bankrupcy: U.S. Loan Effort Is Seen as Adding to Housing Woes
- 01/06/10 08:15 AM
The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good. Since President Obama announced the program in February, it has lowered mortgage payments on a trial basis for hundreds of thousands of people but has largely failed to provide permanent relief. Critics increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes. As a result, desperate homeowners have sent payments to banks in often-futile efforts to keep their … (1 comments)
bankrupcy: General Growth Properties could be up for sale
- 12/14/09 07:19 AM
One very big-ticket item has made its way to the top of some high-profile shopping lists this holiday season: the shopping mall itself. Making strides to emerge from a mammoth bankruptcy, Chicago-based General Growth Properties may be in play, as competitors seek to acquire some or all of the nation's second-largest mall company. Valued at about $30 billion, the owner of Water Tower Place, Northbrook Court and more than 200 other malls in 44 states, is exploring its options with "multiple parties," Chief Executive Adam Metz told the Tribune. At least one rival -- Toronto-based Brookfield Asset Management -- already … (0 comments)
bankrupcy: Commercial real estate developers seek bailout
- 12/22/08 02:19 AM
The commercial real estate industry is the latest to seek a government bailout. A dozen real estate development groups have asked Uncle Sam for help to avoid defaults, foreclosures and bankruptcies. The Wall Street Journal reports that some of the country’s biggest developers have asked Treasury Secretary Henry Paulson to be included in a $200 billion loan program recently created by the government to support the market for car loans, student loans and credit card debt. In a letter to Paulson, the commercial real estate leaders warn that thousands of properties are in danger of foreclosure because current financing is coming … (0 comments)
bankrupcy: 1031 TIC Bankruptcy
- 12/01/08 03:09 AM
Kenneth R. Harney The biggest financial fear about so-called "1031 TIC" real estate investment deals appears to be turning into reality: One of the largest "tenants in common" or "TIC" firms -- with 8,300 individual investors and office and retail properties valued at $2.4 billion -- has filed for Chapter 11 bankruptcy protection. The firm, DBSI of Boise, Idaho, was part of an investment wave that followed a 2002 ruling by the IRS. That ruling said owners of commercial and residential income properties could fulfill the tax-deferral requirements of Section 1031 of the Internal Revenue Code by investing in tenants-in-common ventures. … (0 comments)
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The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.
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