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Real
estate News 2009 |
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| Jan 2009 |
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| Wall Street layoff storm also soaks office landlords |
Obama adviser pledges money to reduce foreclosures |
| Wall Street's employment tsunami, most recently swamping Citibank Inc (C.N), is also undermining the island of Manhattan's 443 million square foot office market, threatening to drag rents down 35 percent from a second quarter 2008 high. |
President-elect Barack Obama's top economic adviser has sent a letter to the Senate's Democratic leader promising to spend between $50 billion and $100 billion of the financial bailout fund to reduce the number of foreclosures. |
| Mortgage applications up as refinancing jumps |
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| Mortgage applications jumped in the first full week of 2009 as record low interest rates spurred the greatest demand for home refinancing loans in over 5-1/2 years, data from an industry group showed on Wednesday. |
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Wall Street layoff storm also soaks office landlords
Wall Street's employment tsunami, most recently swamping Citibank Inc (C.N), is also undermining the island of Manhattan's 443 million square foot office market, threatening to drag rents down 35 percent from a second quarter 2008 high.
Obama adviser pledges money to reduce foreclosures
President-elect Barack Obama's top economic adviser has sent a letter to the Senate's Democratic leader promising to spend between $50 billion and $100 billion of the financial bailout fund to reduce the number of foreclosures.
HUD nominee lauded for NYC housing programs
As Barack Obama's selection to be the next federal housing secretary, Shaun Donovan will be leading the government's response to the nation's foreclosure crisis.
Mortgage applications up as refinancing jumps
Mortgage applications jumped in the first full week of 2009 as record low interest rates spurred the greatest demand for home refinancing loans in over 5-1/2 years, data from an industry group showed on Wednesday.
Northern Rock shareholders seek redress in court
Shareholders in nationalized mortgage lender Northern Rock were going to court Tuesday to try to force the British government to compensate them for their now-worthless stocks.
Madoff affair aggravates private banking fee spat
Private bank clients, already at loggerheads with wealth managers during the subprime crisis, are becoming more vocal in demanding lower fees after the Madoff scandal left many of them badly bruised.
Obama seeks remaining $350 billion bailout money
The incoming Obama administration sought from Congress the remaining $350 billion of the $700 billion financial industry bailout, promising more Americans would benefit directly and stricter limits would be imposed on companies getting government help.
Obama weighs decision about bailout funds
President-elect Barack Obama vowed to restructure a financial rescue plan to save more U.S. families from home foreclosures, as he considered on Sunday whether to seek additional funds from a $700 billion bailout program.
Real Estate Close-Up: Miami
Despite record foreclosures, despite double-digit home price declines, and despite scary job losses, Miami's commercial real estate market has rolled with the punches until now.
Bank industry slams lawmaker-Citi mortgage deal
A top bank industry group said on Friday that it opposes an agreement between Citigroup Inc and Democratic senators that would rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, saying it could make home loans more expensive.
Citi backs measure to help avoid foreclosures
Financial giant Citigroup Inc will support a proposal in Congress to rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.
Citigroup agrees to let judges retool troubled mortgages
Key congressional Democrats on Thursday reached an agreement with financial giant Citigroup Inc. on a proposal to make it easier for bankruptcy judges to adjust the terms of home loans and possibly forestall many foreclosures.
Dollar up despite disappointing economic readings
The dollar rose against most major currencies Tuesday despite disappointing readings on pending home sales and factory orders, as speculation mounted that the European Central Bank will continue its rate cut campaign in the face of declining inflation across the euro zone.
US service sector improves slightly in Dec.
A measure of the U.S. services sector improved slightly in December, beating analysts' estimates, but pending home sales and factory orders both fell more than expected and the overall economic outlook remains grim.
Lawmakers set new mortgage bankruptcy bill
Legislation designed to stem foreclosures by allowing bankruptcy judges to erase some mortgage debt will be introduced by Congressional Democrats on Tuesday, and hopes are high that it will pass after a similar plan failed last year.
Commercial real estate in for tough 2009
The balance of power between landlords and tenants will shift dramatically in 2009. For landlords, this promises to be a year of intense competition, more bankrupt tenants, and tightfisted lenders.
Real estate news Archive
Realty agents sued over alleged underreported
commissions
Monday, January 30, 2006
The former president of a Missouri title insurance company was sentenced
to six years in prison in connection with a $5.7 million mortgage
fraud scheme, the St. Louis Business Journal reported.
Thomas
Kurzenberger Jr., former vice president of Title Insurers Agency
Inc., was sentenced to six years in prison on fraud charges involving
a $5.7 million mortgage fraud scheme, officials said last week.
Kurzenberger Jr., 37, of Valley Oak Court, Ballwin,
was sentenced on one felony count of mail fraud, reports said. Senior
Judge Stephen Limbaugh Jr. also ordered Kurzenberger to pay $5,731,535
restitution, United States Attorney Catherine L. Hanaway announced
Tuesday, according to reports.
Kurzenberger allegedly used customers' escrow deposits
to support his drug habit and spent about $162,000 of customers'
escrow funds at an adult nightclub, according to evidence records
presented at sentencing, the Business Journal reported.
Former title insurance exec sentenced
to prison
Monday, January 30, 2006
Between January 2000 and June 28, 2005, Kurzenberger
withdrew millions of dollars from Title Insurers Agency's main escrow
account or construction escrow accounts, which resulted in $5,731,535
of losses claimed by victims, evidence presented at sentencing said,
according to reports. He used $1,251,045 of the funds to pay his
personal credit card bills, media reports said.
Additionally, between January and June 2005, Kurzenberger
continued to enter into escrow agreements, and accepted escrow deposits
from customers, without disclosing that there was a deficiency in
the agency's escrow accounts, reports said.
Realty agents sued over alleged underreported
commissions
Monday, January 30, 2006
The former president of a Missouri title insurance company was sentenced
to six years in prison in connection with a $5.7 million mortgage
fraud scheme, the St. Louis Business Journal reported.
Thomas Kurzenberger Jr., former vice president of
Title Insurers Agency Inc., was sentenced to six years in prison
on fraud charges involving a $5.7 million mortgage fraud scheme,
officials said last week.
Kurzenberger Jr., 37, of Valley Oak Court, Ballwin,
was sentenced on one felony count of mail fraud, reports said. Senior
Judge Stephen Limbaugh Jr. also ordered Kurzenberger to pay $5,731,535
restitution, United States Attorney Catherine L. Hanaway announced
Tuesday, according to reports.
Kurzenberger allegedly used customers' escrow deposits
to support his drug habit and spent about $162,000 of customers'
escrow funds at an adult nightclub, according to evidence records
presented at sentencing, the Business Journal reported.
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