Credit Suisse Being Sued For High Loan-To-Value Loan
January 4, 2010
Credit Suisse is being sued in Montana for allegedly making loans based on inflated appraisals, so that it could take over when the debts couldn’t be repaid.
Classic. This would set a pretty gnarly precedent if the lawsuit goes anywhere.
Blixseth is suing for losses from his property at the Yellowstone Club in Montana, developed by his [...]
Non-Judicial Foreclosure Not Good Enough For Bank of America
November 18, 2009
Came across an article on Globe St. about Bank of America filing a complaint against Maguire Properties for a debt owed on the 16-story, 308,000 SF office property on Michelson Drive in Irvine.
It isn’t news that the building is in trouble, or that Maguire defaulted – after all Maguire Properties has made it clear that [...]
PIMCO: House Prices Yet To Bottom
November 4, 2009
PIMCO’s head of mortgage bonds believes prices are going to continue to fall, particularly on the high end. As FHA loans tighten, and foreclosures begin to increase again, home prices will likely resume their fall which will continue to put pressure on household spending. The article also brings to light a statistic that the price [...]
Read More >>Hammer Dropping on Sunnyvale Town Center
September 9, 2009
Wachovia will be pursuing foreclosure of the massive Sunnyvale Town Center project. Meanwhile, contractors and subs have lined up and filed liens against the massive Sunnyvale project – and DevCon, the general also has filed to force a sale.
Wachovia has about $120M into the deal, while RREEF and Sand Hill have about $200M into it. [...]
Unemployment Driving More Foreclosures Than Subprime
August 19, 2009
Subprime lending standards are being outflanked by unemployment as the driving force in residential foreclosures.
Economists estimate that 1.8 million borrowers will lose their homes this year, up from 1.4 million last year, according to Moody’s Economy.com. And the government, which has already committed billions of dollars to foreclosure-prevention efforts, has found it far more difficult [...]
Bordeaux Centre Taken By Lender
July 31, 2009
CBC, California Bavarian Corp, the developer of Bordeaux Centre in Sunnyvale has lost the property to its lender, Wrightwood Capital. The asset had debt on it of approximately $34M, and consists of two (2) 61,921 SF 3-story buildings, and is located at 1376-1380 Bordeaux Drive.
The asset was taken back by the lender when they credit [...]
Hines and Sterling American Forfeit 333 Bush
July 29, 2009
Hines and Sterling American have decided to return 333 Bush Street to the lender. The 550K SF property was acquired at the peak of the market in 2007. The deal fell on its head in September 2008 when the law firm Heller Ehrman, a tenant anchoring 14 floors at the building, voted to dissolve.
The property [...]
Gramercy Capital Takes Control of Cupertino Square
June 26, 2009
It seemed like only a matter of time, but Cupertino Square has finally gone back to the lender. Not much to say except that I hope the new owners will make better decisions that the previous ones who in my opinion had a difficult job in the first place but made some short-sighted leasing decisions.
The [...]
Realpoint CMBS June Update – 2.275% Delinquency In May
June 24, 2009
The total balance of loans in Foreclosure and REO increased for the 19th straight month to $3.91 billion in May 2009 from $3.49 billion in April, despite ongoing liquidation activity.
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In May 2009, retail loans became the greatest contributor to overall CMBS delinquency, at 0.73% of the CMBS universe and near 32% of total delinquency. Retail [...]
More Signs of Trouble in San Francisco
June 22, 2009
A couple months ago we featured a map which plotted default notices and trustee sale notices in San Francisco. We’ve decided to revisit the map and provide some perspective of how things have changed since April.
Not surprising, the number of defaults, trustee sale notices, and actual sales (red) are up by almost 100%, while we [...]
