Yellen Says No End To Recession In Sight (Nasdaq)(RTTNews) - San Francisco Federal Reserve Bank President Janet Yellen says the Fed's monetary policy may have played a role in the U.S. credit boom and the resulting housing price bubble. But he added they were by no means the only factor.
Icahn And Oaktree Said To Push For MGM Mirage Bankruptcy (New York Times)Will it be pistols at dawn in Vegas for Carl C. Icahn and Kirk Kerkorian? The activist investor and private equity fund Oaktree Capital Management have amassed hundreds of millions of dollars of MGM Mirage bonds and have told the troubled casino firm it should quickly overhaul its massive debts in bankruptcy, The Wall Street Journal reported, citing people familiar with the matter.
GM CEO Says Bankruptcy 'Probable' (Washington Post)General Motors chief executive Fritz Henderson said the automaker still intends to restructure its business outside of bankruptcy, but a filing is still "probable" given all the concessions it must achieve with such a short deadline.
Las Vegas Braces For Commercial Foreclosures (Las Vegas Sun)A tsunami of commercial real estate foreclosures is on the horizon and is threatening banks and undermining developers who are already struggling with high vacancy rates. Itâs another looming blow for many banks that are sweeping up after the financial wave of the residential real estate bust. Since the first of the year, a growing number of developers of offices, industrial space and retail ...
U.S. Foreclosures Up 24 Pct In 1Q (The Newton Kansan)The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.
Housing Market Cooling - Comment On This Story (The Sudbury Star)The worldwide recession and nickel industry woes have combined to prick the local housing market bubble. According to the Sudbury Real Estate Board, a total of 350 homes changed hands locally through the Multiple Listings System in the first three months of 2009, down from 636 a year ago.[...]
High Volume Gets Blame In Theft Case (Arizona Daily Star)The sheer volume of mortgages generated at the height of the housing bubble made it difficult to quickly discover acts of fraud and theft committed by employees at Title Security Agency of Arizona, the company's president said Thursday.
Foreclosures Continue To Rise In South Florida (Miami Herald)The number of foreclosures in Miami-Dade and Broward continued rising last month, as mounting job losses crippled borrowers' ability to make mortgage payments. Lenders lifted previous foreclosure moratoriums and resumed legal action against delinquent accounts.
G.M. Hopes To Make Deadline But Is Preparing For Bankruptcy (New York Times)The chief executive of General Motors , Fritz Henderson, said Friday that âit is still feasibleâ for G.M. to meet the administrationâs demands by June 1 without filing for bankruptcy, but he acknowledged that executives were preparing to seek court protection if necessary, The New York Timesâs Nick Bunkley reported.
A Quick Bankruptcy For G.M.? Not So Fast (New York Times)Any hope of a high-speed bankruptcy by General Motors faces a serious obstacle: a judge â not the Obama administration, not G.M. management and not the companyâs creditors â would reign in court, The New York Timesâs Jonathan D. Glater writes.
