Maguire Properties

Algospasms Incite Chaos and Pandemonium on Wall Struck

Another wild trading day with Algo/Igor/Robo programs running amok, as if Marlon Perkins was airhorn blasting the Wildebeest herds from a helicopter. Crazy moves back and forth, with intraday boner runs, followed by shanks, clothesline drops, so fast that the 19-year old gamers cannot even follow the motion.

The Greatest Central Banker of All Time

It is irrefutable. The Bernanke Fed will go down in history as the most wildly successful ever. Nobody in financial history has been able to re-sky stocks in one year after the two largest banks in the country were within a hairsbreadth of imploding. No doubt, he will be trumpeted and hailed as a national hero, for orchestrating the fastest run in retail stocks in world history.

CRE Update: CMBS Deterioration Accelerates, L.A.'s 550 South Hope Tower Appraised At Half 2007 Value

August CRE trends continued their downward trends, with a bevy of trackers of CMBS performance, Moody's, Fitch, Realpoint and TREPP seeing substantial deterioration in September. According To TREPP the August delinquency rate was up to 4.35% from 4.03. Legacy rating agencies Moody's and Fitch indicated a comparable acceleration in delinquency trends, with September 60-delinquencies at 3.64% and 3.58%, up from 3.04% and 3.23% respectively. New CRE NRSRO Realpoint had an even higher September reading at 4.15% up from 3.47% in the previous month.

O-Team Cranks Up The HELLBOT to 6th Gear Pinned

Obama was on the stoop once again, and to avoid embarrassment, he ordered the Goldman Prop Desk to show "who 'da boss" by cranking up the Spoos to get the greyhounds moving. Hi-Fi traders and junk chasers had another field day.

We Saved The World!

All eyes on Jackson Hole today, as the world's Plutocrats assemble to "discuss issues" related to the safety and stability of the global financial system. When in reality, they were high-fiving, partying, enjoying booze, escorts, and fine food.

Moody's Nukes 163 CMBS Classes Due To Maguire Toxic Exposure

Classes affected: * 15 CMBS Classes of WBCMT 2006-C28;
* 10 CMBS Classes of MSC 2004-TOP13;
* 14 CMBS Classes of WBCMT 2005-C18;
* 14 CMBS Classes of JPMCC 2006-LDP8;
* 14 CMBS Classes of GSMS 2005-GG4;
* 17 CMBS Classes of GSMSC II 2007-GG10;
* 19 CMBS Classes of CSMC 2007-C4;
* 7 CMBS Classes of GCCFC 2003-C2;
* 18 CMBS Classes of CSMC 2007-C3;
* 12 CMBS Classes of BACM 2005-3;
* 11 CMBS Classes of BSCMS 2004-TOP14;
* 12 CMBS Classes of BACM 2006-6;

Skynet vs. Gridbot

Wild action today, as the dollar rally and cratering of most foreign currencies probably triggered massive margin calls on the 300:1 leveraged GridBot traders hoping that cash would "roll in" each week.

Frontrunning: August 10

  • Today's CRE green shoot - Maguire properties warns of loan defaults, prepares to hand over 7 buildings with over $1 billion in associated debt to creditors (WSJ)
  • Poorer consumers are worst affected as banks make $38 billion in overdraft fees (FT)
  • Effort to rein in pay on Wall Street hits "guaranteed bonuses" hurdle (NYT)
  • Aluminum joins oil in speculator ranks - price rises despite falling demand (FT)
  • GDP RIP (NYT)

Daily Highlights: 8.10.09

  • One million flee as typhoon hits China's eastern coast.
  • Asian stock markets rose Monday after a better-than-expected US jobs report.
  • Australia's central bank signaled it will start raising interest rates.
  • Economy isn't strong enough to support a long-running stock, bond recovery: cons. view.
  • China accuses Rio Tinto of deceit; says Co's actions led to $102B in overcharges.
  • China home prices rise in July for 2nd month; up 1 percent amid stimulus spending.

Saturday Spreads

  • Soros: Britain may have to seek IMF rescue (TimesOnline) [Who is rescuing the IMF?]
  • FSA Stress Test shows Barclays does not need more help...