Word: loans
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Dates: during 2000-2009
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...ultimately the way these guys operate is the way it is in Mexico.” The city bears many wonders for them—free SUVs and beautiful supermodel girlfriends, among them—but it also brings a host of dangers: corruption, luxury, vices, and unsavory loan sharks. And from the sprawling metropolis of Mexico City to the rural banana-farming communities of the state of Oaxaca, the movie depicts Mexico in a variety of contrasting locales. One great challenge was to film the final soccer match, which is played out in Estadio Nemesio...
...these windfalls were the chimerical sums of weird accounting conventions. Citi, for example, booked $2.5 billion in gains - without which it would have booked a quarterly loss - because investor fears that it would go under decreased the market value of its liabilities. (Really, it's as perverse as that.) Loan losses are also still rising and could eventually swamp earnings again at many banks. But the first-quarter profits weren't entirely imaginary. As we look ahead, banks really are in a position to make money. "This is a great time to be in banking, you know," said Warren Buffett...
Most mortgages for commercial real estate - office and apartment buildings, hotels, industrial warehouses and shopping malls - are structured as 5-to-10-year loans. After that, the loan is normally refinanced. But the recession has eroded the fundamentals of even good refinancing candidates. Property values have plummeted, with sale prices down as much as 45% from the peak in 2007, Deutsche Bank reports. And vacancies are up - expected by year's end to reach 13.5% for retail and 17% for office buildings - cutting potential income that commercial properties need to make their mortgage payments. Some areas will be even worse...
...same time, underwriting standards have significantly tightened since the boom years of 2005 and 2006, when banks granted loans of up to 95% of a property's appraised value. Today loan-to-value ratios have dropped as low as 60%, so a "very large percentage of outstanding loans simply will not qualify to refinance," said Parkus. (See 25 people to blame for the financial crisis...
...name in the past. That prompted Stephen Timms, financial secretary to Britain's Treasury, to crow: "We have gone beyond the era of stigma." India's Prime Minister Manmohan Singh said he viewed Mexico as a precedent, and concurred with Timms. "We are very happy that the [loan] conditions are being relaxed," he said...