Banks putting the squeeze on Developers

Here’s a round up of recent articles discussing properties heading into foreclosure:

Banks foreclosing on Whatcom County's unsold condo projects
http://www.thenewstribune.com/news/northwest/story/927549.html

Chapter 11 for Cascadia
http://www.thenewstribune.com/topstories/story/919317.html

Seattle developer Mastro has huge debts, bankruptcy papers show
http://seattletimes.nwsource.com/html/localnews/2009843640_mastro11.html?prmid=obnetwork

Frontier Bank sues Edmonds developer over $40 million in unpaid loans
http://www.heraldnet.com/article/20091016/BIZ/710169861

The following Banks were mentioned in the articles:

Horizon Bank
Bank of the Pacific
Whidbey Island Bank
Seattle Bank
Columbia State Bank
First Sound Bank
Venture Bank
HomeStreet Bank
Frontier Bank

Guess what many of these banks have in common?
Check the Troubled Bank List at Calculated Risk.
http://www.calculatedriskblog.com/2009/10/unofficial-problem-bank-list-grows-to.html
Regulators are putting the screws to many of the Banks pressing foreclosure.

Horizon Bank _______3/3/09 _____Cease & Desist
Bank of the Pacific
Whidbey Island Bank
Seattle Bank ________6/08/09 ____Cease & Desist
Columbia State Bank
First Sound Bank
Venture Bank _______9/11/09 _____Failed
HomeStreet Bank ____5/08/09 _____Cease & Desist
Frontier Bank _______3/20/09 ____Cease & Desist

I imagine they would also fit the classic definition of “motivated sellers.”