Dubai

AmTrust Bankrupt, Dubai Update, Holiday Shopping, MBS Volume

I usually try to keep my opinions out the daily commentary. But I am really becoming irked by the press. One day they complain about our industry having foreclosure problems and the credit crisis here in the US and in the world. And then the next day they complain about the declining rate of mortgage

Will Las Vegas CityCenter Lower MGM Debt?

CityCenter, the largest construction project in U.S. history, opens in phases this month. MGM claims it will pull Vegas out of it’s recessionary spiral. They also claim they have the right to and ability to buy out their partner Dubai World, who is seeking their own bailout right now.

Roubini On Dubai Debt Crisis

As usual, Nouriel Roubini’s RGE Monitor does a great job of summarizing issues, in this case the Dubai debt crisis: Dubai World’s request for a standstill on interest payments contributed to market corrections November 26-27 as investors worried that it implied a broader default on the debt of Dubai’s government linked institutions. While local markets

Dubai Can’t Be Written Off Yet

Late last year, Dubai was crashing hard and the reason seemed obvious. Now The Economist says Dubai can’t be counted out: The debt of Dubai’s government and government-controlled companies is about $80 billion. Almost $11 billion comes due this year (including interest) and $12.4 billion next. Nakheel alone must refinance a $3.52 billion bond in

Dubai: Where 20-Somethings Become Millionaires In One Year

Home price expert Robert Shiller, co-founder of the S&P Case Shiller home price index and author of The Subprime Solution and Irrational Exuberance, has a famous anecdote about when it’s time to get out of a market. It was when he was in a cab and the cab driver was telling him all about how