Is the Mortgage Crunch Impacting Gilbert?
While the mortgage industry is suffering an unprecedented crisis with a credit crunch and skyrocketing foreclosure rates, is it directly affecting the bottom line of giants like Quicken Loans, the primary company of Cavs owner Dan Gilbert.
The Cavs have been very conservative in the free-agent market, even with its own restricted free agents Anderson Varejao and Sasha Pavlovic, and some fans have begun to wonder if it has anything to do with the Livonia, Mich.-based business.
Though the Cavs have recently restrained themselves from deals that would’ve added significant money to the payroll the failed effort to trade for Sacramento Kings point guard Mike Bibby among them after getting to the NBA Finals, Gilbert isn’t getting cheap now.
”Danny Ferry and his staff have been and are continuing to work very hard to improve the chances of the Cavaliers to make that one last step in achieving our goal of an NBA Championship,” Gilbert said. ”There have been no changes in the strategy or liberal fiscal parameters that have been laid out for Danny and his team to make the right decisions that put our organization in the best position to win in the short and long term.”
Source:Â Akron Beacon Journal