Month: April, 2007

Turkey: Part 1, national demand

30 April, 2007 (10:03) | Affordable Housing, Economics, Finance, Istanbul, Turkey |

  On 25-26 April, I was a guest speaker at the enormously well-attended (800 registrants) Turkish Real Estate Summit in Istanbul, sponsored by Gyoder, a trade association originally formed of REITs but now a big tent comprising most of the real estate sector: developers, lenders, brokers, investors, and the myriad service providers whose booths are […]

China property rights: the shot heard round the world?

27 April, 2007 (10:01) | China, Development, Policy |

“Why are words important?”   Partway through Bernardo Bertolucci’s sumptuous epic The Last Emperor, the young Pu Yi is being tutored by the gentleman’s gentleman, who carefully explains to him, with orotund gravity and dentured stately cadence:   “Words are important.” “Why are words important?” “If you cannot say what you mean, your majesty,   […]

Subprime loans: a helping hand, Part 2

26 April, 2007 (11:00) | Fannie Mae, Foreclosure, Freddie Mac, Lending, Loans, Subprime |

  [Continued from yesterday’s Part 1.]   Sooner or later, these billions add up   Yesterday we heard about the $1 billion that NACA is taking credit for Citigroup and Bank of America’s willingness to provide to refinance subprime loans.  It’s clearly capital that will be welcome, for the subprime sector is wobbly:   Mark Zandi, […]

Subprime loans: a helping hand, Part 1

25 April, 2007 (09:04) | Fannie Mae, Foreclosure, Freddie Mac, Lending, Loans, Subprime |

Every now and then, we need a helping hand across the gap.   Back in the days when I could take three-week vacations from work [Before the internets? — Ed.], Nancy and I went hiking in Canyon de Chelly (pronounced Shay).   We hiked the Crack Trail   To get our money’s worth from Ronnie, […]

Securitization: the Adventure of the Top-Sliced Lender, Part 2, the slicer

24 April, 2007 (10:11) | Finance, Securitization |

[Continued from yesterday’s Part 1.]   Investment bankers love to draw boxes and arrows   By now Mycroft Holmes’s enormous waistcoat was dusty with rainbow hued chalk dabs as this securitization primer roused his enthusiasm.   “Too significant by far,” he repeated, glowering at those unseen readers who had not read yesterday’s post.  “We have […]