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- Regulators give banks commercial mortgage modification guidelines
The major bank regulators have joined together to give banks new rules aimed at encouraging lenders to consider restructuring problem commercial mortgages instead of just foreclosing on them. The rules provide guidance to bank examiners and the banks themselves on how to work with commercial property owners who are "experiencing diminished operating cash flows, depreciated collateral values, or prolonged delays in selling or renting commercial properties." Lenders and borrowers often are best served by restructuring the debt, the guidelines said. The Wall Street Journal (tiered subscription model)
(10/31)     
| Capital Markets | | |
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- Bondholders back CIT's filing of prepackaged bankruptcy
CIT Group's prepackaged bankruptcy has the backing of an overwhelming majority of bondholders and is designed to put the lender back in business after reorganization under Chapter 11 protection. If the lender emerges from bankruptcy as planned, it will be largely owned by creditors. "The decision to proceed with our plan of reorganization will allow CIT to continue to provide funding to our small-business and middle-market customers, two sectors that remain vitally important to the U.S. economy," said Jeffrey Peek, CIT's outgoing chairman and CEO. In the process, taxpayers are almost certain to lose their $2.3 billion investment in the firm. Forbes
(11/1), The New York Times (tiered subscription model)
(11/1), Bloomberg
(11/1)
- Traders see dollar inverse to stocks
Traders are moving nervously in and out of stocks, dollars, corporate bonds and gold, analysts said. A large supply of cash is available because of quantitative easing by the Federal Reserve. Last week, the Dow Jones Industrial Average went up and down in a 400-point spread, finally closing down 249.85 points Friday. Meanwhile, the dollar index finished 0.5% higher. "We've got this very unstable situation in which Fed policy is dictating the behavior of so many assets. The dollar is at the nexus of this," said Dean Curnutt, president of Macro Risk Advisors.  CNBC
(10/30), The Wall Street Journal (tiered subscription model)
(11/2)
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- Related founder forming bank, may acquire seized lender
Related Cos. founder Stephen Ross and partners Jeff Blau and Bruce Beal Jr. hope to raise $1 billion for a new bank. SJB National Bank, which is owned by the three, also might try to acquire a seized lender from the Federal Deposit Insurance Corp. Bloomberg
(10/30)
| Investment News | | |
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- "Huge crash" for commercial real estate foreseen by Wilbur Ross
Billionaire investor Wilbur L. Ross Jr. said he would use "extreme caution" before investing in commercial property under today's market conditions. "All of the components of real estate value are going in the wrong direction simultaneously," he told Bloomberg Radio. Ross said the U.S. is at the beginning of a "huge crash in commercial real estate." Separately, speaking at Central European University in Budapest, billionaire George Soros said leveraged buyouts and commercial real estate are probably in for a "bloodletting." Bloomberg
(10/30)
- Commentary: After rebound, REITs are fairly priced
Many REITs are fairly priced, Peter C. Beller writes in a Forbes commentary. "That might be good news to investors nervous about the overall stock market's huge rally in recent months, a rally that has many Wall Street analysts [not known for pessimism] saying U.S. stocks are due for a second plunge," Beller said. The sector had been beaten down but staged a recovery as investors sought bargains. Forbes
(10/30)
| Real Estate Marketplace | | |
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- Apartment owners sweeten deals for their tenants
Faced with the growing challenge of hanging on to their tenants, multifamily landlords are offering rent reductions, flat-screen TVs and cash to persuade people stay in their current units. The relentless increase in unemployment is driving apartment dwellers to search out less expensive units, share space with roommates or move back home, all of which cuts cash flow for apartment landlords. The Wall Street Journal (tiered subscription model)
(11/2)
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