Word: banke
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...commercial real estate - and once again, Las Vegas is headlining. Even worse, the bottom fell out as casino owners were building, so a number of them couldn't replace construction loans with the financing that was once readily available to complete and open hotel-condo-casino projects. Deutsche Bank foreclosed on the $3.9 billion Cosmopolitan Hotel; only it couldn't find a buyer, so the bank is in the odd position of owning a casino - though given the way banks have operated in this decade, that seems like a logical business extension. Meanwhile, Station Casinos, Tropicana and Herbst Gaming have...
...that's about 60% of homeowners in Las Vegas) and sells them a new house similar to the one they've been living in at half the price they paid for their old house. Then she tells them to stop paying the mortgage on their old place until the bank becomes so fed up that it's willing to let the owner sell the house at a huge loss rather than dragging everyone through foreclosure. Since that takes about nine months, many of the owners even rent out their old house in the interim, pocketing a profit. (See pictures...
...changed here to protect him) whose out-of-town investor demanded that the agent find a way to cover some of the losses he was taking on the $60,000 down payment he'd sunk into a house. So the agent created a separate contract, never shown to the bank, that said the new buyer had to purchase a $60,000 Persian carpet from the seller - a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer - who was happy just to get a deal...
...with what [Warren] Buffett said, about how he never understood why they send a bunch of men 5,000 feet under the ground in Africa to bring out this metal, and then they ship it all across the world and it's buried 1,000 feet underground at the Bank of England and the U.S. Treasury. There is something illogical about...
...pleasantly surprised, and didn't expect this before the third quarter," says Gilles Moec, a European economist for Deutsche Bank in London. "But the improvement is rather thinly spread, and not necessarily sustainable. A lot will depend on whether the positive activity in exports and consumer spending continues, which may prove difficult." (See pictures of the global financial crisis...