July 12, 2011 |
Sen. Mitch McConnell, the Republican minority leader who hinted over the weekend that he had a “contingency” plan for raising the federal debt limit, rolled it out Tuesday moments before all sides convened for another round of talks at the White House. McConnell unveiled a complicated legislative strategy that would allow Congress to vote against raising the debt limit, let President Obama veto the measure, and then hold a vote to override the veto, which requires a two-thirds majority to pass.
August 11, 2009 |
Maguire Properties Inc., one of the region's largest commercial landlords, posted widening losses Monday and said it was about to default on seven prime office buildings in Los Angeles and Orange counties. The real estate investment trust lost $375.7 million, or $7.95 a share, during the second quarter, more than twice the $105.9 million lost during the same period in 2008. It is defaulting on loans worth more than $1 billion. Maguire Properties hopes that by giving back the keys to properties for which it overpaid at the peak of the last boom, it can reduce debt enough to keep the company solvent, Chief Executive Nelson Rising said in an interview Monday.
July 22, 2010 |
The number of Californians entering foreclosure slid dramatically in the second quarter to a three-year low as the fallout from the worst of the housing crisis continued to abate. Default notices, the first stage of the foreclosure process initiated by banks on troubled homeowners, plummeted 43.8% in the second quarter over the same period last year to 70,051, and 13.6% from the first three months of the year, research firm MDA DataQuick of San Diego said Wednesday. Banks are pushing alternatives such as loan modification programs and short sales — in which a property is sold for less than the value of the mortgage — helping to reduce the number of people entering foreclosure.
April 15, 2011 |
The unthinkable has become the inevitable three times in Europe's debt crisis: First Greece, then Ireland and now Portugal have all appealed to their neighbors to bail them out after insisting they would never do so. Now a growing number of economists are urging European finance officials to take a rare and drastic step: Let one or more of the countries go into default. Euphemistically it's called restructuring their debt, a move that would involve easing the terms of the loans and possibly writing off a portion altogether.
July 4, 2011 |
Europe's effort to pull Greece back from the brink may result in a default rating by Standard & Poor's, exposing a critical flaw in the drive to press creditors to assume a share of the bailout cost. Standard & Poor's said today a rollover plan serving as the basis for talks between investors and governments would qualify as a distressed exchange and prompt a "selective default" grade. That may leave the bondholders unwilling to complete the exchange and the European Central Bank unable to accept Greek government debt as collateral, impairing the lifeline it has provided the country's banks.
July 13, 2011 |
As negotiators reconvened at the White House on Wednesday for another round of debt talks, House Republicans appeared to dig in even deeper in their resistance to any sort of deal to raise the federal debt ceiling even as one party leader foretold disaster for the GOP if its members failed to act. Mitch McConnell, the Senate minority leader who has proposed a fallback plan that would likely ensure the $14.3-trillion debt limit would be raised, said...