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- Dodd plans bill that would create single regulator for banks
Senate Banking Committee Chairman Christopher Dodd plans to introduce a bill that would create a single agency to supervise banks and bank-holding companies, sources familiar with the matter said. The bill would remove all such powers from the Federal Reserve and Federal Deposit Insurance Corp. The bill will put Dodd at odds with the Barack Obama administration and the House of Representatives, both of which are proposing different approaches that include the Fed and the FDIC. The Wall Street Journal (tiered subscription model)
(11/5)     
- Frank, regulators spar over community bank crackdown
House Financial Services Committee Chairman Barney Frank, D-Mass., last week sent a letter to federal bank regulators asking them to ease their crackdown on community banks. Frank and other lawmakers believe the regulators' tough stance is prompting banks to slow down on lending when the economy needs money. "We are not talking about 'this' or 'that' loan," Frank said. "We are talking about loans in general being important to the economy." The Wall Street Journal (tiered subscription model)
(11/5)
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- Steve Renna: Investors consider giving managers less discretion
Many real estate investors have seen their investments take substantial devaluation or even total losses, said Steve Renna, president of the National Association of Real Estate Investment Managers. As a result, investors are thinking about a new model for the investor-manager relationship. "They want to come back into the process," he said. "Investors want to have a little more discretion in how their investment is managed."  REIT.com
(11/4)
- REITs have the flexibility to buy low, sell high
The private-equity real estate funds don't have a formal strategy of buying at the peak of the asset bubble and trying to sell at the bottom, but an analysis of their performance shows that's pretty much what they end up doing. The problem for private equity is it can't really sell at the top of a bull market when new money is flowing in from investors. REITs can sell at the peak -- and that's what they often do. REIT.com/BNA Real Estate Law & Industry Report
(11/3)
- IPO market encouraged by Hyatt's successful $950 million offering
After seeing three IPOs pulled back at the last minute in the past week, bankers were encouraged to see the $950 million Hyatt Hotels Corp. IPO coming off without a hitch. It was the third-largest IPO in the U.S. this year. "Investors are being very selective when it comes to IPOs," said Walter Todd, co-chief investment officer Greenwood Capital Associates. "Many people have their arms around Hyatt because it's a well-established company." Bloomberg
(11/5)
| Real Estate Marketplace | | |
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- Commercial property to bottom out next year, PwC survey finds
The bad news for commercial real estate is that it's not going to find a bottom until 2010, based on the results of a survey by the accountants PricewaterhouseCoopers. The good news is that for buyers with money to invest, there are going to be great opportunities between now and then, the survey found. Susan Smith, director of the firm's real estate advisory service, said 2010 is "going to be a very challenging ownership period, but if you have cash and the dollars to do deals, you're going to do very, very well next year." Bloomberg
(11/5), Reuters
(11/5)
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CoStar Group survey indicates commercial property market near bottom: A consensus about the future of the commercial real estate business seems to be emerging from the surveys, forecasts and studies made public in the past week: If commercial property values haven't hit bottom yet, they're pretty close to it. The fundamentals won't start improving in any meaningful way until sometime in 2010, based upon the current data. CoStar Group
(11/4)
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CRE recovery will take longer than previous downturns, group says: The current commercial real estate downturn differs from previous slumps because it was "fueled by excessive use of creative debt financing," according to a report by Gerson Lehrman Group. "The unwinding of creative leverage will take longer than previously and could delay recovery," the report said. Gerson Lehrman Group
(11/4)
- 2 big investors see British CRE rebound stumbling
Two major property investors predict a rebound in Britain's commercial property market will be short-lived. For the recovery to be sustained, the investors said, yield-chasing investors cannot bid up prices without a corresponding improvement in the economy. Reuters
(11/4)
- Sam Nazarian collides with worst hotel market in decades
Nightclub owner Sam Nazarian's plans for a chain of jet-set hotels ran into one obstacle after another as the real estate boom turned into a bust. Renovation projects were tripped up by planning delays, some work is being postponed and now negotiations for loan extensions are under way with lenders on properties in Beverly Hills, Calif., and Las Vegas. "Every development company has had to adapt," Nazarian said. "We're not different from anybody else." The Wall Street Journal (tiered subscription model)
(11/4)
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