All of these are obtainable under favorable conditions and financing, especially homes (their prices are based on the buyer's income under the Affordable Housing Program). The authors also give valuable tips on how to assess and bid on properties, and describe employment opportunities at FDIC, RTC and the department of Housing and Urban Development. Author tour. (Feb.)
Library Journal
Pizzo and Muolo alert readers to a unique investment opportunity created by the high number of failures in the savings and loan industry. In the course of honoring its guarantee of deposits in failed Savings and Loans (S&Ls), the government has acquired a large inventory of assets that are now for sale from the Resolution Trust Corporation (RTC) and other federal loan agencies. This book provides a guide for individuals to acquire these assets at considerably less than face value. Among other things, the authors show how to gain access to the RTC database of properties, how to qualify for government loans to purchase a property, and how to estimate the true value of that property. This helpful book should be a popular addition to real estate collections.-- Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
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Product Details

  • ISBN-13: 9780887305962
  • Publisher: HarperCollins Publishers
  • Publication date: 2/1/1993
  • Edition description: 1st ed
  • Pages: 256

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