It seems that everyone is trying to get access to the cheap money the FED is handing out by becoming a bank. We have already seen the larger investment banks transition into Federally regulated banks in order to get Fed funds. Now Genworth Financial has agreed in principle (whatever that means) to buy Interfirst Bank solely for the ability to tap Fed funds. Also joining the race to become a bank: America Express. According to this article, AMEX wasn’t even in dire straights, but the FED fast-tracked their application anyways.
The Run on (being) the Bank
Posted by Jordan Crouch on November 17, 2008
Posted in Capital Markets | 1 Comment »
We’re Number One!
Posted by Jordan Crouch on October 21, 2008
The Emerging Trends ULI report ranks Seattle the number one market for commercial real estate investment for 2009.
Posted in Seattle Real Estate | 1 Comment »
All that’s going on…
Posted by Jordan Crouch on September 22, 2008
I’m still digesting all that’s going on and therefore will no editorialize anything yet. From my desk, this is how it looks:
- Morgan Stanley/Goldman Sachs are asking to become banks
- The Fed is recommending a $700 Billion (some say Trillion) bail out
- Lenders stopped quoting loans last week while the market moved drastically
- The Dow Industrial Average was down, down down, the up, up last week. It’s down again today
- No one knows what’s going to happen next…
Posted in Capital Markets | 2 Comments »
Fannie Mae Update
Posted by Jordan Crouch on September 9, 2008
Business as usual…That’s what I’m hearing from my Fannie Mae contact. Spreads have lowered a bit, combined with the T-bill yield drop, rates are looking good. The only change that Fannie has made so far is lowering the amount of Interest Only for Tier 2 deals. A Tier 2 deal is a highly leveraged, low DSCR loan where as a Tier 4 deal is low LTV, high DSCR (Tier 3 is in between). Tier 4 loans can still get 10 years of Interest Only, Tier 2 loans now only get two years and Tier 3 loans can get five years). If you must have 10 years of Interest Only, contact me at Jordan(at)JordanCrouch.com ASAP. There is still a few days to get 10 years IO.
Check out this link for explanation of the terms used in this post.
Posted in Capital Markets, Lenders | 1 Comment »
Monthly Newsletter
Posted by Jordan Crouch on September 3, 2008
Here is a link to the September’s newletter. If you would like to recieve this in email form, let me know.
Posted in Capital Markets | 1 Comment »
