Irish bank blocked in 11-building foreclosure case

[Recursion]

Source: Boston Globe

A Suffolk County judge yesterday rejected Anglo Irish Bank’s effort to foreclose on an 11-building complex in Cambridge, scuttling for now the troubled lender’s effort to use this property to offset some of the massive losses that are fueling Ireland’s debt crisis.

The money involved in the dispute over One Kendall Square amounts to a fraction of the financial problems facing the bank, which is now owned by the government of Ireland. But yesterday’s ruling highlights the obstacles Anglo Irish faces trying to offset losses on billions of dollars in loans it made in Boston and other US cities at the height of the real estate market.

At One Kendall, Anglo tried to foreclose even though the owners, Beal Cos. and Rockwood Capital, had not missed payments on a $180 million loan.

The bank said the office, retail, and cinema complex declined in value during the economic downturn, and the owners owe it millions of dollars to make up the difference.

Read more: http://www.boston.com/business/articles/2010/11/19/irish_bank_blocked_in_11_building_foreclosure_case/

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Just to repeat: the bank tried to foreclose even though the owners had not missed any payments.

[knowbody0]

1. i knew it would come to this

the comment, "owners owe it millions to make up the difference"........'

it's all headed there, with no way out. and this is when the house of cards will explode.

[RUMMYisFROSTED]

2. I got stumped at "11-building complex ."

Pretty big for a Fanny con job.