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"People of modest income are still worried about the effects of the recession, including their job security, as well as the uncertain credit market," he said, "and they are therefore not making major purchasing decisions.
In the quarter, Wachovia recorded a provision for credit losses of $408 million, up from $108 million, reflecting a deterioration in credit quality, a more uncertain credit environment and loan growth.
The surety bond is an instrument through which the superior credit of the surety is substituted for the uncertain credit of the principal; hence, if the surety is asked to bond a principal of somewhat doubtful credit, the requirement of cash collateral is frequently imposed.
It and other large apartment real estate investment trusts have mostly been playing defense, often selling multiple properties in order to retire maturing debt in the uncertain credit environment.
Investor fears over the viability of securitized subprime debt, or lending to individuals with uncertain credit histories, had spread by then to even good-quality segments of the credit markets.
With the uncertain credit market hanging over the deals head, Zell may not want to push through a deal that will put the banks financing the transaction in a position of not being able to sell off the debt to fixed-income investors, although the banks cannot back out of the deal now.
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The plunge came as investors remain frightened and uncertain about a credit crisis that does not show any signs of easing.
That acceptance of certain risks may increase tolerance of uncertain outcomes.(Photo credit: AFP).
Mr. Hall railed against the village's high property taxes and its uncertain finances, with a credit rating that hovers near junk-bond status.
High costs of farm inputs, limited access to micro-credit facilities, uncertain commodity prices, and poor road networks, featured among topmost concerns for smallholders against their quest for robust adaptation options.
"The actual date I get to check out with my target sum to retirement is much more uncertain than we give it credit to be," Mr. Kitces said.
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