Mortgage and Financial News From 2007-12-18 Page 29
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Australian shares close off lows as bargain hunters emerge - UPDATE
Forbes - Centro, the second-largest owner of shopping centres in Australia, yesterday slashed its full-year earnings forecast and cancelled its first-half distribution payment after admitting it is struggling to refinance 3.9 billion dollars in short-term ...
2007-12-17 10:48:00 -
Russia's X5 to raise $1.1 bln syndicated loan
Reuters - MOSCOW, Dec 18 (Reuters) - X5 (PJPq.L: Quote , Profile , Research ), Russia's leading food retailer, said on Tuesday that had mandated a group of banks to arrange a three-year, $1.1 billion syndicated loan to refinance a one-year bridge facility. The ...
2007-12-17 11:17:00 -
Shares in Australia's Centro plummet for 2nd day in subprime mortgage ...
CNBC - Centro is struggling to refinance $3.35 billion of maturing debt because problems in the U.S. subprime mortgage market have forced it to look for expensive short-term loans in a risk-averse global market. The Melbourne-based company has expanded ...
2007-12-17 11:24:00 -
Australian Property Black Eye Will Heal, Merrill Says (Update1)
Bloomberg - Centro slumped 76 percent in Sydney trading yesterday after saying it's struggling to refinance loans because of the collapse in the subprime mortgage market. It plunged a further 41 percent today on concern it may have to sell malls at a loss to pay ...
2007-12-17 11:38:00 -
Inflation fears hurt Europe
Chicago Tribune - Centro Properties Group plummeted 76 percent in Sydney after the owner of U.S. shopping malls said it was struggling to refinance debt. The MSCI Asia Pacific index lost 2.9 percent in Tokyo, its sharpest decline since Aug. 17. More than 1,000 of the ...
2007-12-17 11:52:00 -
Australia Property Trusts' Bond Risk Hits Record on Centro Woes
Bloomberg - He needs to refinance A$3.9 billion of debt for Centro and the listed trust it manages by Feb. 15. Restrict Spending Refinancing and restructuring of the debt will likely cost Centro A$40 million. New debt refinancing will ...
2007-12-18 12:00:00 -
Asian shares mixed in late trade as US economic concerns weigh ...
Forbes - The company is struggling to refinance 3.9 billion dollars in short-term debt due to the turmoil in credit markets. Major banks were mixed, with National Australia Bank down 59 cents or 1.6 percent at 36.91 dollars. Australia & New Zealand Banking ...
2007-12-18 12:07:00 -
Australian Benchmark Index Closes Lower
Houston Chronicle - It was the stock's second sharp fall as it tries to refinance A$3.9 billion (US$3.35 billion; euro2.33 billion) of debt linked to the U.S. subprime mortgage market. But overall the sector was strongest in the S&P/ASX 200 as bargain hunters moved in to ...
2007-12-18 12:14:00 -
The dangers of overreacting to mortgage crisis
Boston Globe - On the positive side, legislation to increase funding available for subprime borrowers to refinance their mortgages into mortgage vehicles that they can afford is helpful. So is legislation to modernize the Federal Housing Administration, to increase ...
2007-12-18 12:43:00 -
Centro, Facing Debt Deadline, Won't Rush Asset Sales (Update3)
Bloomberg - He needs to refinance A$3.9 billion ($3.4 billion) of debt for the Australian company and the listed trust it manages by Feb. 15. Centro owns 700 U.S. shopping centers including the Roosevelt Mall in Philadelphia and Clearwater Mall in Florida after ...
2007-12-18 12:43:00 -
Drax Has Record Drop After Scrapping Debt-Refinancing Plans
Bloomberg - Dec. 18 (Bloomberg) -- Drax Group Plc, the owner of western Europe's biggest coal-fired power plant, had a record drop in London trading after scrapping plans to refinance its debt and predicting lower earnings. Drax slid as much as 6.6 percent after ...
2007-12-18 01:11:00 -
Most Asian Stocks Decline; Nintendo, BHP Billiton Lead Drop
Bloomberg - Centro Properties Group, which owns 700 shopping malls in the U.S., plunged for a second day in Sydney after saying it's struggling to refinance debt because of the subprime credit market collapse. U.S. stocks completed their sharpest two ...
2007-12-18 01:11:00 -
Australia's Centro dives again; contagion unlikely
Boston Globe - The crisis has pushed up the cost of lending and has almost shut down markets for some credit products, often those used by companies like Centro to refinance debt. The shopping centre manager and developer, whose stock peaked at above A$10 in May ...
2007-12-18 01:25:00 -
Support growing in Washington for reforms in mortgage rules
Baltimore Sun - The government estimates that 200,000 more borrowers would be aided next year through the legislation - including new buyers and existing borrowers trying to refinance into new loans. The FHA currently insures 3.7 million loans. The real estate ...
2007-12-18 01:33:00 -
Treasuries Little Changed as Asian Stock Markets Extend Losses
Bloomberg - Shares in Centro Properties Group, an Australian company that owns 700 U.S. shopping malls, slumped for a second day after saying it is struggling to refinance debt because of the collapse in the subprime-mortgage market. European stocks ...
2007-12-18 01:40:00