Word: debts
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...need to generate fat returns of 15%-20% per annum. Worse, this business model was based on a dirty secret - expelling as many existing tenants as possible. This is the thuggish reality behind otherwise respectable-sounding prospectuses offered to investors to explain how they could service high debt on mortgage-backed securities. "The borrower anticipates to recapture approximately 20%-30% of the units [roughly within the first year] and 10% a year thereafter," explained a prospectus for a portfolio of buildings in upper Manhattan being bought by Apollo Real Estate Advisers (now AREA Property Partners), with a primary mortgage from...
...though, many new owners have been unable to meet their overly ambitious rent roll increase targets, and many of these investments are in danger of buckling under the high debt servicing costs. Finance industry watch lists are already full of private-equity-financed deals in danger of default. That has local officials scrambling to find "preservation buyers" who are willing to take on these properties with the expectation of a more modest 7%-8% annual return...
...will restrict credit and make it harder for businesses to grow and individuals to spend. That could put the brakes on the economic rebound. What's more, the continued loan losses at the banks show that individuals and companies are still having trouble paying their bills and meeting their debt obligations. Lastly, the losses at the banks, at a time when the government is offering significant stimulus to the financial sector, suggest that the firms remain far from fixed...
...course, some say it is normal that banks would be hurting at this part of the recovery cycle. People and companies continue to fall behind on their debt obligations long after the economy turns. While the banks' lending operations still look weak, the volume of bad loans at many of the banks, including Citigroup and JPMorgan, are piling up slower than in the past...
...will receive an investment of about 300 billion yen ($3.3 billion) from the ETIC, which the flailing airline approached in October, in addition to hundreds of billions of yen in debt waivers from its main lenders. In addition, the ETIC and the state-backed Development Bank of Japan will extend JAL a credit line of more than $3.5 billion. Key measures of the restructuring plan include cutting more than 15,000 jobs, or about 30% of its workforce, by the end of 2013, paring down to about half of its 110 group firms, and slashing unprofitable international and domestic routes...