Archive for June 20th, 2008
Continue Reading June 20th, 2008
It’s been another tough week for Washington Mutual, the nation’s largest and perhaps most troubled thrift. The company announced a major new restructuring called Project Restart. Some 1,200 employees were let go. Offices have been closed and major personnel changes made at the top, including the promotion of Arlene Hyde to head the home loan operations.
Wamu eliminated two mortgage products—the infamous option ARM loans which lets borrowers forgo interest payments by adding them to their principal and another product that was a combination home equity loan and mortgage. The Seattle-based company also increased its commitment to a fund to help troubled homeowners stay in their homes by $1 billion.
Meanwhile, David Dreman, an influential money manager, called for Wamu chief Kerry Killinger to get fired. This comes as opposition builds for private equity firm TPG’s $7 billion Wamu investment, which shareholders need to approve at a special meeting on June 24. In a note to employees on June 19, obtained by BusinessWeek, Killinger said:
“Quite a while ago, I told you that every day, each of us at WaMu has a choice to make. We can choose to be distracted and disheartened by the challenges we face. Or we can choose to take the actions needed and to fight to turn this company around. For the last year—day after day—I’ve seen WaMulians choose to move forward and fight. Thank you for all you are giving and doing to ensure a WaMu comeback.”
-Kerry
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Continue Reading June 20th, 2008
Looking for a gift for that special someone? How about a teddy bear, beach towel or football with the name of a recently-defunct Wall Street investment bank printed on it?
As Reuters reported, a few dozen Bear Stearns items are available for bid on eBay (pens, stock certificates, golf balls, t-shirts and even a wine-stopper set). The starting bid for this brand-new stuffed Bear Stearns teddy bear: $14.95.
“Commemorate one of the biggest and stunning collapses in U.S. history with this lovely and cute tan-colored teddy bear complete with an outfit of pants, collared shirt, Bear Stearns suspenders and neck-tie,” the description on Ebay reads.
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Continue Reading June 20th, 2008
Interstate Hotels & Resorts opened and will operate the first aloft hotel in the country, in Rancho Cucamonga, Calif., near Ontario, the company said today. Read more »
Continue Reading June 20th, 2008
CB Richard Ellis Inc. arranged a 10-year 5,122-square-foot lease on behalf of P/S/L Group America at 1140 Avenue of the Americas in Manhattan, N.Y. Read more »
Continue Reading June 20th, 2008
CBRE Capital Markets of New York City, have arranged $22 million in first mortgage financing to facilitate the acquisition of the DoubleTree Hotel at 789 Connecticut Avenue in Norwalk, Conn. Read more »
Continue Reading June 20th, 2008
AMB Property Corp. has signed an approximately 239,000-square-foot lease with Quebecor World Logistics, a logistics and mail list services company, which is leasing the facility, AMB Franklin Commerce Center, in order to expand operations in the northeastern U.S. Read more »
Continue Reading June 20th, 2008
Meet the latest desperate home seller: the bank. According to RealtyTrac, lenders repossessed 197,800 homes in the first four months of 2008 vs. 90,800 in that period last year.
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Continue Reading June 20th, 2008
The Hearthstone at Merrill Creek, a 220-unit apartment property in Everett, Wash., has recently come under new ownership Read more »
Continue Reading June 20th, 2008
Hood & Strong L.L.P. has made the move to the 465,000-square foot office high-rise at 100 First Street in San Francisco’s Transbay neighborhood. Read more »
Continue Reading June 20th, 2008
Permanent financing to the tune of $62 million has been put in place for 4S Commons Town Center, a 265,600-square-foot retail property in Rancho Bernardo, Calif. Read more »
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