Word: repossessions
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...Garnaut's first establishment, Hong Kong's M at the Fringe, was housed in a 97-year-old heritage building originally used as a cold-storage warehouse. (The landlord's decision to repossess the property meant that the restaurant had to vacate the premises in December and begin the search for a new home.) Her two Shanghai establishments - M on the Bund and the Glamour Bar - overlook the Huangpu River from the Nissin Shipping Building, built in 1921. They were the first ventures of their kind to grace the Bund since its prerevolutionary heyday. "At the time, everyone thought...
...policies starting at the federal housing agencies and later expanding industry-wide thanks to strong-arming from some combination of the Obama Administration and Congress. Loan modifications are the quintessential example. Perhaps one more relevant bit here is the law that was passed earlier this year requiring banks that repossess houses to honor the terms of existing leases (i.e., to not immediately kick out any existing renters). Fannie Mae already had such a policy in place. Over the summer, an Assistant Secretary of the Treasury Department told a Senate panel that the Administration was considering rent-backs, but the idea...
Freddie lost $1 billion more on bonds tied to short-term loans made to Lehman Brothers. Like Lehman, that investment went belly up. Then there are all the houses it has to repossess as people stop paying their mortgages. The company now owns about 30,000 homes. Maintaining these houses costs about $3,300 a month each, and that comes on top of the loan loss, which is typically about one-third the size of the mortgage. Wave goodbye to another billion...
...better or easier to do than buying up mortgage bonds. In fact, when it comes to credit card debt it could be riskier way to use taxpayer money. That's because credit card debt unlike mortgages is unsecured. If a borrower defaults, there is no house to repossess. What's more, credit card debt, unlike a mortgage, can be wiped away in bankruptcy. (Read "Four Steps to Ending the Foreclosure Crisis...
...extension of his real estate--investing business, drafted a letter explaining her situation--an appeal based on the fact that banks, deluged with loans going awry, would like to avoid foreclosure too, since it can cost tens of thousands of dollars in legal and rehab fees to repossess and sell a house. "We wrote a beautiful distress letter together," says Helbert. "We told her story." He was eventually able to talk the bank into reducing Bond's interest rate enough to save her $460 a month. So far, Helbert has helped keep about a third of his clients from losing...