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FDIC: Insurance Fund Could Be Insolvent This Year

March 4, 2009

Tweet The chairwomen of the FDIC, Sheila Bair, has said that the FDIC fund could be insolvent this year unless additional funds are raised. As a result, the FDIC approved emergency fees to be funded by member banks to help rebuild the fund. The fund dropped to $18.9B in the fourth quarter, a drop of […]

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30% of iStar Financial’s Loans are Non-Performing

February 28, 2009

Tweet iStar Financial (SFI: 0.00 N/A), a commercial mortgage REIT that had been an active player of the past few years, is in dire straits with an some 23-30% of its loan portfolio not performing. The company acquired the assets of Fremont Investment & Loan, a notorious lender on highly speculative condo and housing projects. […]

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Moody’s Estimates Losses on 2006 Sub-Prime MBS Debt (Residential) At 28-32 Percent

February 26, 2009

Tweet Moody’s has said it intends on reviewing all 2005, 2006, and 2007 sub-prime mortgage bonds, covering some $680B in original loan balances. The projected losses across sub-prime debt issued in 2006 are estimated to be 28-32%. In 2006, spreads over benchmark rates were roughly 200 basis points for sub-prime (BBB-) debt. By the end […]

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Commercial Real Estate Delinquency Rate Doubles

February 24, 2009

Tweet Commercial Real Estate delinquency rates have increased dramatically year-over-year. The latest numbers from the Federal Reserve for Q4 2008 put the current delinquency rate on commercial real estate loans at 5.36% across all banks, and 5.27% at the largest 100 banks. 5.27% is nearly double the 2.65% recorded in Q4 2007, and a 10% […]

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Mezz Debt Loses Its Luster

February 18, 2009

Tweet The WSJ has an article focused on the demise of Mezzanine debt in today’s market and the losses being incurred by many investors in such debt. Mezzanine debt was often used as part of an investor’s capital stack over the past few years to leverage up acquisitions to amplify their potential returns. Unfortunately, as values […]

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Larkspur Landing Financing Revealed

February 15, 2009

Tweet RetailTraffic is featuring an article called “On Barren Ground” discussing the continued freeze of debt markets. Most of the article comes as no surprise, but the article does reveal the nature of the debt that was applied to J.S. Rosenfield’s acquisition of Larkspur Landing last month. According to the article,  The financing was arranged through […]

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Grubb & Ellis President on Fox News Discussing a Commercial Real Estate Bailout

December 30, 2008

Tweet David Arena, president of Grubb & Ellis was on Fox News discussing a bailout for commercial real estate. According to Arena, their is refinancing risk on every piece of commercial real estate out there, and at least $150B of refinancing expected next year alone.

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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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SF Chronicle Article Today On San Francisco Office Space Market

October 3, 2008

Tweet The SF Chronicle today is featuring an article discussing the trouble San Francisco office market is facing as a result of all that is going on in the equity and debt markets. There are two key takeaways in this article. The first is that we could see a 900 basis point increase in the office vacancy […]

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