Word: short
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Dates: during 2000-2009
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Nicholae Blanchard, an agent in Cape Coral, Fla., says she has been waiting for a year for a bank to approve one deal. In all, she has completed 10 short sales on behalf of buyers or sellers this year, but she says things have been getting slower lately. She's had only one deal approved in the past two weeks - and that was for a vacant lot. Two other deals were rejected. Blanchard says banks and investors are dragging their feet to see how the government bailout will benefit them. "The bank negotiators told me they are doing fewer short...
...Beyond short sales, buyers are also walking away because banks are requiring higher down payments and credit scores. Mortgage rates, too, which have recently been rising, are keeping buyers out of the market. "I had one buyer recently walk away because they had 10% to put down, but the lender wanted a 20% down payment," says Barry Miller of Denver-based Buyer's Only Realty. "She said she would save more and come back in a year...
...catastrophic losses in the market, while the iconic Porsche logo on their steering wheel stares back at them. That's because the venerated Stuttgart sports-car manufacturer on Monday inflicted losses estimated to be as high as $38 billion on hedge funds, banks and other investors who had been short-selling Volkswagen stock. It was more than just patriotic fervor that got Germans cheering this week when shares in VW shot up to more than $1,276, making it, for a few minutes on Tuesday, the most valuable company in the world. It was plenty of schadenfreude, too, directed...
...direct stake in VW to 42.6% from 35%, and also having exercised call options on enough shares to raise its stake to 74.1%. The sports-car manufacturer's announcement that it had effectively taken control of VW was very bad news for hedge funds and banks that had taken short positions on VW shares on the assumption that their price would fall...
...scale of the losses the short-sellers would have to absorb grew rapidly as they scrambled to acquire the shares necessary to cover their positions and cut their losses. The stock price soared as it became clear that there simply wasn't enough VW stock in the market to meet demand - short-selling investors had borrowed around 13% of VW's stock, but only 6% was trading freely, the remainder being held by Porsche and the state government of Lower Saxony...