Bowie Bonds Pave New Wall Street Asset
David Bowie sells bonds backed by royalties from 25 pre 1990 albums to raise 55 million up front. Prudential buys the issue, earning about 7.9 percent over 10 years, with Moody’s A3 rating and EMI guaranteeing payments. The deal launches a potential market for entertainer backed assets and may inspire others like Sinatra or Jackson to seek similar funding.
MENTIONED IN THIS ARTICLE
Andrew Fraser
EW York
David Bowie
Chameleon
Wall Street
Ziggy Stardust
Bowie
Prudential Insurance Co. of America
Prudential
Treasury
Frank Sinatra
Michael Jackson
Bill Zysblat
Zysblat
Rolling Stones
Paul Simon
Ira
George Gershwin
Rick Matthews
Moody’s Investors Service
EMI Records
United States
SoundScan Inc
USS
Bills to ease PMI rules for homeowners face limits
Knight Ridder News Service reports that Congress considers laws to require lenders to tell borrowers they can cancel private mortgage insurance once they reach 20 percent equity. The bills would push automatic cancellation in some cases, but critics say they don’t go far enough and many borrowers still pay PMI.
MENTIONED IN THIS ARTICLE
Knight-Ridder
Congress
Fannie Mae
Alfonso D’amato
N.Y
James Hansen
Utah
D’amato
Ellen Schweppe
Mortgage Insurance Cos. of America
Yields Mixed on Money Market Mutual Funds
The seven day average yield on money market mutual funds edged down to 4.80 percent in the week ended Tuesday from 4.81 percent, while the 80 day average held at 4.83 percent. Bank Rate Monitor reported higher APYs for money market accounts and various CDs across major markets as total fund assets rose.
MENTIONED IN THIS ARTICLE
New York
IBC
Money Fund Eport
Ashland
Mass
IBC Financial Data Inc
IBC Financial Data
IBC Financial
Bank Rate Monitor
Savings and Loan Associations
North Palm Beach
Fla
Investment Company Institute
Pitfalls in selling house to relatives
This piece outlines risks in intrafamily real estate deals such as down payments as debts, second mortgages, and owner financing. It advises consulting lenders and lawyers, explains bridge financing, and warns of tax, probate, and insurance pitfalls before proceeding. It ends with a note to contact Susan Bondy at The Cedar Rapids Gazette.
MENTIONED IN THIS ARTICLE
Susan Bondy
Cedar Rapids
P.O
Child care credit available even with flexible spending
The child care credit may apply even when using a dependent care flexible spending arrangement. If FSA payments cover part of expenses, the remaining amount up to the credit limits of 2400 for one dependent or 4800 for two or more can be claimed via IRS Form 2441.
MENTIONED IN THIS ARTICLE
Gary Klott
Knight-Ridder News Service
FSA
Also Mentioned on This Page
the Stones
Mick Jagger
Dick Rudder
Willkie Farr & Gallagher
James Kendrick
Thacher Proffitt & Wood
Madison Square Garden
PMI
Money Funds
Home Equity Loans Call Perpetual’s
Ist
Willi
Edgewood Rd
CPA
Sieh & Company
Arthur Andersen
Firstar Bank
Bondy
AVA
FDIC
LaSalle Bank
Illinois
SCI SE
2Nd Avenue
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