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The company's property debts are manageable, he says, and there is no pressure to sell the Commerzbank stake: "We're not just going to dump it on the market".
A court in northern England imposed jail terms of more than six years each on a canoeist and his wife who faked the canoeist's death in an offshore accident to pay off $500,000 in property debts with fraudulent life insurance and pension claims.
Harry Macklowe, the embattled billionaire developer who is struggling to hold on to his real estate empire, persuaded his two largest lenders not to foreclose on billions of dollars in property debts on Friday, even as prospective buyers submitted bids for his most treasured asset: the General Motors Building.
Median monthly housing costs include rent or mortgage payments, in addition to other property debts, real estate taxes, various types of home insurance, fuel for heating, utilities and maintenance.
Moreover, if the Republic of Texas, a nation in its own right, were admitted as a state, its territorial boundaries, property relations (including slave property), debts and public lands would require a Senate-ratified treaty.
They effectively ruled out Spanish calls to allow euro zone rescue funds to lend money directly to recapitalise Spanish banks, which are weighed down with bad property debts, without the government having to take a bailout programme.
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In those circumstances, consumer spending power increases and the real value of property debt falls.
On March 10 , 1997 the Thai government announced that it would buy $3.9 billion in bad property debt from a number of; however, it reneged the promise at the end.
Bill Maxted, whose unit at De Montfort University in Leicester produces a half-yearly survey of property lending, says that a large number of banks are holding property debt which is simply not refinanceable: "Sooner or later something has to give".
Coupled with the average property debt that people in this age bracket are often responsible for, research suggests that for many, retirement may have to be delayed until at least 70.
See articleSociété Générale spooked investors by issuing a profit warning for the fourth quarter because it had to write down a further €1.4 billion ($2 billion) in assets related to American property debt.
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