It is important for banks to enhance their efforts to establish commercial loan modification deals with distressed borrowers. This appears to be one of the lessons that can be learned from the shutdown of nine banks by the Federal Deposit Insurance Corporation (FDIC). Most of these financial institutions were badly hurt as a result of having a substantial number of commercial real estate debt in their credit portfolios.The problem is the increase in delays and defaults in commercial real estate loans. With the economic slow down, the owners of commercial properties are discovering that their capability to repay the debt has been drastically reduced. With the record increases in vacancies, owners of apartment buildings, multi-tenant buildings, office buildings, strip malls, warehouses, investment properties, business complexes, hotels, restaurants and shopping centers, are finding that their cash flows have been badly hurt. With some of the borrowers failing to make their monthly payments, banks holding a large number of this type of loan also found their cash flows being affected.The decision of these banks to provide a large number of this kind of loan may also be questionable. But those decisions were made during a time when the real estate market was booming. One could hardly blame them for trying to increase the banks’ net income with them. But the more serious mistake could have occurred much later as the borrowers began to default on their mortgages. It is understandable that lenders are averse to allowing a commercial loan modification because of its impact on cash flow. However, with the declining economy, a shift in perspective might be necessary.The banks would not have been able to force the borrowers to continue paying their mortgages when their businesses have been badly shaken by the sliding economy. If the borrowers have been given some space to breathe through a commercial loan modification, there could have been a chance for them to recover and the inflow of cash would not have been severely disrupted as in a foreclosure. Foreclosing the properties should be the last resort because it would not help the banks if the repossessed properties are not promptly sold to produce cash for the banks’ money lending business. There could only be a few interested buyers as the supply for such properties increase.It therefore makes sense for lenders to more seriously look at the possibility of a commercial loan modification. The reduced monthly payments would be much better than nothing. Add to this the fact that the business is being allowed to recover. In the future, this could result into an improvement in its monthly payments to the bank.Thus, there is a need for banks to be flexible and adjust certain rules to fit the state of the economy. Surely, stricter rules may be appropriate in a booming economy. However, when the financial situation is bleak, forcing the borrowers into foreclosure may result into the demise of the banks as well. Working together with the borrowers to search for a compromise, such as a commercial loan modification, may be the wise decision.

Shoe Repairs And Several Other Things When I Was 7
My Dad repaired most of our shoes believe it or not, I can hardly believe it myself now. With 7 pairs of shoes always needing repairs I think he was quite clever to learn how to “Keep us in shoe Leather” to coin a phrase!

He bought several different sizes of cast iron cobbler’s “lasts”. Last, the old English “Laest” meaning footprint. Lasts were holding devices shaped like a human foot. I have no idea where he would have bought the shoe leather. Only that it was a beautiful creamy, shiny colour and the smell was lovely.

But I do remember our shoes turned upside down on and fitted into these lasts, my Dad cutting the leather around the shape of the shoe, and then hammering nails, into the leather shape. Sometimes we’d feel one or 2 of those nails poking through the insides of our shoes, but our dad always fixed it.

Hiking and Swimming Galas
Dad was a very outdoorsy type, unlike my mother, who was probably too busy indoors. She also enjoyed the peace and quiet when he took us off for the day!

Anyway, he often took us hiking in the mountains where we’d have a picnic of sandwiches and flasks of tea. And more often than not we went by steam train.

We loved poking our heads out of the window until our eyes hurt like mad from a blast of soot blowing back from the engine. But sore, bloodshot eyes never dampened our enthusiasm.

Dad was an avid swimmer and water polo player, and he used to take us to swimming galas, as they were called back then. He often took part in these galas. And again we always travelled by steam train.

Rowing Over To Ireland’s Eye
That’s what we did back then, we had to go by rowboat, the only way to get to Ireland’s eye, which is 15 minutes from mainland Howth. From there we could see Malahide, Lambay Island and Howth Head of course. These days you can take a Round Trip Cruise on a small cruise ship!

But we thoroughly enjoyed rowing and once there we couldn’t wait to climb the rocks, and have a swim. We picnicked and watched the friendly seals doing their thing and showing off.

Not to mention all kinds of birdlife including the Puffin.The Martello Tower was also interesting but a bit dangerous to attempt entering. I’m getting lost in the past as I write, and have to drag myself back to the present.

Fun Outings with The camera Club
Dad was also a very keen amateur photographer, and was a member of a camera Club. There were many Sunday photography outings and along with us came other kids of the members of the club.

And we always had great fun while the adults busied themselves taking photos of everything and anything, it seemed to us. Dad was so serious about his photography that he set up a dark room where he developed and printed his photographs.

All black and white at the time. He and his camera club entered many of their favourites in exhibitions throughout Europe. I’m quite proud to say that many cups and medals were won by Dad. They have been shared amongst all his grandchildren which I find quite special.

He liked taking portraits of us kids too, mostly when we were in a state of untidiness, usually during play. Dad always preferred the natural look of messy hair and clothes in the photos of his children.