Word: bankses
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During the boom years, banks lent vast sums of money to developers as property fever gripped the newly wealthy nation. But when the bubble burst with the global meltdown last year, these unpaid loans left huge holes in the banks' books and the liberal lending of the Celtic Tiger era...
But even that wasn't enough. Next month, the Irish government is set to formalize a highly controversial bailout plan in which a National Asset Management Agency (NAMA) would be created to remove the unpaid, property-linked debts from the banks' balance sheets. If approved by Parliament, which appears increasingly...
Lenihan says housing prices need only appreciate 10% over the next 10 years for NAMA to return a profit on its initial expenditure. But predicting what's around the corner is never easy - as Ireland knows only too well. According to NAMA's draft business plan, a "prolonged property market...
Unlike similar legal fields such as bankruptcy, foreclosure is rarely a full-time practice and is often handled by real estate attorneys or legal-aid-services agencies. Still, more than 3 million property foreclosures were filed in the U.S. last year; South Florida is expected to see more than 150...
Despite China's strong rebound this year, Chinese officials remain cautious. On Sept. 11 Premier Wen Jiabao said "the stabilization and recovery of the Chinese economy is not yet steady, solid and balanced." China's stimulus package - the equivalent of 14% of GDP - focused on large infrastructure projects, work often...