Word: loans
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...worry is that problems at the banks 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...
...Entitled "Thrice Upon a Time: A Century of Story in the Art of the Philippines," the show - hung alongside a separate collection of modernist works on loan from the Ateneo Art Gallery in Manila - runs at the Singapore Art Museum until Jan. 31. Underscoring its importance to the Philippines' often battered image abroad, the show was opened by President Gloria Macapagal Arroyo herself. In doing so, she was obliged to march briskly past one of the more cheeky exhibits: a bottled collection of pungent smells, including an essence of rotten eggs labeled PHILIPPINE GOVERNMENT...
First he showed me a small industrial park built not long ago by a local businessman. It's got tenants, and the owner has been making his mortgage payments. But when his loan comes due - commercial mortgages generally run three to 10 years, not the 30 that homeowners get - he almost certainly won't be able to refinance because building prices have dropped and lending standards have tightened. Which means he will either have to cough up a lot more up-front cash or lose the property...
...common predicament. A few miles to the east, Bonney pointed out a dusty lot that represented another stage of real estate pain. The bank that financed the purchase of the lot had decided to bite the bullet and take possession of it rather than give the developer a construction loan for a building no one would occupy. There already was a newly constructed - and empty - building across the street. The bank that made the construction loan for that building would soon have to decide whether to "extend and pretend," as the industry saying goes, or take a loss. After that...
Beth and Brent Fite, of Redlands, Calif., prequalified in May for a $300,000 loan. After six months, they had three offers rejected. "They say it's been a buyer's market, but it really doesn't seem like it," says Beth, an administrative assistant for the city of Corona. At the end of the summer, the couple found the home of their dreams - a three-bedroom, two-bath house perfect for raising a family. They bid $25,000 above the asking price but were passed over for a cash offer...