HSBC Paves a Path in Loan Crisis,  The Wall Street Journal       –   HSBC was one of the first big banks to signal a subprime-mortgage meltdown. Now, the bank’s struggles show the next stage of the crisis: aiding borrowers.

 

Realogy Now on Endangered List UrbanDigs.com

Posted by Noah Rosenblatt on November 19, 2008 at 9.15 AM
Realogy’s bonds are tumbling, as the company reported about $200Mil in losses over the past 3 quarters. The company is now trying to exchange around $1.1Bln in existing bonds at a discount for new notes, to stave off a potential default. If they are not successful, they could be in violation of the loan’s covenants under the senior secured credit facility.

Group to sue Bulova developers; project stagnates  The Southampton Press

Last Updated Nov 19, 08 12:58 PM

The developers of the former Bulova watchcase factory in Sag Harbor, who last summer received approval to redevelop the old factory building into 65 luxury condos just as the bottom fell out of the economy, are now facing the added hurdle of lawsuits against their project.

Financing for the $100 million complex has not yet been secured and the faltering economy could make that prospect increasingly more difficult. full story

FEMA Releases New Flood Maps

By Beth Young  The Southampton Press

Nov 18, 08 9:43 AM

The Federal Emergency Management Agency’s new preliminary flood insurance rate maps for Suffolk County show far fewer houses in the floodplain than when the last maps were completed in 1983—but Southampton Town’s stormwater manager is concerned that they do not take all of the potential flood areas into account

 

Illegal building must be scaled down

   

A builder who finished framing a massive house in the Water Mill hills last winter without a building permit may be able to proceed with work if he tears down a portion of the house.

 

Despite Economy, Boon For Builder

Rumors of Joe Farrell’s demise greatly exaggerated

By Jennifer Landes, The East Hampton Star

Those who would like to think that Joe Farrell, the house builder for celebrities, politicians, and hedge-fund wunderkinds, is doing poorly will have to wait for a different downturn. Indeed, the bills are stacked up on his desk, but they all have checks attached to them, waiting for his signature.

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