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Falling of the prices for the real estate threatens with new problems for banks in the USA and Russian. Reduction of prices on the commercial real estate, caused by delay of economy of the USA and shocks in the credit market, can turn back new problems for the American financial companies which own the actives provided with these real estate, writes The Wall Street Journal. The real estate Reduction of prices on the commercial real estate, caused by delay of economy of the USA and shocks in the credit market, can turn back new problems for the American financial companies which own the actives provided with these real estate, writes The Wall Street Journal. Analysts Goldman Sachs Group Inc. Predict falling of the prices for the commercial real estate on 21-26 % within next two years. Analyst Goldman William Tanona assumes that already in first quarter Bear Stearns Cos., Citigroup Inc., J.P. Morgan Chase and Co., Lehman Brothers Holdings Inc., Merrill Lynch and Co., Morgan Stanley will write off $7,2 млрд because of depreciation of the investments in this sector. The total amount of investments of these firms in the actives connected with the real estate, is estimated by experts in $141 billion Financial consequences from reduction of prices on the commercial real estate can proceed till two years, that is much longer, than the problems caused by credits subprime. It is connected by that only 28 % of the credits which were standing out for commercial building, were секьюритизировано, and in sphere of hypothecary credits this percent has reached 80 %. Higher level секьюритизации means possibility of faster бухчета actives under the new price and products of the write-offs connected with it. Let's remind that the Ministry of Finance of the Russian Federation has entered risky game. As it has been declared on February, 22nd, 2008, the Ministry of Finance has defined the list of papers in which has allowed to put means were стабфонда in promissory notes of the countries of Europe and the USA. Strangely enough, but hypothecary agencies have got to the list from the USA also: federal corporation on hypothecary crediting of housing construction (Freddie Mac) and federal national hypothecary association (Fannie Mae). Hypothecary crisis in the USA has provoked falling of actions Fannie Mae from the beginning of 2007 to 54,2 %, and Freddie Mac on 63,3 %. Last week these companies have informed on the loss following the results of 2007 in $2,1 млрд and $3,1 accordingly. Thus Freddie Mac predicts the further losses in 2008-2009 at a rate of $2,9 billion |
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