An underwater mortgage -- or owing more than a house is worth -- is still a debt obligation. If too many people walk away and default, even if they can make payments, America will face a moral crisis.
Tishman sends its $5.3 billion investment in 11,000 apartments back to its bankers. The move involves two massive developments in Manhattan: Stuyvesant Town and Peter Cooper Village.
The high food and commodity prices hurting most countries are buoying Brazil, a top exporter of minerals, soy, beef, chicken, and grains.