Word: lender
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...week's market meltdown, companies will still be keen to buy the special brand of magic that sports teams offer. Citigroup stumped up some $400 million to tag its name to a new stadium that baseball team the New York Mets will play in from next year. And British lender Barclays - who backed out of talks over a possible takeover of troubled Lehman Brothers last weekend - lavished a similar sum for the naming rights to the New Jersey Nets' planned Brooklyn basketball arena. If that sounds risky, consider its exposure in its home market: the U.K. bank is the proud...
...still have a house, and you still a mortgage to pay. Back in Depression-times, mortgages were often callable. If the lender needed its capital back, it could force you to pay off your loan. But we don't do that anymore with mortgages (for good reason...
...line from by the Treasury Department that bailing out Fannie Mae and Freddie Mac was not a precedent, and that the Federal Government would not be lender of last resort to Wall Street? The public did, but Wall Street didn't. If the bank was open for Bear and Freddie and Fannie, why not Lehman and AIG? It took a high noon showdown over the weekend for Treasury Secretary Hank Paulson - one of Wall Street's own - to convince the Street's gunslingers that he wasn't kidding about the moral hazard issue...
Michael and Ingrid Webb are among the hundreds of people who sought help in West Palm Beach after they missed two months of mortgage payments. They owed thousands to their lender, which refused to refinance. Michael had expected to pay a $1,600 monthly mortgage when they first refinanced a year ago, but unexpectedly wound up paying more than $2,400 because of a higher interest rate. Savings and 401(k) accounts were depleted. They first learned about the foreclosure assistance center on their city water bill. They now pay about $200 less a month in their mortgage thanks...
...gone cold. With jittery banks slashing the range of available mortgages, and rocketing gas prices nudging inflation to 3.8% - well above the Bank of England's 2% target - demand in Britain's housing market has been choked. House prices fell 1.7% last month, according to Halifax, a major mortgage lender, and a total of 8.8% over the past year. That's hit Britain's construction business hard. Shares in Taylor Wimpey, the U.K.'s largest house builder, have fallen more than 80% over the past 12 months. The construction downturn slowed growth in Britain to an anemic...