Business Specialties
SPECIAL REPORT: Educational Sessions at Conference Reflect Mortgage Banker’s Concern with Problem Loans
Las Vegas—Master servicers are seeing more borrowers trying to force the transfer of their loans to special servicing, according to Kevin Donahue, senior vice president of PNC Real Estate/Midland Loan Services Inc. “Borrowers are becoming a little savvier” in pursuing their alternatives, said Donahue. They understand that the master servicer cannot perform “material modifications” on the loan, he said.
Economy Watch: Retailers See Modest January Uptick
Retailers did reasonably well in January, with retail same-store sales up 3.3 percent compared with the same month a year earlier, according to a Thomson Reuters’ survey of 29 major chain stores.
SPECIAL REPORT: MBA Makes Predictions for Economy, Interest Rates, Unemployment, Commercial Real Estate
Commercial real estate market conditions are not likely to ever return to levels last seen at the peak of the market in 2007, according to Jay Brinkmann, chief economist and senior vice president, research and economist, of the Mortgage Bankers Association (MBA).
Bankrupt Opus West Files Suit Against Parent Company
Bankrupt and owing more than a billion dollars to creditors, the Phoenix-based real estate services firm Opus West Corp. is suing its parent company for $163 million.
Lenders Smile on Forest City with Closing of Half-Billion Credit Facility
While credit markets are still tight, Forest City Enterprises has managed to secure a $500 million revolving credit facility with a 15-bank group.
Economy Watch: Obama, Volcker Pitch New Financial Regulations
Paul Volcker to Congress: “My soul is going to come back to haunt you” if banks are allowed to make trades on their own accounts. Obama agrees, but Congress is wary. Meanwhile, D.R. Horton turns a surprise profit.
Economy Watch: A Trillion Has Twelve Zeroes
Congress actually may be paying attention to the beleaguered commercial real estate industry, with many members sending a letter to the Fed and the Treasury asking those agencies to pay attention as well.
SF’s Transbay Terminal to Benefit from Influx of Funds
Two different streams of funds will provide for reconstruction of San Francisco’s Transbay Terminal: $400M in stimulus cash and a $171M loan from the Transportation Infrastructure Finance and Innovation Act.
Economy Watch: Heads the Banks Win, Tails the Government Loses
TARP comes under question, while tycoon Sam Zell keeps the faith for CRE.
Cassidy Turley: Banking on Culture of Consistency
Cassidy Turley was launched by former member firms with Colliers International who chose to go a separate path once Colliers merged with FirstService.