Seattle Developer Abandons Whole Project, Congresswoman Quote on BofA

If anyone is looking for a cheap condo in Seattle…or of you’re looking for rationale on your own strategic default, consider this: a Seattle developer just ‘walked away’ from it’s 539 unit project.

“The fact that Bank of America’s stock surged after this deal was announced only serves to fuel my suspicion.” So spoke Maxine Waters, who is on the House Financial Services committee. I tried my best to come up with something witty to write after that quote, but couldn’t. But one to keep in mind is that when uncertainty is removed, whether it is within a company or the entire economy, prices often improve. Anyway, Maxine went on to say that Freddie Mac and Fannie Mae may have shortchanged taxpayers when the U.S.-owned firms settled loan disputes with Bank of America Corp. for $2.8 billion rather than demanding more funds. “This settlement may have been both premature and a giveaway,” the California Democrat said today in an e-mailed statement.