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Merrill Snags UBS Muni Bankers

July 7, 2008 - Merrill Lynch has scooped up nearly 30 public finance bankers from the ranks of the now-shuttered municipal group at UBS Securities--taking advantage of a 'once-in-a-decade opportunity' as its Wall Street neighbors shed staff to cope with subprime market-related losses, according to the firm's municipal chairman.

Carlyle, Crown Wrap Up Real Estate Buy

July 7, 2008 - The Carlyle Group and Crown Acquisitions said last Wednesday they have completed their $525 million joint venture purchase of a controlling interest in the retail segment of 666 Fifth Avenue from the building's owner, Kushner Cos.

CIT Exits Mortgage Business

July 7, 2008 - CIT Group will sell its home lending business and manufactured housing portfolio in a move to reduce mortgage exposure as the global finance company redirects its focus on commercial finance.

Balance Sheet Minefield

July 7, 2008 - Sales have swooned and home prices have plummeted while inventories of homes--new and existing--have ballooned. At the same time, credit conditions have tightened and the economy has seen a dramatic slowdown, leading restructuring professionals like Ron Greenspan of FTI Consulting to believe there is more trouble down the road for homebuilders.

Gelband, Kirk Return To Lehman

June 30, 2008 - Several weeks after demoting its chief financial officer and chief operating officer, Lehman Brothers announced it brought back two senior managers and promoted two others.

Another Go-Round

June 30, 2008 - Bonds backed by Alt-A mortgage loans and home loans to less credit-worthy consumers have seen a drop in liquidity and their dollar prices have plummeted amid renewed concerns about the housing market's well-being.

Lehman Confirms 2Q Loss; De-Leveraging Underway

June 23, 2008 - Lehman Brothers said last Monday it lost $2.8 billion in the second quarter, or $5.14 a share, compared with net income of $489 million, or 81 cents a share, in the second quarter of 2007.

Morgan Stanley's 2Q Net Drops 60%

June 23, 2008 - A day after Goldman Sachs offered some calming second-quarter numbers, Morgan Stanley last Wednesday posted results that suggested an all-clear signal may be premature.

Loan to Own Opportunities

June 23, 2008 - Traditional acquirers may see it as a back-door method of gaining control, but as the debt markets continue to wallow, buyers may increasingly turn to loan-to-own strategies as a way to wrest control of troubled companies.

Deconstructing The Commercial Mortgage Market

June 23, 2008 - The credit crisis that's roiled Wall Street for nearly a year has dramatically changed how commercial properties are financed, altering the roles of different participants in a financial food chain that underwrites mortgages for properties such as malls and office buildings and then resells them into securities. Borrowers have had to turn to so-called portfolio lenders such as insurance companies and banks. In some cases, hedge funds and other funds have stepped in to provide short-term loans.

Calling All Non-Members

June 23, 2008 - Much like Tiger Woods and major championships, golf and Wall Street go hand-in-hand. But as the credit crunch and the ensuing slowdown in business continues to take its toll in the financial-services world, there's a raging question going on in the leafy suburbs surrounding the New York City area: to forgo the country club membership or not?

S&P Says Big Impact From Ambac, MBIA Cuts

June 16, 2008 - Downgrades of MBIA and Ambac on June 5 have 'broad ramifications' for various corners of the global finance markets, according to a report issued last week by Standard & Poor's, which said 1,600 classes of structured finance transactions worth $350 billion will be affected by the downgrades.

CIT Enters Financing Agreement With Goldman

June 16, 2008 - CIT Group announced last week it agreed to a $3 billion long-term committed financing facility from Goldman Sachs.

The Race to Save ResCap

June 16, 2008 - When it comes to out-of-court workouts, GMAC Financial's and Residential Capital's $60 billion recapitalization earlier this month may be remembered in the same breath as other notable corporate transfusions such as Chrysler and Western Union.

Healthcare Providers Need Care, Too

June 16, 2008 - A variety of factors are causing more hospitals and other healthcare organizations to seek turnaround and restructuring services.