No Sale: Bank Wrecks New Houses (WSJ.com)

According to an article written by Michael Corkery published in WSJ:

A Texas bank is about done demolishing 16 new and partially built houses acquired in Southern California through foreclosure, figuring it was better to knock them down than to try selling them in the depressed housing market.

Read more here.

Why not let the homeless stay there until you can sell?

Video by visionvictory on Youtube

BREAKING NEWS on the Housing Front: SHOCKING! Part 1:

BREAKING NEWS on the Housing Front: SHOCKING Part 2:

SHOCKING: EXTREME HOME MAKEOVER-DEPRESSION EDITION PART 3

SHOCKING: EXTREME HOME MAKEOVER-DEPRESSION EDITION PART 4

VICTORVILLE MODEL HOMES DEMOLISHED - SHOCKING VIDEO: Part 5

Big Five Investment Banks

At the begin of this year, we have five big investment banks in the U.S:

1. Goldman Sachs Group, Incorporated (GS)
2. Morgan Stanley (MS)
3. Merrill Lynch & Company, Incorporated (MER)
4. Lehman Brothers Holdings, Incorporated (LEH)
5. Bear Stearns (BSC)

Now, Bear Stearn sold to JP Morgan Chase in March, Lehman filed chapter 11 bankruptcy and Merrill Lynch sold to Bank of America.

Top five US investment banks to pay record $38bn in bonuses
Investment Bank Scorecard
JPMorgan Chase (JPM) Completes Bear Stearns Acquisition
The last days of Bear Stearns
The Top 5: Merrill, Lehman Deals Won't Reshape I-Bank Rankings Much
The End of Wall Street
Goldman, Merrill: Bank Tie-Ups Won't Help
Merrill Brings a Lot of Baggage to BofA
Goldman profit falls 70%, rules out bank deal
Goldman, Morgan Stanley profits fall amid slump
Earnings roundup: Goldman Sachs, Morgan Stanley
Morgan Stanley Says It's Ready to Rebound