Month: June, 2008

Buying the farm

30 June, 2008 (08:19) | Eminent domain, Land use, Local issues, US News | No comments

Every now and then, somebody does it right. 
 
In the bold action of a man confident of his politics and his policy, Florida governor Charlie Crist has pulled the trigger on what looks like a long-term masterstroke.  As reported in The Washington Post:
 

In the stillness is the act …
 
In an ambitious maneuver to help restore [...]

Zondi on developing-world poverty

27 June, 2008 (08:10) | Global, Slums, South Africa | No comments

 
“Lieutenant,” said Zondi, “with respect, there is white man’s rubbish, and there is black man’s rubbish – and the poorer the black man, the bigger is the difference.  A boiler boy, boss, is a very poor man indeed.”
– James McClure, The Song Dog, 1991, page 211
 
Few countries show greater contrasts than South Africa, and with [...]

Affordable housing in Turkey: my talk at GYODER

26 June, 2008 (08:12) | Global news, Government, Policy, Public-Private Partnerships, Turkey | No comments

On June 5, at a well-attended and highly anticipated Istanbul panel held as part of the Annual Summit of the Turkish national Real Estate Association (GYODER), I delivered a speech summarizing our six-month ‘country assessment’ of Turkey’s affordable housing ecosystem.
 

It sounds better in English
 
Our goal was to examine Turkey’s affordable housing financial environment today, identify [...]

Seller-paid down payments: fundamentally flawed

25 June, 2008 (08:14) | Hard equity, Legislation and policy, Regulation, Theory, US News | No comments

There are times when being right is no consolation, it merely makes you angry.
 

Sometimes you wish you hadn’t been so right
 
A year ago, in a post entitled 3% altruistic, I wrote about the FHA’s ‘non-profit-donated’ down-payment program
It sounds like a misprint — a non-profit that gives low-income borrowers money for the down payment on [...]

“It’s worth what I say it’s worth”: Part 2, done on paper

24 June, 2008 (07:49) | Capital markets, Finance, Regulation and Reform, Securitization, Subprime, US News | No comments

[Continued from yesterday's Part 1.]
 
Yesterday, using a New York Times article as a springboard, we examined Humpty Dumpty’s question of value: what does value mean, and who decides that it means that? 
 

“Everything’s coming up roses”
 
For reasons I listed yesterday, the assets are often valued by people who have a vast vested interest in seeing them [...]