Dec

13

Michael B Smuck (I kid you not) has gone bust for the second time in his career as a real estate mogul. Twenty years ago the 1986 Tax Reform Act was the alleged culprit; this time Katrina was the very real catalyst. M. Heschmeyer reports : "As of last month, Smuck-affiliated companies had as many as 65 other loans totaling more than $900 million spread across 36 CMBS deals. Most of the loans were taken out since 2000, some as recently as this year. Nearly two-thirds of those were reported to be at least 30 or more days delinquent, according to analysis last month by Roger V. Lehman and Julia Tcherkassova, CMBS strategists for Merrill Lynch. The delinquencies and defaults were expected to spread to the remaining loans.

To put that number in perspective, Fitch Ratings counted only $96.3 million in total delinquent multifamily loans across all CMBS deals in October. MBS Companies delinquent CMBS loans in November were already more than six times that amount, and could go as high as 10 times that amount. Multifamily delinquencies in Texas already account for more than half of all CMBS multifamily delinquencies. That figure could rise to more than 90%."


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  1. robert on March 26, 2008 6:09 pm

    Hello Michael b smuck is not broke, he is a fraud and a very good one, soon he will be in jail i have actual documentation proving he is a fraud and part of a identity theft ringhe takes huge loans does nothing to the property, gets illigal immigrants in there sucks up the cash funnels it out of the country then back inhe will be going to jail soon i hope

  2. Edmund Vidacovich on August 8, 2009 12:20 pm

    My wife and I invested $50,000 with Ed White & Assoc. after we were assured that the Lodge at Sonterra was on sound footing; the the bad news filtered in through Ed White. I am beginning to think that the two of them are in collusion. What else can one think? Now we stand a strong chance of not recovering any of our money. People have said they see MBS around Metairie, near his home and apparently, he and his wife are roaming free without any penalty for scamming us and hundreds like us…

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