Subprime Meltdown
You didn't need to be a rocket scientist to see the subprimemeltdown coming, said Daniel Hurwitz, president/CEO of DevelopersDiversified Realty, from his seat on a panel discussing capitalmarkets at the Urban Land Institute's fall meeting in Las Vegas onWednesday.
"We had a fee-driven lending industry that didn't care aboutcredit," he said. Their way around it was to package and sell thedebt to somebody else would then repackage it and sell it again."It was the financial institutions' hot potato," he said. "Whoevergot stuck with it last...."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
