More of America sold to China as distressed assets

China Investment Corp, a $200 billion sovereign fund, is set to spend $2 billion buying U.S. distressed assets from property to infrastructure via three funds, including one managed by Goldman Sachs, sources briefed on the plan said on Tuesday. CIC’s latest swoop on U.S. assets comes after the state-owned investment vehicle lined up to invest …

The slowdown in commercial loans

Barclays’ estimates show that in 2009, nearly $270 billion of mortgages on apartment complexes, shopping malls, and office buildings would require refinancing. In its November 17 report, Fitch Ratings said that there is every reason for commercial loan defaults to accelerate because banks and insurance companies would try to manage their balance sheets by restricting …

Do not believe mortgage company CEO’s – here is why

What do IndyMac and Countrywide have in common? Double speak and CEO public statements that mean little or nothing. Some call it outright lying to the public and stockholders. Just two months ago, IndyMac’s CEO was calling the plunge in the company’s stock unwarranted, even as house price declines accelerated. “Given the decline in our …

Countrywide Financial Singing Mortgage and Bankruptcy Blues

Today seems like the day to write articles about Countrywide Home Mortgage, but Countrywide seems to be adding to their own problems. Countrywide Financial Corp. dropped the most in two decades in New York trading on speculation that it needs cash to continue operating its mortgage business. There have been rumors about Countrywide and bankruptcy. …