News

Landmark Links April 3rd – Out of Tune

“History does not repeat itself, but it rhymes” is probably the most famous thing that Samuel Clemens (aka Mark Twain) didn’t actually say.   Despite the oft-misattributed nature of the above quote, its a typically a good description of recessions: they aren’t exactly the same but they do tend to share similar characteristics.  That being said, […]

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Landmark Links April 2nd – Panhandling

I know that this seems trivial given the state of the world right now but I’d be remiss not to bring it up.  Reckless management and uncontrolled growth killed WeWork but coronavirus may ultimately bury the body.  Everyone’s favorite co-working cult is asking its landlords to help cut its rent bill by up to 30%.  […]

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Landmark Links April 1st – Moment of Truth

Most years April 1st presents little more than an opportunity to play dumb pranks on your family and co-workers with near impunity (side note: I’ll continue to at least attempt to do this).  However, 2020’s edition of April Fools Day comes with a question rather than a prank: Just how large are the defaults going […]

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Landmark Links March 31st – Deep Thoughts

It’s hard to be certain about much of anything in this sort of crazy environment.  That doesn’t mean that its not important to try to think creatively to develop a framework for the world as it is today – both in a macro and a micro sense.  With that in mind, here’s eleven things I […]

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Landmark Links March 30th – Stuck in the Middle

What I’m Reading:  Stuck in the Middle: There is a mortgage crisis building, brought about by a wave of new originations, thanks to low interest rates, followed by a second wave of deferred payments thanks to a stopped economy.  This has left servicers – who are obligated to make payments to bond holders whether they […]

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Landmark Links March 27th – Unseen Risk

Lead Story: Legaldictionary.net defines Force Majeure and Frustration of Purpose as follows: Force Majeure: Noun. Greater, superior, or irresistible force. Noun. An event that cannot be reasonably anticipated or controlled. Noun. An unexpected, disruptive event that may excuse a party from performing duties under a contract. Frustration of Purpose:  Noun. A defense used for failing to […]

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Landmark Links March 26th – Silver Bullet

Lead Story: April Fools Day will be a moment of truth for commercial (and residential) landlords and tenants in the coronavirus crisis.  That’s because its the first time that rent will be due since the economy went into a virtual shutdown.  There is a high degree of likelihood that movie theater, restaurant, gym, office and […]

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Landmark Links March 25th – Chain Reaction

Lead Story: Widespread rent and mortgage abatement has been in the news lately for good reason.  The economy is in a deep freeze and layoffs are accelerating, meaning that less people have the ability to make rent and mortgage payments.  However, the way that this is being dealt with risks creating a domino effect if […]

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Landmark Links March 24th – Lock and Load

Lead Story: The Federal government may not be doing a damn thing to get a much-needed fiscal stimulus package done – but the Federal Reserve certainly is holding up its end of the bargain.  Over the weekend, a large mortgage fund got hit with margin calls and had to liquidate $1.25 billion of securities, sending the […]

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Interesting Times

The phrase “may you live in interesting times” is a somewhat ubiquitous anecdote that has been widely mis-attributed over the years.  Per Wikipedia: May you live in interesting times” is an English expression which purports to be a translation of a traditional Chinese curse. While seemingly a blessing, the expression is normally used ironically; life is better in “uninteresting […]

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