Word: reals
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Dates: during 2000-2009
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Commercial real estate may soon bulldoze the green shoots...
...coming wave of defaults on loans to developers of condominiums, office buildings and malls could do significant damage to the already deflating economy. That was the overwhelming concern expressed at a public hearing of the Congressional Oversight Panel (COP) on Thursday that focused on corporate and commercial real estate lending...
Thursday's hearing was one of a number of public forums the COP is hosting on different segments of the lending market. Warren is often criticized for being too critical of banks and their lending practices. But at the hearing on commercial real estate, Warren focused on how big a problem future loan defaults will be and what should be done about them...
...earful. Richard Parkus, an analyst at Deutsche Bank, said he thought two-thirds of all commercial real estate loans due in the next few years - hundreds of billions of dollars' worth - could go bust. Jeffrey DeBoer, president of trade group the Real Estate Roundtable, fretted that problems in the lending business could cost the nation thousands more construction and real estate jobs. Next up, Congressman Jerrold Nadler of New York expressed worry that the country was headed for a lost decade of economic stagnation...
...Scientology's top French officials are defendants in the case that began May 25. When investigating magistrate Jean-Christophe Hullin filed the findings of a nine-year inquiry with prosecutors, he described Scientology as "first and foremost a commercial business" whose interactions with followers are defined by "a real obsession for financial remuneration." The church's bookstores and celebrity center were described by Hullin's investigation as instrumental in ensnaring psychologically fragile people "with the goal of seizing their fortune by exerting a psychological hold." (See pictures of Paris...