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The $3.5 tn commercial real estate market is eroding, defaults are doubling on loans for apartment buildings, office buildings, housing complexes, strip malls, hotels, hospitals, and a staggering amount of loans must be rolled over this year into refinancings, or else go bellyup. Prices in commercial real estate have fallen about 39% from the peak in mid 2007, according to the Massachusetts Institute of Technology's Center for Real Estate, with no signs of the plunge stopping. Data from Moody’s Investors Service show similar declines. The 39% drop in commercial real estate prices has already eclipsed the 27% decrease during the S&L crisis of the late '80s to early '90s. And the derivatives, the ticking time bonds built on the backs of these potentially Kryptonite loans, could deepen the crater already blown wide open on Wall... [read full story]
Nov 21, 2009 (The Dallas Morning News - In October, the Dallas Federal Reserve Bank stopped processing paper checks at its Uptown facility. Wal-Mart Stores Inc. is aggressively integrating its stores and Web site this year....
The banking business has the blahs in St. Louis. Fed's third quarter report on area banks That's the upshot from third-quarter results for St. Louis banks as reported by the Federal Reserve Bank of St. Louis. Gateway Bank was...
Storm of criticism said to buoy Geithner SECRETARY PUSHES BACK Even ex-Bush aides sympathetic, sources say Treasury Secretary Timothy F. Geithner is apparently unbothered by tense exchanges this week with lawmakers, according...
Glenn Greenwald explains why Ron Paul's victory in the House Finance Committee regarding his legislation to audit the Federal Reserve was such a big deal -- and such a great thing. Excerpt: Our leading media outlets are capable...
