LeFrak and Flexner on CNBC
March 3, 2010
Tom Flexner, head at Citi Global Property and LeFrak of the LeFrak Organization on CNBC. Lots of capital sitting on the sidelines, and LeFrak is trying to figure out how to deploy it. Flexner’s answer: reduce your return requirements.
Read More >>Oversubscribed DDR CMBS Deal Prompts Bank of America To Prepare $460M Fortress Deal
November 19, 2009
The commercial mortgage backed securities issued earlier this week on the back of DDR retail assets has caught the attention of others who were closely monitoring that issue. Some reports indicated that the DDR deal was up to 10x oversubscribed. So, not only is a follow on issue for DDR said to be in the [...]
Read More >>Citibank Forced to Resume Lending on Failed Mall Project
November 18, 2009
If a court in New York can come to this conclusion, can a court in California come to the same? That would probably be something Peter Pau and RREEF, developers behind the Sunnyvale Town Center that is headed to foreclosure want to know. Regardless, this is a huge decision by the NY court because it [...]
Read More >>Banks Bracing For CRE Defaults
March 23, 2009
An article in Bloomberg this morning provides some additional detail on bank exposure to commercial real estate. Most of the banks seem ready to take on the losses, but they don’t seem too worried, which is quite reminiscent of the early days of the crisis in the residential sector. According to the article: The country’s [...]
Read More >>Bank of America Announces Job Cuts; 35,000 Over Next 3 Years
December 11, 2008
Bank of America (BAC: 13.28 +0.55%) announced today that it will be eliminating approximately 35,000 jobs over the next three years. Bank of America, with its acquisition of Merrill Lynch complete early next year will have a combined workforce of some 308,000 employees, meaning that they are trimming more than 10%. This is just another [...]
Read More >>How Things Change So Quickly; Wachovia Goes to Citi
September 29, 2008
The lender that was honored as “Lender of the Year” for 2006 just two short years ago has now seen itself get sold to Citigroup for next to nothing. Wachovia, who held the position as the largest commercial lender and servicer in 2006 is now gone. Wachovia generated in excess of $60B in commercial mortgages [...]
Read More >>JP Morgan to Acquire Washington Mutual Assets
September 25, 2008
Though it seems a final deal has yet to be finalized, it seems JP Morgan Chase will be suitor for Washington Mutual, or at least a portion of its operation according to multiple reports. Washington Mutual put itself up for auction last week, and a number of banks came forth to evaluate it, including Citigroup, HSBC, [...]
Read More >>Bailout At The Pump: Secret Deal to Bail Out The Financials
June 30, 2008
A conspiracy is nothing but a secret agreement of a number of men for the pursuance of policies which they dare not admit in public.” – Mark Twain Normally I don’t get to engrossed in conspiracy theories and the such, but what is happening with oil and the financials and the dollar is becoming so [...]
Read More >>Sub-Prime Impact Likely to Continue
November 7, 2007
The sub-prime woes plaguing Wall Street firms is undoubtedly likely to continue. Citibank is expected to report approximately $11-12B in write-downs. Taking a quick sample of what has happened to the stock prices of companies such as Washington Mutual and Citigroup, it is without a doubt the case that those firms with large amounts of [...]
Read More >>Commercial Paper Market Being Revived by Citigroup,JPM, and Bank of America
October 15, 2007
Bank of America, Citigroup, and JP Morgan are expected to announce as early as today the establishing of an $80 Billion Commercial Paper fund. The fund is aimed at helping unlocking the asset-backed paper market from its current condition. The fund might also help avoid units setup to provide subprime debt from selling off their [...]
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