Timeshare Industry requests US Government Financial Assistance

[T_R_Oglodyte]

From StreetTalk: TS Industry Seeks Help From the Federal Government

Street Talk has received documentation that ARDA has declared a timeshare industry liquidity crisis and, with input from timeshare developers and other interested parties, is in the process of requesting assistance from the White House Counsel of Economic Advisors.

A conference call between that White House Counsel and a select few CEO-level ARDA board members was held on Oct. 10, during which the Counsel asked for a one-page summary of the industry’s size, paper terms and performance, delinquencies, etc. You can see the resulting document HERE.

See the ARDA document by clicking on the link in the quote.

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Doing my best not ... to .... editorialize ...........

 

[Wonka]

From StreetTalk: TS Industry Seeks Help From the Federal Government



See the ARDA document by clicking on the link in the quote.

Poor developer babies....sigh.

 

[GetawaysRus]

Very amusing stuff. But after all, JP Morgan took over Bear Stears, and B of A ate up Merrill Lynch. JP Morgan swallowed up Washington Mutual, and it looks like Wells Fargo is getting Wachovia. But when the government let Lehman Brothers go into bankruptcy, this was one of the shocks that may have contributed to the huge stock market collapse we had a few weeks ago.

What will the Fed do? Will they bail out the timeshare industry as well? Will JP Morgan end up owning Marriott Vacation Club? Perhaps Citicorp will eat up Starwood for pennies on the dollar? Maybe I'll be able to bundle my mortgage and my timeshare maintenance fees to get a discount.

 

[Carol C]

From StreetTalk: TS Industry Seeks Help From the Federal Government



See the ARDA document by clicking on the link in the quote.

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Doing my best not ... to .... editorialize ...........

The article says this: "A conference call between that White House Counsel and a select few CEO-level ARDA board members was held on Oct. 10, during which the Counsel asked for a one-page summary of the industry’s size, paper terms and performance, delinquencies, etc."

What I'm wondering: Did that conference call last "90 minutes"... and were there any gifts involved?

 

[funtime]

The article says this: "A conference call between that White House Counsel and a select few CEO-level ARDA board members was held on Oct. 10, during which the Counsel asked for a one-page summary of the industry’s size, paper terms and performance, delinquencies, etc."

:hysterical: What I'm wondering: Did that conference call last "90 minutes"... and were there any gifts involved?

Good one Carol! Maybe the US government could contribute several hundred gift certificates, a couple of bottles of tequila and some discounts to area restaurants to help jump start the economy! Funtime

 

[BocaBum99]

I wonder if ARDA mentioned the fact that most timeshare owners who financed developer purchases are under water on their loans. I'll be they didn't recommend allowing short sales.

 

[Kal]

This tells me there will be lots of foreclosures and repo action up next. That in turn will result in a reduction in maintenance fee payments. Someone has to pay the bills so look for "special assessments" for those who are owners in good standing.

 

[SDKath]

Maybe there would be less of a crisis if large developers stopped raising prices ($41,000 for a Palm Springs 2BR unit at Westin??? Right.). I also just got info from Marriott for Newport Coast and in the brochure it says new prices effective October 31 ($1000 increase per unit per week)! I mean COME ON. Get with the program people.

A week is not worth such steep prices, especially since those same units were 1/2 that price just 5 years ago. Artificial inflation without any true gain in value -- no wonder no one is buying.

I hope the goverment walks away. We have way more important "crises" to deal with in our world than that of greedy TS developers.

Katherine

 

[Tia]

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I hope the goverment walks away. We have way more important "crises" to deal with in our world than that of greedy TS developers.

Katherine

It's exactly what the government should do!