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- BofA may not guarantee $38.1 billion of Countrywide debt
Bank of America Corp. said it will not offer any assurance that $38.1 billion of Countrywide Financial Corp. debt "would be redeemed, assumed or guaranteed" after the takeover. Investors had grown optimistic that Bank of America would support Countrywide's debt, but the announcement fueled speculation that the mortgage lender's bondholders face a renewed risk of default. Bloomberg
(5/2)     
| Capital Markets | | |
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- Emergency Fed lending down for fourth straight week
Wall Street investment companies averaged $18.6 billion in daily borrowing from the Federal Reserve's emergency-lending program over the past week, down from $22.6 billion a week earlier. It marked the fourth straight week in which borrowing has declined in the program, which started March 17. CNBC/Associated Press
(5/1)
- Cash allows Buffett to go bargain hunting
With share prices falling and companies dumping assets for cash, Berkshire Hathaway Chairman Warren Buffett has more than $40 billion and is ready to shop. Investors expect Buffett to swoop in on bargains. "Buffett has got the liquidity that others are lacking," said Mohnish Pabrai, who runs Pabrai Investment Funds and holds Berkshire shares. "The disruptions work in his favor. This is a perfect market for Berkshire." Bloomberg
(5/2)
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- Zell predicts resurgence in commercial real estate
Institutional investors are beginning to return to the market for mortgage- backed securities that finance commercial real estate deals and new construction, according to billionaire Sam Zell. "Is it in large volumes? No. Is it the first natural step in the evolution? Yes," said Zell, chairman of Equity Residential, the largest U.S. apartment owner. Bloomberg
(5/1)
- Norwegian Property, Scandic receive bid for Norgani
A group of unidentified companies made a bid of 11.1 billion Norwegian kroner, or $2.15 billion, to Norwegian Property ASA and Scandic Hotels AB for Norgani Hotels ASA. The bid comes less than eight months after Norwegian Property and Scandic acquired Norgani for 10.1 billion kroner, or $1.96 billion. Bloomberg
(5/2)
| Real Estate Marketplace | | |
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- UAE state breaks ground on $59 billion development
Ajman broke ground on Al Zorah, a $59 billion master-planned "sustainable residential, business and leisure community." Ajman is the smallest in size of the seven federated states making up the United Arab Emirates. Al Zorah Development Co., a JV between the Ajman government and Beirut-based Solidere International Ltd. Solidere, is the developer. Commercial Property Executive
(5/1)
- Russia Wharf project in Boston gets anchor tenant
Wellington Management Co. agreed to occupy 450,000 square feet under a 15-year lease agreement in Boston Properties' 815,000-square-foot mixed-use Russia Wharf in Boston. Wellington will be the anchor tenant of the 552,000-square-foot office segment of the $500 million project. "You don't find a whole lot of deals like that in the Boston market," said Stephen Brodsky, senior vice president & managing director with real estate services firm Grubb & Ellis Co. Commercial Property Executive
(5/1)
| NAREIT News | | |
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| Policy Watch | | |
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- House committee vote approves housing rescue plan
The House Financial Services Committee approved a bill 46 to 21 on Thursday that would help distressed homeowners as well as new homebuyers. The housing package includes an overhaul of the Federal Housing Administration, stronger regulation of mortgage giants Fannie Mae and Freddie Mac, and a $7,500 tax credit for first-time homebuyers. Republicans oppose portions of the bill that would bail out troubled homeowners who signed up for risky loans. The Washington Post
(5/2)
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Treasury officials defend efforts to aid housing market: Officials from the Treasury Department have been meeting with Wall Street and banking officials to defend the department's response to the housing issues as congressional Democrats urge the government to make more aggressive moves. Although the credit markets have eased recently, economic concerns are a top political issue and the three leading presidential candidates have all called for more intervention from the federal government. The Wall Street Journal (tiered subscription model)
(5/2)
- FASB proposes accounting rule changes to curb abuses
The Financial Accounting Standards Board is considering changes to accounting rules that would make it more difficult and expensive for banks to repackage and sell loans. The result may be higher borrowing costs for companies and consumers, but it would also prevent many of the abuses that led to the subprime meltdown. The rule changes will "be a little bit like taking the punch bowl away," said Robert Herz, chairman of the FASB. The Wall Street Journal (tiered subscription model)
(5/2)
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