Obama urges emergency steps for housing market (Reuters)
Reuters - Presidential candidate Barack Obama urged the Federal Reserve and the Treasury on Thursday to take emergency steps to keep credit flowing to the troubled housing market, saying it would help stem the crisis sweeping financial markets. More »
Lending in UAE may slow, Aldar CEO says
Ronald Barrott, CEO of Abu-Dhabi based Aldar Properties, says real estate developers in the UAE may find it more difficult to gain financing in the wake of the fallout from the US financial crisis, reported Bloomberg. Banks will become more selective about the companies and markets that they lend to, Barrett said, adding that there may be a slowing in lending. More »
Egypt's OCI wins $150m Abu Dhabi contract
Orascom Construction Industries, Egypt's largest builder by market value, has won a $150m contract in Abu Dhabi as part of a joint venture, Reuters has reported. The contract, which includes JV partner Sorouh Real Estate, is for piling, foundation, dewatering, and excavation works on Abu Dhabi's Al Reem Island and should be completed within 14 months. More »
Emaar offers residences in Makkah
Emaar is offering fully furnished serviced residences at the tallest tower in Makka located in the heart of Abraj Al-Bait. The development, which comprises seven towers, is part of the King Abdul Aziz Endowment of the Two Holy Mosques, and is an architectural landmark created to serve visitors who come to Makkah from around the world. The fully serviced Emaar residences, ranging in size from 40 to 160 sq m, are located in the upper-most floors of the tower, and are being offered on a timeshare lease program. More »
Demand for housing in Abu Dhabi still high
Abu Dhabi-based developer Sorouh plans to build 7,000-10,000 housing units during the next 3-5 years to meet high demand in the emirate, reported Khaleej Times. Mounir Haider, CEO of Sorouh, said demand for housing in Abu Dhabi will not slow in the short term, adding that 100,000 units are needed to meet demand in the emirate. More »
Saraya Island project is rebranded
Saraya Islands, a mixed-use destination being developed in the UAE emirate of Ras Al Khaimah, has been rebbranded as 'Saraya Ras Al Khaimah'. The rebranding aims to emphasize the geographic positioning of all of the Saraya destinations, such as Saraya Aqaba in Aqaba-Jordan and Saraya Bandar Jissah in Bandar Jissah-Sultanate of Oman. It will also support the efforts of the public sector in promoting Ras Al Khaimah, and further attracting global capital to enhance development of the emirate, according to a press statement. More »
Lloyds rescues HBOS in $22 billion deal (Reuters)
Reuters - Lloyds TSB rescued Britain's biggest mortgage lender HBOS Plc on Thursday in a $22 billion takeover as the government swept aside competition rules to ease the deal through. More »
Central banks launch global offensive against credit crisis (AFP)
AFP - The US Federal Reserve on Thursday threw 180 billion dollars into a global fight against the financial crisis as Wall Street legend Morgan Stanley became the latest name under attack and Britain's top mortgage lender was forced into a merger. More »
Lloyds confirms $22 billion takeover deal of HBOS (AP)
AP - Lloyds TSB PLC on Thursday announced a $21.85-billion deal to take over struggling HBOS PLC, Britain's largest mortgage lender. More »
Economy - Wednesday (Investor's Business Daily)
Investor's Business Daily - The Mortgage Bankers Assn.'s applications index hit a 4-month high of 661.7. Refinancing demand rose as interest rates fell 0.24 percentage point 15 an average 5.82%. "The drop in mortgage rates reflected the Treasury's announcement that Fannie Mae and Freddie Mac were placed under conservatorship of the Federal Housing Finance Agency," said Orawin Velz, MBA vice president of economic forecasting. More »
HBOS reaches merger deal with Lloyds TSB: reports (AFP)
AFP - HBOS, Britain's biggest mortgage lender, has reached a deal to merge with its rival Lloyds TSB, media reports said Wednesday, after the lender's shares plummeted for a third day running. More »
Applications to refinance home mortgages surge (AP)
AP - Homeowners rushed to take advantage of last week's drop in interest rates following the government's takeover of Fannie Mae and Freddie Mac, but rates are rising again on investor fears about the eroding conditions in financial markets. More »
Housing construction plunges 6.2 pct. in August (AP)
AP - Construction of new homes and apartments fell to the weakest pace in 17 years in August, far more than expected, but lower mortgage rates and tax credits have given builders some glimmer of hope of a possible rebound. More »
Lloyds TSB, HBOS reach merger deal: reports (AFP)
AFP - Lloyds TSB has reached a deal to merge with HBOS, Britain's biggest mortgage lender, after the latter's shares plummeted for a third day running, British media reported Wednesday. More »
Banks rush to do deals as Wall St crisis deepens (Reuters)
Reuters - Wall Street's manic dealmaking reached a new pitch on Wednesday as U.S. share prices plummeted to three-year lows and forced increasingly desperate major banks to scramble for merger partners. More »
AIG bailout fails to calm global markets (AFP)
AFP - A firestorm raged anew in world markets Wednesday after a huge US bailout of insurer AIG failed to quell anxiety about the health of the global financial system and sparked fresh political controversy. More »
HBOS confirms talks on selling to Lloyds TSB (AP)
AP - Embattled mortgage lender HBOS PLC confirmed Wednesday that it is in advanced talks about being taken over Lloyds TSB PLC in what would be a further reshaping of the financial industry amid the credit crisis. More »
UK banks Lloyds, HBOS in merger talks: source (Reuters)
Reuters - British bank Lloyds TSB is in merger talks with the country's biggest mortgage lender HBOS Plc , a person familiar with the matter said on Wednesday. More »
August home starts seen at lowest level in 17 years (Reuters)
Reuters - A record rate of foreclosures probably kept many U.S. home builders off the job last month, pushing the rate of groundbreaking for new homes to its lowest level in more than 17 years, a Reuters poll showed. More »
Economy - Tuesday (Investor's Business Daily)
Investor's Business Daily - Foreign capital flows turned sharply negative in July, with net selling of $74.8 bil. That's the worst since the credit crunch began in Aug. '07, when a net $162 bil was sold. In July, a net $25.6 bil in U.S. stocks and bonds were sold. Foreigners sold $49.9 bil in "agency" debt as fears about Freddie Mac and Fannie Mae surged before the gov't takeover. More »
Insight: Dragon of moral hazard is going to take some impaling (FT.com)
FT.com - The nationalisation of Fannie Mae (NYSE:FNM) and Freddie Mac, and the bankruptcy of Lehman Brothers (NYSE:LEH) take us into the most dangerous financial territory since the 1930s. Of course there are similarities to earlier crises. The attempts by Fannie and Freddie to trade their way out of problems on an outrageously thin capital base are redolent of the savings and loan fiasco of the 1980s. ... More »
Michigan Dems file lawsuit against Macomb Co. GOP (AP)
AP - Democrats in Michigan are trying to block what they call a Republican effort to deny voting rights to people facing foreclosure. More »
UBS bank stock plunges after Lehman collapse (AFP)
AFP - Shares in UBS, Switzerland's biggest bank and one of the worst-hit by the subprime crisis, plunged more than 14 percent on Tuesday in the wake of investment giant Lehman Brothers' dramatic collapse. More »
AIG shares fall as it tries to shore up books (AP)
AP - Shares of American International Group Inc. fell Tuesday as investors questioned whether the huge insurer would come up with more money to stay in business and avoid igniting even more global financial turmoil. More »
Fannie, Freddie CEOs eligible for 401k benefits: report (Reuters)
Reuters - The recently ousted chief executives of Fannie Mae and Freddie Mac are eligible for the pensions and 401k savings plans they built up while working for the mortgage giants, The Wall Street Journal said, citing a regulatory official. More »