cover image Profiting from the Bank and Savings and Loan Crisis: How Anyone Can Find Bargains at America's Greatest Garage Sale

Profiting from the Bank and Savings and Loan Crisis: How Anyone Can Find Bargains at America's Greatest Garage Sale

Stephen Pizzo. HarperCollins Publishers, $23 (309pp) ISBN 978-0-88730-596-2

In this thoroughly researched and deftly organized guide, Pizzo and Muolo (coauthors of Inside Job ) explain how to use a telephone and a personal computer to tap into the holdings of 2000 failed banks and savings and loans. These holdings--some $400 billion of assets, loans and income properties--are now held by the Resolution Trust and Federal Deposit Insurance corporations, which eventually sells them at unadvertised auctions. Assets in the RTC and FDIC listings range from shopping centers, hotels and yachts to small shops and homes and a flea market of equipment, art and furniture. All of these are obtainable under favorable conditions and financing, especially homes (their prices are based on the buyer's income under the Affordable Housing Program). The authors also give valuable tips on how to assess and bid on properties, and describe employment opportunities at FDIC, RTC and the department of Housing and Urban Development. Author tour. (Feb.)