Bank of America Loan

Bank of America escapes $1.3B mortgage fraud penalty Federal appeals court throws out 2013 verdict on sale of toxic mortgages to Fannie and Freddie

Bank of America is off the hook for a $1.27 billion fraud penalty for its Countrywide Financial division’s role in selling toxic mortgages to Fannie Mae and Freddie Mac in the buildup to the 2008 financial crisis.

On Monday, a Manhattan federal appeals court overturned a 2013 jury verdict that found Countrywide, which Bank of America acquired in 2008, fraudulently dumped the shoddy mortgages on the government-sponsored entities despite having promised to sell only investment-quality loans.

But the three-judge appeals court panel found that Countrywide did上海夜网 阿爱上海同城 not engage in fraud because the sale of the toxic mortgages occurred after the contract on the deal was signed – with Judge Richard Wesley noting that “[a] party claiming fraud must prove fraudulent intent at the time on contract execution,” according to the New York Post.

Inst新上海贵族宝贝论坛 上海贵族宝贝交流区ead, Wesley said Countrywide’s substitution of th爱上海同城手机版 新爱上海同城对对碰论坛e promised high-quality mortgages for shoddy loans was more akin to breach of contract than fraud, and that prosecutors would have to prove that Countrywide executives made the switch “with contemporaneous fraudulent intent.”

The appeals court also overturned a $1 million civil penalty on former Countrywide executive Rebecca Mairone, who was told by subordinates that the loans being sold to 爱上海同城论坛 爱上海同城Fannie Mae and Freddie Mac fell short of t[……]

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601 Lexington Avenue

601 Lex becomes city’s youngest landmarked building Bosto爱上海 爱上海同城手机版n Properties and Norges Bank own 1.6M sf Midtown East tower

601 Lexington Avenue, Meenakshi Srinivasan and Owen Thomas

You don’t look a day over 39!

The former Citicorp Center at 601 Lexington Avenue is the city’s youngest landmark building after the Landmarks Preservation Commission put the Boston Properties and Norges Bank tower on a list of properties that now numbers 50 in the Midtown East area.

“The Citicorp Tower’s distinctive features make it one of the most recogni新爱上海同城对对碰论坛 上海同城对对碰交友社区zable skyscrapers in 上海夜网论坛 上海夜网New York City,” the commission s chair Meenakshi Srinivasan said in a statement. “Today we ensured that future generations will enjoy this irreplaceable part of our skyline.”

The Landmarks Preservation Commission two weeks ago voted unanimously to designate 11 Midtown East buildings including the Hampton Shops Building, Pershing Square and the Hotel Lexington – a priority for preservationists ahead of the neighborhood’s expected rezoning, Curbed reported.

Boston Properties purchased a controlling stake in the 1.6 million-square-foot tower from Citicorp in 2001 for $755 million. The REIT reached an agreement with Norges in 2014 to sell a 45 percent interest in the tower for $1.5 billion. Major tenants include the law firm Kirkland and Ellis, Citibank and the Blackstone Group .

Hugh A. Subbins Associates designed the 59-story building, which was constructed 上海贵族宝贝 上海千花网龙凤论坛between 1973 and 1978. Its most distinctive features[……]

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Fannie Mae

Fannie-Freddie overhaul is back on the table Bipartisan lawmakers look to reduce the government’s role in the mortgage giants

Mel Watt

Overhauling the govern上海贵族宝贝 上海千花网龙凤论坛ment s role in mortgage giants Fannie Mae and Freddie Mac is back on the table.

With backing from President Trump — who s stated his support for an overhaul — a bipartisan group of U.S. Senators is working behind the scenes to revamp the companies the government took over in 2008.

The Senate Banking Committee is looking to reduce the government s role in the $10 trillion mortgage market, and the panel will hear testimony Thursday from Mel Watt, director of Federal Housing Finance Agency, which oversees Fannie and Freddie, the Wall Street Journal reported.

Fannie and Freddie buy mortgages from lenders, turn them into bonds and sell them to investors. Under the 2008 agreement, the Treasury Department agreed to inject cash to support the $5 trillion in debt securities the companies issued. In exchange for $258 billion worth of ongoing support, Fannie and Freddie also send profits to the Treasury.

Watt is expected to suggest Fannie and Freddie retain their earnings rather than sending them to Treasury, according to an advance copy of his remarks obtained by the Journal. “We cannot risk the loss of investor confidence,” according to the remarks.
A failed plan drafted in 2013 would have replaced Fannie and Freddie within five years with a public guarantor. This time上海千花网龙凤论坛 上海千花社区 around, conservative Republicans are calling for a[……]

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Two Chicago developers plan record

Two developers are seeking to approval for new towers that would be among the tallest in the city. JDL Development is looking to spend $700 mi爱上海同城论坛 爱上海同城llion to develop two luxury residential to上海千花网 爱上海同城对对碰wers west of the Loop, including one that would become the city’s sixth-tallest 上海千花网交友 上海千花网论坛skyscraper. Meanwhile, Related Midwest is planning to build the two tallest towers in the Fulton Market district — a 58-story residential and hotel tower and a 51-story residential tower — according to the Chicago Tribune. Zoning plans have been sub上海千花网龙凤论坛 上海千花社区mitted for the projects. JDL Development is looking to build residential towers with 76 and 45 stories connected to a nine-story retail base. If built as proposed, the爱上海同城对对碰 爱上海同城论坛 taller tower, One Chicago Square, would be 1,011 feet. [Chicago Tribune]

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M&T Bank

Rendering of 170 Buffalo Avenue (credit: John W. Baumgarten Architect)

Centers Health Care just scored an $80 million construction loan for its c上海贵族宝贝交流区 上海贵族宝贝论坛onversion of an abandoned Crown Heights hospital into a nursing home.

M T Bank provided the financing, which was consolidated with a previous $15 million mortgage, totals $80 million, records filed with the city s Department of Finance show. The Bronx-based health care company is in the process of renovating 新爱上海同城对对碰论坛 上海同城对对碰交友社区170 Buffalo Avenue, a vacant hospital bounded by Prospect Place, Rochester Avenue, St. Marks Avenue and Buffalo Avenue. Cen上海夜网 阿爱上海同城ters purchased the hospital in 2014 for $19.5 million.

Brownstoner reported in 2015 that Centers planned to convert the former St. Mary s Hospital into a 280-bed nursing home. The company filed an applicati新爱上海同城对对碰论坛 上海同城对对碰交友社区on with the Department of City Planning to maintain the eight-story building s configuration and to change its use. However, Centers withdrew its application in April 2016.

The status of the project wasn t immediately clear. The Department of Building上海贵族宝贝 上海千花网龙凤论坛s website indicates that permits were approved for renovation work in May 2017.

A spokesperson for Centers Health Care declined to comment on Monday.

Tags: Commercial Real Estate, Hospitals, m&t bank
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Plans filed for 175 townhouses at former country club in Greenburgh

Ridgewood Real Estate Partners plans to build a commu上海贵族宝贝交流区 上海贵族宝贝论坛nity of 175 townhouses for people 55 and older on the grounds of t上海贵族宝贝 上海千花网龙凤论坛he former Elmwood Country Club in Greenburgh. The New Jersey-based developer bought the爱上海龙凤419桑拿 上海龙凤论坛sh1f 106-acre property for $13 million last summer and submitted plans 爱上海同城 爱上海to the Greenburgh Town Board on January 23. However, Ridgewood executives have expressed concern over tax legislation being pursued by the town that would tax new condo and townhouse development上海夜网 阿爱上海同城s at a higher rate than single-family homes. [WBJ]

Tags: Westchester Fairfield
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Edward Riguardi

Edward Riguardi, dean of property management, dies at 85 Industry veteran is survived by son, JLL president Peter Riguardi

Edward Riguardi

Edward Riguardi, known as the dean of property management in New York, died Monday morning. He was 85.

Riguardi died at his home in Little Silver, New Jersey, a representative for the family told The Real Deal.

The industry veteran s career spanned more than 50 years. He retired in 2008 as a managing director at JLL, where his son, Peter Riguardi, currently serves as the company s president.

Throughout his decades in commercial real estate,爱上海同城手机版 新爱上海同城对对碰论坛 Riguardi consulted on asset management strategies for major firms like Exxon, American Express, Bank of New York, Citibank, Equitable Life, Merrill Lynch and John Hancock, among others.

He received accolades for his work concerning safety regulations, city codes and rehabilitating properties. In 1982 he was named “Management Man of the Year” by the Real Estate Board of New York, where he served on the board of gover上海千花网 爱上海同城对对碰nors and the powerful industry group s executive committee.

In 2010, REBNY renamed its Commercial Management Leadership Award as the Edward A. Riguardi Executive of the Year Award in his honor.

Riguardi s career started at the former Willaims Real Estate, where he started working in the firm s operations and engineering department. During his 29 years at the company, he rose to become one of three senior vice presidents overseeing a portfolio that, at is peak, spanned nearly 30 millio[……]

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Developer files $100M lawsuit over rejected East Quogue luxury golf course project

Developer files $100M lawsuit over rejected East Qu上海龙凤论坛 新上海贵族宝贝论坛ogue luxury golf course project

The Discovery Land Company said the Southampton Town Board was “unconstitutional and unlawful” when it rejected the company’s “The Hills at Southampton” proposal in December, according to 25 East. The developer had hoped to build 118 luxury housing units and an 18-hole golf course on 600 acres. But the town shot it down in December, citing environmental concerns. The developer, in its lawsuit, demands the town overturn the votes against its pro阿拉爱上海同城 爱上海龙凤419桑拿ject, pass a law allowing the developmen上海夜网论坛 上海夜网t to move forward, and for the town to pay $100 million in damages along 上海贵族宝贝 上海千花网龙凤论坛with attorney fees. [27East]

Tags: Hamptons
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Starwood Capital Group

Starwood expands outside real estate with GE energy finance acquisition The $2.6B buy shows the firm is eager to diversify its holdings

Starwood Property Trust, led by Barry Sternlicht, buys an an energy finance unit of GE (Credit: GE.com)

Starwood Property Trust plans to buy a GE energy-finance business for $2.56 billion, part of the firm s plan to diversify outside its massive real estate hold阿爱上海同城 阿拉爱上海同城ings that include hotels, resorts and apartments.

The Miami-based real estate investment trust is an affiliate of Starwood Capital. The latest purchase includes a portfolio of $400 million in unfunded loan commitments and 51 senior loans secured by energy infrastru上海千花网论坛 上海千花网cture assets, according to a press release.

Barry Sternlicht, chairman and CEO of Starwood Capital Group, told Bloomberg he wants to make sure the company’s performance isn’t tied too closely to the real estate cycle, where he saw some mortgage REITs fail during the financial crisis.

Sternlicht said the majority of the new business segment s portfolio is backed by contracts with investment grade companies.

In 2013, Starwood Property acquired LNR, the largest commercial special servicer in the U.S., in a $1 billion deal. More than a year ago, Starwood Capital moved its corporate headquarters to 1601 Washington Avenue in Miami Beach, where LNR had long maintained offices. In May, it said it would move爱上海同城论坛 爱上海同城 headquarters again, but remain in the are爱上海同城 爱上海a. [Bloomberg] — Keith Larsen

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Keller Williams Agent Count

Exorcism of 15,000 “ghost agents” begins at Keller Williams Company denies existen爱上海 爱上海同城手机版ce of policy to keep inactive, unlicensed or dead agents on the company roster to inflate numbers

Keller Williams president Josh Team surrounded by ghosts (Credit: Keller Williams and iStock)

Keller Williams brags about being the biggest resi real estate franchiser nationwide by agent count. But it may not be as large as it claims.

It appears that some of Keller Williams’ 160,000 plus agents in the United States are actually “ghosts,” meaning they are inactive, unlicensed, and even 爱上海 爱上海同城手机版deceased, according to Inman.

Josh Team, Keller Williams’ president, said the上海夜网论坛 上海夜网 company became aware of “inconsistencies” in agent count last month.

“This is contrary to our policy of reporting and our commitment to transparency as a company. As soon as [CEO] Gary [Keller] became aware, he took immediate action to reconcile our roster and ensure that this never happens again starting in early January,” Team said, according to Inman.

But sources, including a former franchise owner, 阿拉爱上海同城 爱上海龙凤419桑拿told Inman that Keller Williams had a unspoken policy of keeping inactive or departed agents on the company rosters in order to inflate numbers.

“The entire push from the company had been around agent count, obviously everybody knows that,” the former franchise owner told Inman.

W上海贵族宝贝论坛 上海贵族宝贝hen the former franchise owner purchased a Keller Williams market center, they found that 16 percent of the agents on the roster were no long[……]

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