Monday, November 3, 2008

Things We Wish We Had Done Two Years Ago

From the press release of Corus Bankshares (CORS) last week:

“Corus did not originate any new loans in the third quarter of 2008. Given the uncertain condition of the commercial real estate market, and our desire to bolster our capital ratios, management has decided that this is not the right time to originate new loans. We hope that events will transpire over the coming quarters such that we will again feel comfortable originating loans.”

Corus is a major lender in South Florida for condos, where half its loans are non accrual or close to it.

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