--- Martha Torell <eyrehead@...
> I have wondered if some of the dot com billions
> would find their way to
The dot-com money is looking for a quick profit; real
estate of any type is not quick at all.
What you are describing about the developer being the
lender makes no sense. The developer borrows money,
builds the property, and then sells it. If the buyer
defaults later, the lender forecloses on it and may
have to take a loss (depends on the foreclosure sale
price and the leftover mortgage balance). Why should
the developer care if the buyer defaults?
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