VOL. 122 | NO. 158 | Wednesday, August 22, 2007
Part of the recent hand-wringing over the fate of the housing market has to do with more and more borrowers finding themselves stuck in homes they can't afford. At the other end of the spectrum, there are the wealthy investors - spooked by the volatility of it all - taking actions that inadvertently rock broader sections of the economy.
Can Memphis benefit from a nationwide economic slowdown? Probably not, but the city dubbed America's Distribution Center might be better situated than most cities to weather the ferocious storm ahead.
The Orpheum Theatre announced Jim Perrin has been named vice president of development. Perrin previously served as the president of Junior Achievement of Memphis & the Mid-South Inc. In his new position, he will oversee the Orpheum's fundraising efforts, special events and other projects.
Shelby County Commissioners meet today to debate the next move in the legal fight over a second Juvenile Court judge's position.
Despite talk of a softening housing market and impending doom for mortgage lenders, those in the real estate investment business see nothing but opportunity these days.
As the housing crisis worsens and the Federal Reserve has swooped into the market to ensure liquidity, the 12 regional banks are making more cash available to banks and thrifts that make mortgage loans.
The Securities and Exchange Commission said its civil complaint filed in federal court in Chicago accuses Sentinel of "fraudulent conduct (that) has placed its clients at risk of serious and irreparable loss."
The buyers in these deals include a major investment bank and several well-known hedge funds.
The clamor from lenders is complicating American Home's attempt to liquidate its assets in an orderly fashion, the attorney, John T. Dorsey said at a hearing in the U.S. Bankruptcy Court in Wilmington, Del.