Merrill Lynch switches billions in debt to Britain to avoid paying corporation tax for 50 years

August 17, 2008 by · Leave a Comment
Filed under: Industry News 

50 years sure does seem like a pretty big upside for taking huge losses over bad bets that were placed during our last financial cycle upswing.  We will want to follow up on this to see if anyone tries and challenge this type of tax treatment.

Investment bank Merrill Lynch may not have to pay UK tax for decades.  The Wall Street giant, which employs 5,500 in the City of London, could be eligible for a tax holiday of more than 50 years after making billions of pounds of losses on ‘exotic investments.’

The possibility of such a business escaping tax will astonish households struggling with their personal finances.

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Credit Crisis Still `Far From Over,’ Merrill’s Bernstein Says

August 13, 2008 by · Leave a Comment
Filed under: Industry News 

The assessment is correct, with the alt-a mortgages and credit default swaps right around the corner to be the next “boot to drop”, bank failures and mergers are likely. Estimates I have read and heard are for atleast $1 trillion dollars or write-downs or more.

The credit crisis is “broad, deep, and global” and “far from over” for financial companies even after they reported $500 billion in writedowns and credit losses, Merrill Lynch & Co.’s chief investment strategist said.

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Merrill sparks fears bank crisis costs to rise

July 29, 2008 by · Leave a Comment
Filed under: Industry News 

Merrill Lynch surprise write-down ratchets up pressure on rivals to cut the values of their own subprime assets as they grapple with mounting debts and economies weaken.

The global credit crisis, roughly a year under way, could cause total damage of around $1 trillion to balance sheets of financial services companies. That’s far above the more than $400 billion of write-downs taken so far.

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Wilshire Credit Corporation (Loan Servicer) REOs

July 22, 2008 by · Leave a Comment
Filed under: Regional REO Brokers 

Wilshire Credit Corporation is a loan servicer that handles mortgage payments for banks and other financial institutions.  After browsing through the website going through various links, I believe they are affiliated with the Merrill Lynch Investment brokerage.  I found this by finding a link that goes to some home buying tools that is branded by Merrill Lynch.

The REO property search is pretty basic with a map of the US that you can click on the select a state.  One nice feature is that when you select a state is automatically populates all the cities that has REO listings at that time.  I have only seen residential listings at this time but I am not sure if they offer commercial real estate also.  It might be worth a quick call to inquire.   One quick note, you need to allow pop-up windows to see REO listings.

REO Info:

REO (Real Estate Owned) is residential property, which is owned by a lender or bank. It is usually acquired through a foreclosure. The property is then listed by a real estate professional and marketed through their local and national MLS (Multiple Listing Service) and websites such as REO properties are generally sold in as-is condition and, as a result the pricing might be more attractive for someone wanting to invest sweat equity or as an investment. However, many of our properties are in “move-in” condition.


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