FASB wants to expand Fair Value to other financial assets. That bears repeating: FASB has published an Exposure Draft that would extend the dubious joys of fair value accounting to ALL financial assets. I so wish I was making this up. On May 26, 2010, FASB published this missive. Fair Value seems to hold a … Continue Reading
I write from CREFC’s annual do with my 800 or so best friends. We are trying to party like it’s not 2009, and you know, we’re getting there. The government’s still playing pin the tail on the regulatory donkey, Europe’s a mess, housing and employment are not ready for prime time, and the banking system … Continue Reading
This article was published by Matthew T. Clark and Stewart McQueen. For 150 attendees, Day 1 of the 2010 CREFC Annual Convention ended with dinner hosted by Dechert at Shelly’s Trattoria in Midtown. We thought the turnout was exceptional, and it was great to be able to socialize and dine with so many of our … Continue Reading
This article was published by Matthew T. Clark and Stewart McQueen. The 2010 CREFC Annual Convention has begun in earnest. Day 1 began for many attendees with a meeting of the Securities and Loan Investors Forum. This meeting included a lengthy discussion of the Fair Value Purchase Option and a perceived conflict of interest existing when … Continue Reading
Last Friday I moderated a panel at the 11th Annual IMN Real Estate Opportunity and Private Investment Forum in New York. The two-day event consisted of about 40 separate concurrent panels and drew over 800 industry participants. The topics covered revolved around distressed debt investing – loan workouts, exit strategies, tranche warfare and distressed asset … Continue Reading
There’s a headline to grab attention. It’s been reported that several Chinese and other non-domestic and non-traditional lenders are rushing across the American landscape looking for deals. Take a look at the WSJ article of June 2 about the International & Commercial Bank of China’s recent loan to GE. ICBC has over a trillion dollars of assets, it’s … Continue Reading
Last week marked the three-year anniversary of New Century Financial filing Chapter 11 bankruptcy, an event that I tend to point to as demarcating "the beginning of the end" and "the end" of the housing bubble, and representing the true beginning of the credit crisis. Until first quarter 2007, New Century Financial stood as the … Continue Reading