By William Procida
William Procida is the president of Procida Funding & Advisors, an Englewood Cliffs, N.J.-based advisory company.
Im driving down the highway in a turbo-charged Ferrari and I just got passed by a minivan doing 100 miles per hour. In the drivers seat of the minivan is a local banker, in the passenger seat is the Federal Reserve, and in the back, eating Happy Meals and playing with video games, is the American tax payer. He is completely unaware of what has happened. In my rear view mirror, theres another minivan trying to pass me.
Yes, its happening again. I can't believe it. Banks are now offering land acquisition financing of 85-100% of construction to developers. Yes, the very lending practices that caused excess building are again alive and well. What's most amazing is how fast it....