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USA adopts a huge bailout of real estate
2008-07-27 3:03:05 p.m.
(Xinhua / Reuters)
WASHINGTON, July 26 (Xinhua) - The U.S. Senate Saturday approved a comprehensive rescue plan for real estate that will offer up 300 billion dollars in assistance to both borrowers and mortgage refinancing agencies who found themselves in turmoil lately.
The plan, adopted by 72 votes against 13 during a weekend session in the Senate, is being sent to President George W. Bush should sign it quickly.
This plan will enable Fannie and Freddie, the two mortgage giants refinacement who came close to collapse earlier this month, access to more public capital, by allowing the Treasury until the end of 2009 to purchase shares of the two bodies where they lend more money.
(Xinhua / Reuters)
The plan also foresees the creation of a fund of 300 billion dollars under the Federal Housing Administration to help borrowers strangled by their monthly payments. Some 400,000 families could receive assistance through this program.
Both presidential candidates Barack Obama and John McCain is hailed the passage of this bailout of real estate by the Senate.
PRESS ALGERIA
ON REAL ESTATE AND BUILDING
Nearly 400,000 unoccupied dwellings in Algiers
Nearly 400,000 homes have closed in Algiers, said yesterday the Director General in charge of Credit to the National Savings and Provident (PSC), Rachid Atmani.
The official was speaking at a salon on funding and housing affordability. The revelation of Mr. Atmani is instructive because it comes at a time when the Algerian market is experiencing a housing crisis due to acute imbalance between supply and demand. The same source noted that "there is a large fleet that is sold or operated as a rental." This state of affairs is due, he said, a lack of communication. "There are many provisions that were made in this area to allow the placing on the market rental housing dormant. This is so the exercise of the right's legislative tenure. Donors are comforted in their rights to recover their property, "he said. Mr. Atmani also noted that the Cnep is studying the possibility of segmenting its customer base for provision of staff to introduce more flexibility in the granting of bank credit. This system is "not to the same uniform system for all customers in terms of the bank's participation in the financing," he said. "The soaring prices especially in urban areas poses a serious problem of accessibility to bank credit because there is the income constraint," he added. Added to this, he said, the constraints related to title and building permit without leaving the familiar problem of the availability of land. Mr. Atmani Cnep will notice that the bank is at the crossroads following the strategic repositioning decided by the Board of Directors in February 2007 that confines the activity of the bank in the housing finance and the sale of its former subsidiary, CNEP-Immo, the benefit of three public insurance companies. The CEO of the National Housing Fund (NLC), Mr. Djemaa, for his part said that spending on housing by the state in 2007 should reach 150 billion dinars at home against 50 billion dinars in 2002 . This amount represents 2% of GDP, he said. Close 45% was spent on rental housing program and 35% for rural housing. Mr. Djemâa reported that in the wake participatory social housing program (CIP) records a need of 100 000 to 150 000 credits for home. As the CEO of Cnep-Immo, Mr. Boufatit, he stressed that his institution is on a construction program of 83 000 dwellings with 18 000 and 65 000 in promotional leasing. Some 11,000 homes are under construction in the form of hire purchase. The speaker also raised the issue of availability of land bases. Other participants highlighted the number shortage of qualified developers who have built only 130,000 units and the financial deficit of public developers who are struggling in a crippling debt to explain the slump that characterized the housing market.
Author: Nora Boudedja
Source: El Watan Dated: 18-11-2007
Sidar The Saudi group specializing in real estate development, and the Luxembourg Investment Group Building Corporation (IBC), a leading investment and real estate advisory company, have joined forces. An association between the leading real estate investment between Europe and the Maghreb (with 1280 transactions 2006) and a number of property development in Algeria with over 500 million dollars invested in housing construction and business centers, whose objectives and strategy will be presented today at the Sofitel in collaboration with the French Chamber of Commerce and Industry in Algeria (CFCI), at a symposium bringing together some 400 representatives of major French and Algerian companies. In fact, IBC intends to emphasize its international expansion by opening offices in Algeria and prepare, in effect, opening two new offices in 2006 in Algiers and Oran, creating twenty new jobs. Founder and majority shareholder of the Corporation (the rest being held by investment funds in Switzerland and Luxembourg), the family Megharbi (of Algerian origin) plans to generate 25% of its activity on the Algerian territory. This by providing expertise in the real estate transaction services, promotion Real estate, management of joint property and real estate advisory firm. Wishing to support companies in their real estate choices and strategies, IBC and joins the group Sidar by lending its portfolio including large foreign retailers. But also an international dimension to business centers and shopping and other real estate projects and tourism promoter Sidar, becoming its only partner in the marketing of real estate including the great center of commerce and business, Al Quds Chéraga implanted. This, with the aim to "emerge from the ultra modern shopping malls, respecting the specific Algerian and creating spaces structured and organized, enabling the consumer, combining the strengths of the periphery to the attractiveness of urban shopping centers, "according organisateurs.Chérif Bennaceur
source: Le Soir d'Algérie
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