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No Deal

Renewed activity in 2011 will positively impact hiring.

By Tony LoPinto | Updated on August 31, 2010

No Deal - 08.31.2010 The Wall Street Journal this morning reported about what many investors are already acutely aware: the bargain bin from failed financial institutions is dwindling and is a lot pricier than many had expected. The number of failures since 2007 stands at 286, and the feds expect that there will be more than 140 failures in 2010. While the numbers are significant, the number of bidders has increased and the Fed is offering lower discounts and less guarantees or “loss-sharing” in order to move the assets. The current situation is a reflection of the amount of capital vying for deals, and the Fed’s decision to more shrewdly manage losses rather than dumping the assets into the hands of investors who made bundles on quick flips on failed S&L assets back in the early ’90s. This general trend mirrors the real estate situation, so the pump is not being primed and transactional activity remains relatively anemic. However, based on what I am hearing in the market, the tide is expected to shift in 2011 when lenders will begin to more aggressively clear troubled assets, and the flood of upside-down CMBS loans will hit the market, albeit at prices that are above the bargains that were originally anticipated. This renewed activity ultimately will positively impact hiring activity, and I expect to see more numbers on the boards as we approach 2011.

Tony LoPinto is a senior client partner and head of Korn//Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
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