|
|
Opalesque Exclusive: Real estate HF manager David Michelson on the FDIC, the US housing market and the real estate market: ` the pendulum swung too far on the greed side and now it`s going too far on the fear side`
By Benedicte Gravrand, Opalesque London: David Michelson, a hedge fund manager and general partner for real estate distressed fund Three Arch Investors, shares some insights on the bailout and the real estate market with Opalesque, from IGS Group’s offices in London.
On FDIC’s higher limit: meant solely to give confidence
The bill which was passed by the US Senate on Wednesday night includes the provision of $700m to the Treasury for the financial system bail-out plan, but it also includes other provisions, such as an increase of the FDIC’s limit, tax breaks and other details. The bill proposes to raise the Federal Deposit Insurance Commission (FDIC) limits from $100,000 per account to $250,000 account until the end of 2009. Supporters of the measure say it will prove especially comforting to small business bank customers (Source).
The FDIC is a US government corporation created in 1933, that provides deposit insurance which guarantees the safety of checking and savings deposits in member banks. The vast number of bank failures in the Great Depression spurred the United States Congress to create ...................... To view our full article Click here
|
|
RSS
