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February 1, 2010

All Business: Mortgage walkaways: OK for big guys

  • Tishman Speyer exits the $5.4 billion purchase of a New York trophy property with a ding to its reputation, but it will be fine. Residential homeowners wouldn't get off so easy.
    AP Business Writer

    NEW YORK — Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can't pay its mortgage. That's good business.

    Rick Gilson, a college custodial supervisor in South Dakota, wants to walk away from the mortgage on his mobile home. If he does, he'll be a deadbeat.

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