For over a century in New York, commercial-property investors have carved up the value of the city’s skyscrapers by separating the land from the building and trading the pieces separately. But now, in the midst of one of the worst office downturns since World War II, that practice is escalating disputes between the owners of
Tens of millions of federal student-loan borrowers will soon owe monthly payments for the first time in more than three years. Some of them aren’t ready for it. The payment and interest pause put extra cash into people’s pockets, but they tended to spend it rather than save it, according to recent research. Some borrowers
At a Glance: Findings from the June SCE Credit Access Survey Continue reading here.
Just when everyone is abandoning the recession call, the data starts to slow down. 1) The Restaurant Performance Index has sharply declined in recent months… 2) Credit card and auto loan delinquencies continue to rise, and these trends will continue with the Fed on hold well into next year… 3) Weekly data for bank lending
It won’t take a recession to cause a wave of defaults. And Wall Street has yet to fully price in that distress. That was the view from BlackRock’s Amanda Lynam on Surveillance this morning. She joined a slew of recent guests in flagging concerns around some riskier credit valuations — and reminding us of the
Richard Cooper’s phone is something of an early alarm bell for the global economy. Lately, it’s been ringing a lot. A partner at Cleary Gottlieb, a top law firm for corporate bankruptcies, he’s advised businesses worldwide for decades on what to do when they’re drowning in debt. He did it through the global financial crisis,