Word: mortgagees
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The credit crunch has thus far focused on the residential mortgage mess. But with $1.3 trillion in loans to shopping centers and other commercial properties coming due between now and 2013, another time bomb is ticking. In a report scheduled for release on Wednesday, Deutsche Bank estimates that at least...
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...
In addition to that, the average number of people applying for unemployment benefits is not improving, and on a rolling average, the figures are getting worse. It is one statistic where the idea of the progress of the problem slowing means nothing. Another person out of a job is a...
Florida officials are making their own surge, which is only fitting given that appallingly lax state oversight earlier in the decade allowed just about any crook to become a mortgage broker. Five people were busted in Miami on Thursday in a $4.5 million straw buyer scam. Florida Attorney General Bill...
One of the targets of the suit, which seeks restitution for the plaintiffs, is Keep Your Property, Inc. The North Miami Beach firm allegedly bilked Floridians like Leslie Brown, a 73-year-old Jamaican immigrant and former dockworker. When faced with foreclosure on his Ft. Lauderdale home last fall, he...