Bowen H. “Buzz” McCoy, formerly responsible for the real estate financing unit at Morgan Stanley, is a ULI life trustee and president of Buzz McCoy Associates, Inc., in Los Angeles. His recent books are Living into Leadership: A Journey in Ethics (Stanford University Press, 2007) and The Dynamics of Real Estate Capital Markets: A Practitioner’s Perspective (ULI, 2006).
Given the turmoil and volatility in financial markets that have been reported in the daily press, participants at the ULI McCoy Symposium on Real Estate Finance were surprisingly optimistic. Their reasons: The Federal Reserve has suggested that interest rates will remain at historically low levels until at least mid-2015.
Nearly three dozen of the country’s top money minds spoke frankly about navigating the ongoing credit crisis. Here is a glimpse of their off-the-record meeting.
About $1 trillion of frozen commercial real estate loans are in the system and cannot trade near marked value, leaving the Federal Reserve to deal with the most complicated set of circumstances in at least the past 25 years.
Crises often occur in clusters, and many are global in nature. Financial crises are viewed as extraordinary and rare, though they turn out to be far more common and similar than most observers think.
The Urban Land Institute needs to be a fixed point where one can look for aid in avoiding the incrementalism of bad practice and misaligned values.