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<title> SecondMarket</title>
<link>http://www.secondmarket.com</link>
<description>With 3,000 members managing over $1 trillion in investable assets, SecondMarket brings together buyers and sellers in the largest marketplace for illiquid assets. SecondMarket's members include global financial institutions, hedge funds, private equity firms, mutual funds, and other institutional and accredited investors.</description>
<language>en-us</language>
<pubDate>Wed, 08 Sep 2010 15:38:32 -0500</pubDate>
<lastBuildDate>Wed, 08 Sep 2010 15:38:32 -0500</lastBuildDate>
<copyright>Copyright 2010, SecondMarket</copyright>
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<title><![CDATA[Spectrum Asset Calls on Fed to Block Banks' TruPS Redemptions Until 2013]]></title>
<link>http://www.secondmarket.com/articles/spectrum-asset-calls-on-fed-to-block-banks-trups-redemptions-until-2013.html</link>
<pubDate>Wed, 08 Sep 2010 00:00:00 -0500</pubDate>
<description><![CDATA[Spectrum Asset Management, which oversees more than $9.4 billion for clients including pensions and mutual funds, asked the Federal Reserve to stop banks from calling their trust-preferred securities until 2013
Regulators should specify when banks may redeem TruPS after the Dodd-Frank Act removed the securities as a form of regulatory capital starting in 2013, said Spectrum
Comerica Inc., the Dallas-based bank with assets of $55.9 billion, said Sept. 1 it plans to redeem $500 million of TruPS...]]></description>
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<title><![CDATA[High-Grade Bonds Whip Junk; GM Sets Loan Terms: Credit Markets]]></title>
<link>http://www.secondmarket.com/articles/highgrade-bonds-whip-junk-gm-sets-loan-terms-credit-markets.html</link>
<pubDate>Tue, 31 Aug 2010 00:00:00 -0500</pubDate>
<description><![CDATA[
    Returns on U.S. investment-grade corporate bonds are pulling ahead of junk-rated debt as credit investors turn to borrowers likely to weather a slowing economy
    Investment-grade bonds are up 9.7 percent this year, topping the 8.5 percent for junk notes, the widest gap since credit markets seized up in 2008.
    Yields on investment-grade bonds average about 4.71 percentage points less than junk, compared with 3.76 percentage points in April, showing that investors perceive less risk...]]></description>
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<title><![CDATA[To Fix Sour Property Deals, Lenders 'Extend and Pretend']]></title>
<link>http://www.secondmarket.com/articles/to-fix-sour-property-deals-lenders-extend-and-pretend.html</link>
<pubDate>Thu, 08 Jul 2010 00:00:00 -0500</pubDate>
<description><![CDATA[
    The new practice of banks stretching out maturities or allowing below-market interest rates has slowed a spike in defaults., skeptics call it &ldquo;extend and pretend&rdquo;
    It has also helped preserve banks&rsquo; capital, by keeping some dicey loans classified as &ldquo;performing&rdquo; and thus minimizing the amount of cash banks must set aside in reserves for future losses
    However, the main concern here is that rampant modification of souring loans masks the true scope of...]]></description>
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<title><![CDATA[Starwood, TPG Said to Win Auction for Corus Assets]]></title>
<link>http://www.secondmarket.com/articles/starwood-tpg-said-to-win-auction-for-corus-assets.html</link>
<pubDate>Wed, 07 Oct 2009 00:00:00 -0500</pubDate>
<description><![CDATA[
    Group led by Starwood Capital Group, that included TPG, won bidding for assets of Corus Bankshares Inc.
    Corus had a $5.4 billion commercial real estate loan portfolio 
    &nbsp;
]]></description>
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<title><![CDATA[Commercial Real Estate: Big Troubles, Small Bailout]]></title>
<link>http://www.secondmarket.com/articles/commercial-real-estate-big-troubles-small-bailout.html</link>
<pubDate>Tue, 08 Sep 2009 00:00:00 -0500</pubDate>
<description><![CDATA[
    Washington has done little to ease the upcoming crunch on commercial real estate
    Commercial real estate debt market has been frozen since the markets seized in the summer of 2007
    &nbsp;
]]></description>
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<title><![CDATA[Loan-Value Data Shows Ills Persist]]></title>
<link>http://www.secondmarket.com/articles/loanvalue-data-shows-ills-persist.html</link>
<pubDate>Tue, 01 Sep 2009 00:00:00 -0500</pubDate>
<description><![CDATA[
    Fair value of loans held by the biggest banks continue to decline which indicates that credit markets have not yet turned around/raised questions about effectiveness of governments efforts
    Observers said data shows it is more difficult to find buyers for stressed loans/banks efforts to sell bad assets could be delayed
    Among 12 stress-tested banking companies, fair value of aggregated loan portfolios fell 5.6% during the first half of 2009, to $3.66 trillion
    Subscription to...]]></description>
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<title><![CDATA[PennyMac Mortgage Investment Trust Prices Initial Public Offering]]></title>
<link>http://www.secondmarket.com/articles/pennymac-mortgage-investment-trust-prices-initial-public-offering.html</link>
<pubDate>Tue, 18 Aug 2009 00:00:00 -0500</pubDate>
<description><![CDATA[
    Newly-formed mortgage real estate investment trust recently announced the pricing of an IPO of 16MM common shares at $20.00 per share
    The expected $335MM proceeds are going to be used to purchase residential mortgage loans and mortgage-related assets, a substantial portion that will be distressed
    &nbsp;
]]></description>
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<title><![CDATA[Some Outlooks for CRE Loans Turn Less Dire]]></title>
<link>http://www.secondmarket.com/articles/some-outlooks-for-cre-loans-turn-less-dire.html</link>
<pubDate>Tue, 18 Aug 2009 00:00:00 -0500</pubDate>
<description><![CDATA[
    Defaults on commercial real estate are rising and vacancies are pervasive
    Regional banks remain exposed to this sector
    
        U.S. banks are estimated to have exposure of about $1.8 trillion in commercial real estate loans, much of which will come due in the next few years
    
    
    Research from Deutsche Bank Securities - commercial real estate values have plunged 35%-45% from their peak in 2007
    Stahler concedes that many regional and smaller banks will experience...]]></description>
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<title><![CDATA[Toxic Loans Topping 5% May Push 150 Banks to Point of No Return]]></title>
<link>http://www.secondmarket.com/articles/toxic-loans-topping-5-may-push-150-banks-to-point-of-no-return.html</link>
<pubDate>Mon, 17 Aug 2009 00:00:00 -0500</pubDate>
<description><![CDATA[
    Over 150 publicly traded U.S. lenders own nonperforming loans that are equal to 5 percent or more of their holdings. Former regulators say this level can wipe out a bank&rsquo;s equity and threaten its survival
    The biggest banks with nonperforming loans larger than 5 percent include Wisconsin&rsquo;s Marshall &amp; Ilsley Corp. and Georgia&rsquo;s Synovus Financial Corp., according to Bloomberg
    The biggest bank with nonperforming loans larger than 5 percent was Michigan&rsquo;s...]]></description>
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<title><![CDATA[Fortress Seizes Swig&acirc;€™s $640MM NYC Condo Project]]></title>
<link>http://www.secondmarket.com/articles/fortress-seizes-swigs-640mm-nyc-condo-project.html</link>
<pubDate>Fri, 07 Aug 2009 00:00:00 -0500</pubDate>
<description><![CDATA[
    Fortress won the bidding for a $640 million Manhattan condominium conversion project called Sheffield57
    The auction, conducted at the New York office of law firm Allen &amp; Overy LLP, was the third high-profile mezzanine foreclosure in the U.S. this year
    &nbsp;
]]></description>
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