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The Tale of Washington Mutual: Suprised?

December 27, 2008

Tweet “It was the Wild West,” said Steven M. Knobel, a founder of an appraisal company, Mitchell, Maxwell & Jackson, that did business with WaMu until 2007. “If you were alive, they would give you a loan. Actually, I think if you were dead, they would still give you a loan.” The NYT is featuring […]

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Now Commercial Real Estate Developers Want A Bailout

December 22, 2008

Tweet According to an article in the WSJ this morning, developers are going to Capitol Hill with hat in hand looking for a bailout. Being in the CRE industry, I have to say this is getting out of hand. The blowup of the housing market and the ripple effect have caused the government to step […]

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Treasury Yields Create Defeasance and Yield Maintenance Nightmare

December 11, 2008

Tweet Treasury yields have plummeted to near nothing, and in some cases they have even gone negative for the first time as investors are searching frantically for the financial equivalent of a panic room. To commercial real estate owners who are looking to sell, or refinance, this has created yet another problem, the issue of maintaining […]

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Equities, Real Estate, and Deflation

December 10, 2008

Tweet Over the past decade, real estate has become less and less real and has become more and more a piece of paper. MBS, CDS, venture capital, etc. have all helped to take real estate into the heart of Wall Street. By becoming just another asset class, valuations of real estate need to compete more […]

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Bill Gross Says U.S. Understates Inflation

May 22, 2008

Tweet The manager of the world’s largest bond fond, the Pimco Total Return Fund, says that the methodology the United States uses for calculating its inflation rates results in an understatement by roughly 100 basis points. This results in real GDP growth and real bond yields to be off by a similar amount. If the […]

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Not Even One Securitization Issuance Priced In January

February 12, 2008

Tweet NREI is reporting that in January, not a single CMBS was priced in a one-month period. This is the first time in the 20-years since CMBS product was introduced that this has happened. Also telling is that despite this lack of activity, some $37B in securitizations remain in the pipeline. In the face of this prices […]

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