Friday, December 30, 2011
A venture controlled by Mr. Mazola that built a 176-unit condominium tower at 1555 S. Wabash Ave. filed for Chapter 11 bankruptcy protection Tuesday. Buyers have closed on just 35 condos in the building, or 20% of the total, with the rest converted to rentals, according to a third-quarter report from Appraisal Research Counselors, a Chicago-based consulting firm.
The Mazola venture lists both assets and liabilities of $10 million to $50 million, according to its Chapter 11 petition.
The document doesn't break out the project's secured debt, but its biggest liability likely is the construction loan it took out to finance the 14-story development. The venture borrowed $46.2 million from Amtrust Bank in 2007, county records show. No foreclosure suit has been filed.
Mr. Mazola, president of Chicago-based New West Realty Group LLC, says the filing is “just a partnership filing and it is what it is.” He declines to comment further. His lawyers also decline to comment.
FNMA Small Loans FHA FNMA FREDDIE MAC LARGE LOANS
Apartment Loan Pricing 12-30-11
Thursday, December 29, 2011
Apartment Loan Rates Indicated by treasuries
Wednesday, December 28, 2011
OVER LEVERAGED FINANCING FRENZY LOANS STARTING TO MATURE in TIGHT CREDIT MARKETS APARTMENTS CLASS HAS HIGHEST PROSPECTS FOR SUCCESS
Prospects Dim for Take-Out Financing on 2012 Loan Maturities
Over the next 12 months, CoStar is expecting $100 billion in loans Of that amount, $70 billion is coming due for the first time, and another $30 billion in loans is delinquent but rolling on a monthly basis past their maturity date.
2012 will also usher in the first major wave of maturities from the 2007 vintage, which were issued during a frothy period at the peak of the market."
However, prospects appear dimmer for borrowers trying to find take-out financing for these loans in 2012,
according to bond rating agencies
"The retrenchment in the capital markets and among other lenders in the third quarter of 2011, which has
continued into the current quarter, dims the refinancing prospects for loans maturing next year," Kay said.
Kay estimates that 50% to 60% of the 2007 vintage five-year-term loans maturing next year may fail to refinance, and retail loans are at the greatest risk.
Moody's also said that the balloon refinancing risk is material for 2006-2008 vintage loans.
terminated lending to each other. Typically without government support bank runs will follow.
U.S. Banks are some what reloaded from free treasury profits and they where told not to hold much EU crap.
We also need to watch IRAN NEWS new sanctions really messed them up 30% currency decline hoarding gold and dollars they might really try to shut down the straight and we know what the governmentmiltarycorporation would do then bomb bomb bomb
and GAS GOES UP UP UP
The European Central Bank said the continent's banks parked a record $590.7 billion with it overnight, suggesting that those banks are less willing to take the risk of making short-term loans to each other, opting instead to earn low interest rates from the ECB. The disclosure also hurt the euro, which fell more than 1% against the dollar, to $1.29.
No MATTER WHAT SINGLE FAMILY LOAN RATES WILL RISE LOCK IN IF YOU CAN NOW.
It is only delayed - (their corporate sins as viewed by congress people are too high to keep them ) THE Collective SINS of these Companies and former Executives doomed them for Eternity and now the choices are which HIGHER PRICED LOAN PROGRAM will the United States move to post Agency Execution.
The APARTMENT LOAN DIVISIONS ARE BOTH PROFITABLE AND have supper low defaults and losses. They must be spun off or something to get them out of the agencies under Congress's executioners orders.
There are currently several models.
1. Private Everything let banks and finance companies make the loans with no insurance wrap like now from the federal government.
This will lead to spotty lending in middle and lower class neighborhoods and rates will go up at least 1.5% over current spreads over ten year treasury. This is favored by GOP private everythingers..
2. Some sort of covered bonds scheme. I don't get covered bonds for some reason. Maybe a little government insurance.
3. Since they are making a profit have low losses and basically where one of many parts of the agencies that worked swell make them into new companies, add competition with good capital and give them a GNMA like government insurance wrap if they meet all the net worth, servicing and honesty tests. This is backed by most intelligent people in the apartment mortgage business which is not quite as sleazy as the single family side.
Sunday, December 25, 2011
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