Developing Affordable Housing Ecosystems World Wide
How a couple of years can change things!
In real estate development, wise developers always heed Brutus’s advice:
Not that I loved eminent domain less, but that I loved New London more
There is a tide in the affairs of men,Which, taken at the flood, leads on to fortune;Omitted, all the voyage of their lifeIs bound in shallows [...]
[Continued from yesterday's Part 1.]
Yesterday we explored the risks in taking out a bullet loan, starring Harry Macklowe, as profiled in this intriguing story from the New York Times:
Despite the problems hanging over Mr. Macklowe’s holdings, some analysts say that it would be a mistake to count him out. This is the third time Mr. [...]
In finance, if the borrower makes interest payments, and then the whole sum becomes due and payable at once (a balloon), it’s called a bullet loan.
If you have a bullet, you better be able to handle the balloon
When I describe such a loan to neophytes, I bring my finger up to my temple, to [...]
[Previous months in review available here: Nov 07, Oct 07, Sep 07, Aug 07, Jul 07, Jun 07, May 07, Apr 07, Mar 07, Feb 07, Jan 07.]
Early in December, the mortgage industry banded together to offer a broad plan for rate reset amnesty options, available to a particular subclass of borrowers that I described [...]
[Continued from yesterday's Part 1.]
I am the hero of my own life
All things flow through me
When last we left our heroes (or villains), as reported in The Wall Street Journal, they had dodged a bullet in Georgia. No sooner was the issue settled there than it popped up again elsewhere:
Problems were also developing for the [...]
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