Feds Poised to Take Huge Real Estate Bath

Or so this article would have you believe. It sounds bad, no doubt. I checked with a friend of mine in real estate, and his comment was:

In short, probably true but a bit misleading. It's frustrating but not nefarious. They just have a lot of crap to move and no great system for it. Similar stories abound in bulk for FDIC sales. I know one smart, wealthy guy who tried repeatedly to bid and [was] repeatedly shut out.

Still, I can't help wonder if that smart, wealthy friend of a friend just wasn't politically connected enough.