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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: orkrious who wrote (47186)1/17/2006 10:47:07 AM
From: shadesRead Replies (1) of 306849
 
I dont get why michael moore bought a house in the nice lake areas of northern michigan instead of spreading money near his roots and helping their economy:

forbes.com

MUNICH (AFX) - Unicredito Italiano SpA unit HVB AG said it has agreed to sell 2.17 bln eur worth of sub- and non-performing real estate loans to Goldman Sachs Group.

No financial details of the deal were disclosed.

'This transaction is further evidence of the steady progress we are making in reducing the RER (real estate restructuring) portfolio,' said HVB board member Johann Berger. 'With this transaction, we are more than half-way there, and are fully on track to meet our goals.'

He also indicated that further transactions may follow in the course of this year.

The sale to Goldman Sachs -- which is subject to approval by the company's annual general meeting on May 23 as well as by regulatory authorities -- is expected to close in the second half of this year.

This transaction and HVB's own efforts to whittle down underperforming and non-performing loans has reduced the volume of the company's Real Estate Restructuring (RER) portfolio -- into which it last year bundled its ailing real estate exposures -- by some 6 bln eur, to under 10 bln eur.
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