It all started with mortgages. The worldwide real estate boom was driven by an expansion of residential and commercial real estate lending, and so was the crash that led to the global financial crisis. Now Bloomberg's mortgages columns look at that business five days a week from the perspective of investors, lenders, consumers and economists: because it's still all about mortgages.
Esther Macully used all of her five- foot frame to face down a bulldozer and save her freezer from being destroyed as a wrecking crew guarded by armed security forces razed her home in Nigeria’s Badia East slum.
The largest auction of troubled assets in the commercial mortgage-backed securities market is showing the strength of investors’ appetites for real estate as more distressed properties from the crash come up for sale.
Romania, using record-low interest rates to rebuild a housing market devastated by the economic crisis, is forcing homebuyers like Vlad Popescu to abandon cheap euro-denominated mortgages in the name of financial stability.
Mark Takano saw how subprime mortgages devastated his hometown of Riverside, California, after Wall Street helped inflate a housing bubble that burst and left a trail of foreclosures among the worst in the U.S.
The last time U.K. mortgage approvals were this high, lender Northern Rock Plc hadn’t yet collapsed, Gordon Brown was prime minister, and U.S. investment banks Bear Stearns Cos. and Lehman Brothers Holdings Inc. were still in business.
After David Sherr left Lehman Brothers Holdings Inc. in 2007 to start a hedge fund, he considered buying delinquent mortgages to profit from the U.S. housing collapse. Following years of passing on the debt, he now sees the loans as one of the best ways to play the recovery.
When Graham Dixon arrived at a property auction in Dublin’s affluent Ballsbridge neighborhood last month, he braved a crowd of hundreds only to lose out on a house that sold for almost six times the reserve price.