General Growth Debt Bet Pays Off
| A handful of investors dug to the bottom of the discount bin and snapped up General Growth’s convertible bonds at three cents on the dollar. They now trade at 103 cents.
Farkas Closes Deal to Buy Centerline
The New York real-estate investor will buy one of the nation’s largest commercial-mortgage-servicing specialists for $100 million in new equity and assuming $180 million of Centerline’s debt.
U.K. REIT Plans IPO
Metric Property Investments hopes to raise £150 million in an IPO on the London Stock Exchange’s main market as it seeks to take advantage of the sharp downturn in property values.
Glincher Realty alters credit facility terms (AP)
AP - Real estate investment trust Glimcher Realty Trust said Monday it has extended and changed its agreement for its $470 million unsecured credit facility with its lenders, including KeyBank National Association and Bank of America NA.
More work ahead on housing market: Treasury (Reuters)
Reuters - The Obama administration has more work to do to help struggling U.S. homeowners, despite signs of a stabilizing housing market, a senior Treasury official said on Monday.
Lawmaker is working to improve loan modifications (AP)
AP - A key lawmaker is working with banks, regulators and the Obama administration on a new way to boost the government’s struggling foreclosure prevention effort by encouraging banks to reduce the total amount borrowers owe.
Payrolls data buoy job creation hopes (Reuters)
Reuters - U.S. employers cut fewer jobs than expected during snow-battered February and the unemployment rate held steady at 9.7 percent, bolstering views the economy was on the brink of creating jobs.
Foreclosures Down The Road May Offer Investors Better Deals (Investor’s Business Daily)
Investor’s Business Daily - Housing markets rife with foreclosures can still present great deals for investors, but also stiff competition and pitfalls for the inexperienced.
Treasury restates support for Fannie, Freddie (AP)
AP - The Treasury Department was forced Friday to reiterate its financial support for Fannie Mae and Freddie Mac after a key lawmaker rattled investors by pointing out that their debt does not enjoy the explicit guarantee of the federal government.
Trust Not Enough for Integrity Bank
The FDIC is investigating loan practices at Georgia’s Integrity Bank, which was seized in 2008 after loaning all its capital to the owner of Casa Madrona Hotel & Spa in California.