Bank steps up

Cascade has decided to bite the bullet and write off/down some of its assets.

Cascade Financial expects big 1Q loss as it sheds 2 land-development assets

In particular, "Cascade said it agreed to sell 263 residential lots in Marysville on which it foreclosed last month. It will record a $5.6 million charge on the $13 million loan that went bad." Not quite sure why there is 263 lots in Marysville, but if the loan was underwritten at an LTV of 75% the value was about $17,333,000. A $5,600,000 write off on the note indicates a selling price around $7,400,000, approximately 43% the value when the loan was done. Seems a little rich, but certainly a better deal than it was in 2007.