Kara's Failure Worries Banks ; Analyst Says Several Lenders Face Big Losses
The Record, Bergen County, NJ › October 10, 2006
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Summary
Kara Homes' bankruptcy filing could hurt a number of banks and make lenders more cautious about lending to builders as the real estate market slumps.
The Chapter 11 filing last week by the East Brunswick-based home builder shows a surprising number of lenders facing large amounts of potential losses, analyst Albert Savastano wrote in a research report Monday.See the full content of this document
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Kara's Failure Worries Banks ; Analyst Says Several Lenders Face Big Losses
Kara owes about $108 million to eight different banks, according to Savastano, of Janney Montgomery Scott. According to Savastano, the filing indicates the loans ar...
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