Investor Report: Carryback Mortgage Notes Jul 1, 2009
That way, you can check out the underlying real estate, and drive by to see what the collateral looks like. Stick with first lien notes that have substantial equity cushions so you can't lose your shirt if you've got to pull the plug and go to foreclosure. (RealtyTimes)
It's Like eBay Meets Match.com Jul 1, 2009
Loan officers burdened by institutional rules on borrower collateral or credit history may not have the discretion to act on such information. Yet there are equally compelling weaknesses to the personal banking model. (Slate)
UAL bond pricing shows liquidity stress: analysts Jun 30, 2009
"The transaction was oversubscribed with terms that reflect the transaction structure, the nature of the collateral used and the tight credit market," said UAL spokesperson Jean Medina, in Chicago ... "The history of aircraft parts collateral in bankruptcy has been spotty," and bondholders in a past case involving the now-defunct TWA airline were wiped out when a bankruptcy judge did not want to deal with commingled inventory, the analysts said ... "Given the inherent limitations of spare parts... (Crain's Chicago Business)
1979 Madoff-Like Scheme Bilked SoCal Residents Jun 30, 2009
Although a bank manager cautioned against it, Jacques put his house up as collateral. "You know he told me, he says, 'I wouldn't do this, Jacques. It doesn't look good.' But I was young and foolish and said, 'nah I'm going to go for it,'" Peeters said. (TheSanDiegoChannel.com, CA)
Users fume as banks lean on credit card income Jun 30, 2009
Card lending is unsecured, meaning the bank doesn't have any collateral to claim when loans go bad. "The industry is taking massive losses on consumer credit across the board," Kenneth Lewis, the chief executive of Bank of America, recently said. (Business Report, South Africa)
Battle to control Jackson's fortune begins Jun 30, 2009
Jackson used those assets as collateral to secure $200 million in loans from Bank of America in 2001. He then refinanced several times. (The Star Online, Malaysia)
Why lenders demand title insurance Jun 30, 2009
If the condo unit had any real equity, you might be able to get a new HELOC using the condo as collateral. But unfortunately, it does not. (San Francisco Chronicle -- Business)
Read the 'Cost of Freedom' recap Jun 30, 2009
You know, that's basically a big part of the collateral that he used. I think he sold part of it to Sony, but probably worth in the billions now. (Fox News)
Derivatives hokum Jun 30, 2009
Then, to show you that Mr Dodd, the bank or the Federal Reserve don't have an exclusive on economic illiteracy, the article quoted Mark Halverson, "a staff director for Senate Agriculture Committee Chairman Tom Harkin", as saying that "One of the key underlying problems in the whole lead-up to the meltdown was too much leverage, too little capital or too little collateral." Hmmm ... The fact is that Mr Halverson is being merely redundant when he says there was too little capital, as distinct... (Asia Times Online)
AIG Warns of `Material Adverse Effect' Should European Swap Values Decline Jun 30, 2009
Collateral payments tied to mortgage-linked swaps drained AIGs last year, forcing the firm to seek a U.S. rescue. Given the size of the credit exposure, a decline in the fair value of this portfolio could have a material adverse effect on AIGs consolidated results, the company said. (Bloomberg)
JACKSON'S ESTATE: It could take decades to sort it all out Jun 29, 2009
Jackson used the catalog as collateral against assorted loans, with $300 million in debt to Barclays Bank alone. "The big question is how the publishing rights, particularly The Beatles, are going to be valued in such a difficult market for music," says Alan Light, former editor of music industry magazines Spin and Vibe. (USA Today -- Life)
A Taylor Daily Press editorial Jun 28, 2009
We are not the ones hiding among civilians and inviting so much collateral damage. It is truly a no-win situation for our military, but when all is said and done we are there to win a war and war is an ugly thing. (Taylor Daily Press, TX)
What Happened to Michael Jackson's Millions? Jun 27, 2009
Duff investments and a divorce settlement with Lisa Marie Presley helped push Jackson to increasingly use his earnings from music as collateral for loans, first from Bank of America (BoA), before Fortress Investment Group, a specialist in distressed debt, took the loans off BoA's hands. By the mid-2000s, Jackson was believed to be $270 million in debt. (Time.com)
Quelle Loan Decision Delayed Awaiting More Information, Government Says Jun 27, 2009
June 26 (Bloomberg) -- German officials delayed a decision on providing aid to Quelle AG because its unclear whether the mail-order unit of insolvent retailer has enough collateral, government spokesmen said ... It was clear that information on collateral was insufficient for a positive decision ... Should the KfW extend a loan, it has to be assured that it is the creditor with the first call on the collateral. (Bloomberg -- Germany)
DAX Index Declines, Poised for Third Weekly Drop, as K+S, Allianz Retreat Jun 27, 2009
German officials delayed a decision on providing aid to Quelle AG because its unclear whether the mail-order unit of insolvent retailer Arcandor has enough collateral, government spokesmen said. (ETG GY) jumped 8. (Bloomberg -- Germany)
Bank confident of Liverpool's financial wellbeing Jun 27, 2009
But Lowry responded: "We took great care when making our original loan in early 2007 and when refinancing it last January to distinguish between obligations of the club ... and obligations of its parent company, the latter being secured by personal guarantees and collateral from the owners and a pledge of the shares they own in the club.". Hicks is still searching for new investors to help fund a 60,000-seat stadium to replace Anfield and is confident of completing a deal by the end of 2009. (The Star Online, Malaysia)
Banks Reap Record $9.8 Billion Trading Derivatives in Quarter, U.S. Says Jun 27, 2009
Bets on mortgage-linked securities using credit derivatives brought insurer American International Group Inc. to the brink of bankruptcy when the value of the contracts plunged and it couldnt meet collateral calls. The Obama plan calls for the most-common types of derivatives to be moved through clearinghouses designed to contain the risks of a bank default, following the September bankruptcy filing by Lehman Brothers Holdings Inc., among the largest derivatives dealers. (Bloomberg -- US)
Mixed messages led to Skylight controversy Jun 27, 2009
Over the past four years, the Skylight had balanced its budget on borrowed funds using the Broadway Theatre Center, assessed by the city of Milwaukee at $585,000, as collateral for a $700,000 line of credit. Meanwhile, the value of the company's endowment fell by $700,000 because of the stock market turmoil over the past year. (Milwaukee Business Journal, WI)
Kurtz hopes Windber Research Institute will be his last stop Jun 27, 2009
A partner with Pivotal Technology Group in Johnstown, Kurtz was named the new president and CEO of Windber Research Institute. The institute and Windber Medical Center were clients of his in his previous job, along with the U.S. Department of Veterans Affairs and the Pennsylvania Senate. (Somerset Daily American, PA)
Berkeley Founder Pidgley, Who Called Two U.K. Housing Crashes, Steps Aside Jun 27, 2009
73 percent as international lenders have sold shares pledged as collateral for loans after regulators froze billionaire owner s personal bank accounts. The British and Saudi businesses have co-funded developments in southeast England since the 1990s, and they deepened ties in 2007 with plans to invest as much as 1 billion pounds in residential and commercial property. (Bloomberg -- UK)
YRC wants to modify labor agreement Jun 26, 2009
YRC also has been negotiating with union pension funds to defer payments using company real estate as collateral a move its lenders allowed with the largest pension fund to defer $83 million in payments. YRC, which has about 49,000 employees, also has been selling property and laying off workers to maintain liquidity. (Memphis Business Journal, TN)
The Citizen's Cinema Jun 26, 2009
TheCitizensCinema wrote on May 4, 2009 8:51 PM:" "Caprica" - like the Sci Fi series from which it spun off, "Battlestar Galactica" - begins as a movie. Set 50 years prior to "Galactica's" human holocaust at the hands of the Cylon robot race, "Caprica" documents how the Cylons were created. Whereas "Galactica" was an ensemble drama, "Caprica" is structured as a family drama. Its straight-to-DVD pilot, released in late April, centers on the conflict between Joseph Adama (Esai Morales), father of... (Auburn Citizen, NY)
Michael Jackson died awash in $400 mn debt Jun 26, 2009
Michael Jackson lived like king but died awash in $400 mn debt- Entertainment-Media / Entertainment -News By Industry-News-The Economic Times. Michael Jackson lived like king but died awash in $400 mn debt26 Jun 2009, 1105 hrs IST, AGENCIES. (India Times)
Inflation the real threat to sustained recovery Jun 26, 2009
Such prices largely determine the amount of equity in homes the ultimate collateral for the $11,000bn of US home mortgage debt, a significant share of which is held in the form of asset-backed securities outside the US. Prices are currently being suppressed by a large overhang of vacant houses for sale. Owing to the recent sharp drop in house completions, this overhang is being liquidated in earnest, suggesting prices could start to stabilise in the next several months although they... (FT.com -- Markets)
Contract award may end dispute with EBS Jun 25, 2009
The second, filed earlier this month, was to seize all of Protein Sciences assets as collateral for the $10 million loan, for which Emergent said in a filing it had given two extensions for repayment, one in January and the other at the end of May. I m hopeful that this [HHS contract] will enable PSC to pay us back, said Daniel Abdun-Nabi, president of Emergent (NYSE: EBS). (Washington Business Journal, DC)
Feud Shaking Turkey Pits Erdogan Against Press Baron Buying Ink by Barrel Jun 25, 2009
The Finance Ministry rejected Dogan Yayins first two offers of collateral against the fine and froze the companys bank accounts before accepting as surety some of the conglomerates real estate holdings and a stake in its television business ... Its collateral remains frozen. (Bloomberg)
Small Businesses Weather Economic Storm with ARC Jun 25, 2009
Banks don't want to take a risk on loaning money to a business that has seen sales drop and collateral disappear. But the ARC loan eliminates risk to the bank -- the SBA pays the bank interest at a market rate. (WCAX.com, VT)
50,000-dollar insult! Jun 25, 2009
We cannot be bamboozled to accept this as a loan because the taxpayer stands as collateral in this issue. What is the guarantee that all of them will complete the four year term (these days there are lot of surprise deaths). (Ghana Web, Ghana)
FirstPlus Financial Group, Inc. Launches Chapter 11 Case To Enhance Liquidity While It Reorganizes Jun 25, 2009
The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, including, without limitation, (1) the impact of today's announcement on the Company's business plans; (2) the ability of the Company to fund and execute its business plans; (3) the ability of the Company to continue as a going concern; (4) the ability of the Company to obtain approval of and operate pursuant to the agreement with its secured... (PR Newswire)
YRC Worldwide to Begin Discussions with Teamsters to Seek Modifications to Labor Contract Jun 25, 2009
YRC Worldwide recently announced an agreement with Central States, Southeast and Southwest Areas Pension Fund ("Central States"), the largest of the company's IBT multi-employer defined benefit pension funds, to provide certain of the company's real estate as collateral in lieu of pension contribution payments during the second quarter. The company also announced an amendment to its bank agreement, which provides for the immediate release of escrow funds generated from the company's prior real... (PR Newswire)
Lithuania—2009 Article IV Consultation: Concluding Statement Jun 24, 2009
The BoL also expanded the list of collateral eligible for use at its liquidity window and improved associated valuation procedures. These policies could be complemented by some additional steps including accelerated loan loss provisioning, timely bank recapitalization, full semi-annual audits, and preemptive increases in capital based on enhanced stress tests exercises. (IMF News)
Calling AIG? Jun 24, 2009
Internal Docs Reveal Company Silent About Dozens Of Collateral Calls ... According to one internal by late November 2007, the insurance giant had received at least 84 collateral calls totaling more than $4 billion, including 38 calls alone from investment giant Goldman Sachs worth $3 billion ... According to an obtained exclusively by CBS News , on November 27, 00004000 2007, the former head of AIGs Financial Products (AIGFP) unit, Joseph Cassano, forwarded to his boss a note written by... (CBS News -- Evening News)
The War Against The War On Drugs Jun 24, 2009
Legalize drugs and destroy the networks that recruit otherwise law abiding citizens into collateral crimes, ID theft and other criminal activity. These citizens will become allies of America and will not dwell in shadowy areas where our more dangerous enemies may hide. (CBS News)
Government Bonds Gain as Falling Exports, Service Prices Boost Debt Demand Jun 24, 2009
It is also providing unlimited loans to commercial banks with sufficient collateral. The programs expire on Sept. 30. (Bloomberg -- Japan)
NOVEMBER: Meatpacker in immigration raid files for bankruptcy Jun 24, 2009
In addition to livestock and plant equipment, the suit says the Rubashkins' personal property should be considered collateral. A lawyer for the company did not immediately return a call seeking comment. (USA Today -- Money)
More Granite Park sites up for auction Jun 24, 2009
The collateral is the 18 acres, and the city could take possession of the land if it pays off the loan and forecloses. Wednesday's trustee sale is the latest bump in the road for Granite Park, originally envisioned as a mixture of offices, entertainment and retail uses. (Fresno Bee)
CORRECTION FROM SOURCE: Clairvest Reports Fiscal 2009 Fourth Quarter and Year-End Results Jun 24, 2009
"Clairvest filed a new normal course issuer bid enabling it to make market purchases of up to 797,678 of its common shares in the 12-month period commencing March 6, 2009. As at June 23, 2009, Clairvest had repurchased a total of 5,709,578 common and non-voting shares over the last six years.Subsequent to year end, Clairvest declared an annual dividend of $0.10 per share, which will be payable July 27, 2009 to common shareholders of record as of July 10, 2009. This is an eligible dividend for... (CCNMatthews Press Releases)
In English, Please: FOMC Meeting Jun 24, 2009
The Federal Reserve has launched the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses and anticipates that the range of eligible collateral for this facility is likely to be expanded to include other financial assets. The Committee will continue to carefully monitor the size and composition of the Federal Reserve's balance sheet in light of evolving financial and economic developments [FOMC put a more precise date by autumn... (Fox News)
Canadian Stocks Fall on World Bank Growth Forecast; Suncor, Barrick Slide Jun 23, 2009
The Toronto- based retailer had the rating on its senior unsecured notes downgraded to Ba1 from Baa3 by Moodys Investors Service, which cited the release of collateral in connection with the maturity of the companys revolving credit facility. Methanex Corp. fell 7. (Bloomberg -- Canada)
AIG Trading Partners Put Collateral Squeeze on Insurer Before U.S. Bailout Jun 23, 2009
5 billion in collateral paid by AIG in the 15 months before the September bailout ... Banks that bought swaps as protection against losses on mortgage-linked assets demanded cash collateral as the market value of the securities plunged last year, overwhelming AIGs ability to pay ... Including collateral from before and after the rescue and payments made by Maiden Lane III, a vehicle created by the Fed to retire the swaps, Goldman Sachs received about $14 billion from AIG, Societe Generale got... (Bloomberg -- US)
Barack Hoover Obama? Jun 23, 2009
The collateral damage from a real liquidation would be far worse for working class communities in the Midwest than what is likely to result from the government-organized Chapter 11 bankruptcy restructurings. The argument that one of the most ambitious government interventions in American industry in the history of this country is actually a sellout of the working man is just ludicrous. (Salon)
Italian job: Mystery surrounds the $134bn suitcase Jun 23, 2009
Banking analysts, say the answer is that the bonds have been used in the past as collateral to open credit lines with banks and other lenders. The borrower takes the money, and then disappears. (BBC News -- Business)
Corporates dump agencies as expensive ratings lose currency Jun 23, 2009
Fundamentals-driven investors with robust analytical resources can adapt to the shift, but managers of collateralized loan obligations (CLOs) restricted by obsolete regulations are finding it harder to accommodate ... Ratings proved instrumental to the proliferation of CLOs earlier this decade, largely because CLO managers earned fees based on the amount of bonds they sold rather than on the performance of underlying collateral. (FT.com -- Markets)
Key issues in meeting on financial crisis Jun 22, 2009
But developing countries which have no role in causing the crisis have suffered the most collateral damage, with a loss of 6 percentage points of gross national income as their economic growth is expected to fall from 8. 3% in 2007 to 1. (The Star Online, Malaysia)
More of this story Jun 22, 2009
kawiseguy wrote on Jun 21, 2009 1:02 PM:" Two people are dead and the collateral damage to the families is devastating, yet Tutuwahine338 tells us "IT DOESN'T MATTER WHO WAS AT FAULT." What an absurd comment. Tell the victims' families that it doesn't matter. This wasn't an "act of God. " From all that I've heard and based on the newspaper accounts, it appears to be a case of reckless endangerment. A witness or witnesses obviously saw what happened and the details of the events that preceded the... (Lihue Garden Island, HA)
Fed Mulling Revamp of Repo Market: Report Jun 22, 2009
As the value of the securities falls, clearing banks have an obligation to demand more collateral to avoid losses. But in doing so, they could destabilize a rival. (ABC News -- Wire)
Derivatives Get Second Look From U.S. Lawmakers Who Passed Before Meltdown Jun 22, 2009
One of the key underlying problems in the whole lead-up to the meltdown was too much leverage, too little capital or too little collateral, , a staff director for Senate Agriculture Committee Chairman , said in an interview ... Such an arrangement would subject the contracts to margin and collateral requirements ... Unregulated hedge funds, energy companies and other corporations whose activities in those markets create large exposures to counterparties could also be required under... (Bloomberg -- US)
Goldman Junk Credit Nightmare Shared With Morgan Stanley Fades From Market Jun 22, 2009
Chief Financial Officer spoke almost hourly about the firms liquidity and funding with Group Treasurer , as well as with , who runs secured financing, and , head of collateral management, according to a person with knowledge of the situation ... Goldman Sachs CFO , who was preparing to report his firms third-quarter the day after Lehman went bankrupt, mobilized hundreds of employees around the world to comb through the firms funding and collateral agreements to ensure it would have... (Bloomberg -- US)
Financial collapse of luxury-resort owners Jun 21, 2009
For years they ran it together, installing the caviar bar in the clubhouse, and giving the 75 ski runs names like "Learjet Glades" and "Ebitda." Then in 2005, despite assurances to members that Yellowstone would never take on debt, the Blixseths obtained a $375 million bank loan from Credit Suisse by pledging the assets of the club as collateral. That, Edra Blixseth says, is when the trouble began. (San Francisco Chronicle -- Business)
Credit Card Transfer or Consolidati... Jun 21, 2009
However, turning unsecured into secured debt is rarely a good idea as it gives creditors collateral. Should an unsecured consolidation loan not be available, a is preferable. (Suite101.com)
US$11.5 Million to be Blown on MPs Cars! Jun 21, 2009
The Presidents word is also as valid collateral he cannot vanish any day, so in case of default, the financial institution (the lender) would be guaranteed payment of the dash ... When he was going to take more than US$3 million from the National Investment Bank to buy that hotel near his fathers house because he was the son of the then President, he neednt have to provide a thirteen bedroom house at Manhattan as collateral for the loan. (Ghana Web, Ghana)
Theater fell to a medley of misfortune Jun 21, 2009
Fellows s wife, April, did loan the theater $400,000, using as collateral a house the theater had for actors staying in town. Meanwhile, Ivan had a staff revolt on his hands. (Boston Globe)
'Volkswagen sees positive Q2 results' Jun 21, 2009
"If we give a loan, enough collateral needs to be there. Loans can only be given at an arm's length principle. There are no exceptions," he said. Porsche amassed a 9 billion euro debt 00004000 pile in an aborted attempt to acquire 75 percent of VW votes, and has looked to rescue itself by uniting with its cash-rich subsidiary. (India Times)
Storm's weird demise Jun 20, 2009
What about all those bank promises about margin loans helping you to preserve capital used as the collateral for a loan. As Storm Financial investors found out to their great expense, they were sold up too late and left with nothing or in about 200 cases left owing the banks money Preserving capital indeed. (Sydney Morning Herald -- Business)
xxxxofjeffcity Jun 20, 2009
ctygrl4ever wrote on May 9, 2009 6:52 PM:" tracey....I know that your comments were directed at smart guy but I feel compelled to join in....yeah.....If everyone is so up in arms over the actions or lack there of, by the owner of this establishment, let's look at it logically. Does anyone want to go into a business that advertised itself as one thing but really.....we have another little business we operate out back...I as a patron not "invited" to attend these little extras , am ignorant to the... (Jefferson City News Tribune, MO)
Foreclosure bug may spread in Memphis Jun 20, 2009
Now, if they can find financing at all, lenders are asking them to have 85%-90% equity in the property and put up personal guarantees and all sorts of other collateral, Humphreys says. Refinancing properties has become much more difficult. (Memphis Business Journal, TN)
The Citizen's Cinema Jun 20, 2009
TheCitizensCinema wrote on May 4, 2009 8:51 PM:" "Caprica" - like the Sci Fi series from which it spun off, "Battlestar Galactica" - begins as a movie. Set 50 years prior to "Galactica's" human holocaust at the hands of the Cylon robot race, "Caprica" documents how the Cylons were created. Whereas "Galactica" was an ensemble drama, "Caprica" is structured as a family drama. Its straight-to-DVD pilot, released in late April, centers on the conflict between Joseph Adama (Esai Morales), father of... (Auburn Citizen, NY)
Jobless rate high Jun 20, 2009
For those who are wanting to start their own businesses, Testi said it is important they have good credit, they have good collateral and a good business plan. Check out more local news at. (Ontario Argus Observer, OR)
Standard Parking Corporation Announces Election of Timothy J. White to the Company's Board of Directors Jun 19, 2009
As previously reported, on May 15, 2009, GSO Capital Partners LP, and its affiliates collectively became the Company's largest stockholder, as a result of the foreclosure on shares pledged as loan collateral and previously held by Steamboat Industries LLC and its affiliates, the Company's former controlling stockholder. Jim Wilhelm, the Company's Chief Executive Officer, said: "We are very happy to have Tim join our board. He knows the parking industry quite well and has followed our Company for... (Primezone Releases)
Some Bank of Japan Board Members Said Exit Policy Up to Markets, Economy Jun 19, 2009
It has also offered to lend to commercial banks limitlessly in exchange for sufficient collateral. The programs expire on Sept. 30. (Bloomberg -- Japan)
Chatham Financial Comments on Proposed OTC Derivatives Regulation Jun 19, 2009
The letter lists concerns over regulations that might limit access to customized derivatives or impose onerous collateral requirements on the American businesses that use OTC derivatives responsibly to hedge fluctuations in interest rates, foreign currency exchange rates, and commodity prices. These concerns are directed at certain proposals mandating clearing and exchange-trading for all OTC derivatives. (PR Newswire)
Blend Images Announces the Launch of Rights-Managed Flex Packs Jun 19, 2009
There are 7 Flex Pack options to choose from: All Marketing Pack, Collateral Pack, Advertising Print/Product Pack, Advertising Indoor Display Pack, Advertising Outdoor Display Pack, Digital Pack (Mobile, Interactive, Web), and All Internal Use Pack. Each option provides unlimited usage within the specified territory, industry, and time period selected. (Yahoo! Wire -- Entertainment News)
Is Steven Chu too much of a techno-geek? Jun 19, 2009
" Some fine Internet sleuthing by Cannon discovers numerous references in the Phillipines to a stash of mysterious "Federal Reserve Bonds" dating back to the 1930s. There's even a YouTube video produced by the cult documenting a hoard of these very bonds some of which are worth $500 million a piece. Which brings us the only new details reported over the weekend in the English-language mainstream press. The seized notes include 249 securities with a face value of $500 million each and 10... (Salon)
Army offensive threatens Pakistan itself: Imran Khan - Yahoo! News Jun 19, 2009
"When the true horrors of the collateral damage are known ... the Taliban will have won" through new recruits, Khan said. Khan, a longtime critic of how the United States has executed its "war on terror," said Pakistan should not necessarily target self-described Taliban, whom he characterized as a local political movement. (Yahoo News)
Lack of will tangles ex's estate Jun 18, 2009
DEAR N.G.: Aside from monies borrowed using your home as collateral (mortgages, home equity loans, etc. for the ordinary citizen interest is not deductible. (Orangeburg Times and Democrat, SC)
