Finance Mortgage Banking
Education Realty Nabs $222M
Jan. 06, 2009
Student housing REIT Education Realty Trust Inc. has closed a $222 million secured credit facility, courtesy of Fannie Mae DUS lender Red Mortgage Capital Inc., and is wasting precious little time making use of the proceeds.
Loan-Extension Picture Could Be a Lot Worse
Dec. 17, 2008
In the first decline since July in the delinquency rate among U.S. commercial real estate loan collateralized debt obligations, that rate fell from 3.13 percent in October to 2.80 percent in November, according to the latest information from Fitch Ratings.
Pink Slips Proliferate in November
Dec. 05, 2008
The magnitude of the unemployment numbers--533,000 jobs evaporated in November, according to the Department of Labor--took economists and analysts by surprise this morning.
Government Mulls More Mortgage-Rate Intervention
Dec. 04, 2008
Has the government hit on a bailout method that works? At least partly? Fed intervention to lower mortgage rates might allow some homeowners (those with good credit) to refinance their way out of high post-teaser rates.
UDR Closes $400M Financing Package Through Fannie Mae
Dec. 01, 2008
Denver-based multi-family REIT UDR Inc. has closed a $225 million secured loan that includes an option to borrow an additional $175 million. The 10-year credit facility was originated by PNC ARCS L.L.C., for repurchase by Fannie Mae.
General Growth Wangles Extensions on $900M in Mortgages
Dec. 01, 2008
General Growth Properties Inc. has reached an agreement with a six-lender consortium to extend the maturity date for $900 million in mortgage loans on the company’s Fashion Show and Palazzo malls on the Las Vegas strip.
More Billions for Bailouts
Nov. 25, 2008
A billion here, a billion there: pretty soon it adds up to real money, such as the $800 billion the Federal Reserve has committed to unclog the credit markets for homebuyers, small businesses and consumers.
A New Economic Crew in Town
Nov. 24, 2008
At around noon Eastern Time, President-elect Barack Obama made it official: Timothy Geithner will be U.S. Secretary of the Treasury and Lawrence Summers will be director of the National Economic Council. Interestingly, neither man has ever worked in a major capacity for a Wall Street bank, as have many previous shapers of U.S. economic policy, though Geithner has been an important liaison between the banking industry and the government as head of the New York branch of the Fed.
As Markets Gyrate, Citigroup Ponders Fate
Nov. 21, 2008
Citigroup executives are currently meeting in something of an emergency session to figure out what to do in the face of flagging investor confidence in the banking behemoth. Or are they? They're meeting, at least, but the company says that it's financially strong, despite its four quarters of losses stemming from billions in writedowns.
$334M in Commercial Mortgages are Likely to Default, Bank of America Buys Stake in China Construction
Nov. 19, 2008
While Wall Street rebounded Tuesday in another turbulent session as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low, the market for debt used to finance hotels, offices and shopping malls tumbled Tuesday on worries that the long-feared rise in defaults for commercial mortgage-backed securities had begun, possibly ushering in the next phase of the financial crisis, according to the Wall Street Journal.
Financial Market Update: Consumers Decide to Stay Home
Nov. 14, 2008
After yesterday's upward bump, the Dow Jones index slipped into another downward course today losing some 338 points, or 3.82 percent. The S&P 500 slipped more, 4.17 percent, and the Nasdaq even more than that, an even 5.0 percent.
$1B CRE Finance Company Makes Debut
Nov. 13, 2008
Ladder Finance Capital L.L.C. has announced that it is up and ready to do business. Based in New York City, the new firm will specialize in commercial real estate finance--certainly a market in the midst of some upheaval. The company has approximately $1 billion in equity and debt capital to put to use.
Financial Market Update-Where Have All the Jobs Gone?
Nov. 13, 2008
Shaking off more bad news on the employment front, markets surged today with a late rally. Perhaps driven by bargain seekers, the Dow Jones index spiked up 552 points, or 6.67 percent today. The S&P 500 gained 6.92 percent, while the Nasdaq was up 6.5 percent.
Dow Sluggish After Morning Jump
Nov. 10, 2008
After a morning up, the Dow Jones index ended the day down 73.27 points, or 0.82 percent, with the S&P 500 and the Nasdaq a bit down as well (1.27 percent and 1.86 percent, respectively). It could be that the initial enthusiasm investors showed in other parts of the world for the Chinese stimulus plan had worn off by the time U.S. markets were open very long. Part of the downward movement in the market today also involved Goldman Sachs shares, which were down about 8.7 percent seemingly on rumors that the company is planning a new secondary equity offering, only six weeks after its most recent offering.
Financial Market Update-Fri., Oct. 31
Oct. 31, 2008
What's that gurgling sound? According to First American CoreLogic, a real estate research firm, some 7.5 million homeowners nationwide are underwater--that is, they owe more on their mortgages than their homes are current worth.
Frank: Bailout Funds Need to Be for Lending, Other Uses Violate TARP
Oct. 31, 2008
Rep. Barney Frank, chairman of the powerful House Financial Services Committee, Friday warned banks getting money from the $700 billion bailout fund that they must use it for lending and only lending. Other uses, such as acquisitions and bonuses, are in “violation” of the Troubled Asset Relief Program, Frank said.
Financial Market Report-GDP Shrinks, Jobless Claims Stay High
Oct. 30, 2008
It's official: the economy is contracting. U.S. GDP shrunk at an annualized rate of 0.3 percent during 3Q08, mostly as consumers decided that they needed to do less shopping. How long will the contraction continue? It's anyone's guess, but if it continues at the current pace through 1Q09, that would be the worst recession since the mid-1970s. At this point, the nation might be lucky if the current slump were merely as bad as the '70s, and not like that grim period of time nearly 80 years ago that rhymes with "recession."
Centerline Closes $131M Loan Package with Fannie Mae
Oct. 29, 2008
Centerline Capital Group, a subsidiary of Centerline Holding Company has announced it closed the last of nine multi-family housing loan transactions. All loans were done with Fannie Mae under its DUS program on behalf of a single borrower for a total of $131 million.
Financial Market Update-Fri., Oct. 24
Oct. 24, 2008
Can we call it Black Friday yet? Not yet. As soon as trading opened this morning, stocks fell sharply, but then started bouncing around like a rubber ball. So predictions of a 1,000-point DJIA meltdown haven't come to pass--yet.
Financial Market Update-Tues., Oct. 21
Oct. 21, 2008
As of mid-day (and as the Dow futures market had predicted), the DJIA is down, though not by a record amount: 174 points, or about 1.88 percent. The Nasdaq and Standard & Poor's 500 edged down somewhat more, at 2.9 percent and 2.3 percent, respectively.
Update from Fed: Money Markets Supported, Risk Management Encouraged
Oct. 21, 2008
Where commercial paper has gone, money markets will now go. Earlier today, the Federal Reserve Board announced its creation of the Money Market Investor Funding Facility, or MMIFF, a program that “will support a private-sector initiative designed to provide liquidity to U.S. money market investors.”
Financial Market Update-Mon., Oct. 20
Oct. 20, 2008
As of early afternoon Eastern Time, the Dow Jones Industrial Average was up 2.4 percent, and likewise the Nasdaq and Standard & Poor's 500 gained ground. But these days, "it ain't over till it's over" has never been more apt in tracking the daily rises and falls of the market.
The Ideal Commercial Mortgage Resource
As concerns continue over commercial real estate loans and commercial investment, the real estate industry turns to Commercial Property News for the latest news and insights. Leaders in commercial real estate understand the value of CPN's commercial mortgage banking coverage and the financial news that directly affects their business decisions.
|
Subscribe to this blog's feed
