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Foreclosed $51 Million "Billionaire's Row" Penthouse Sells At A 30% Discount

Implode Explode - Thu, 11/09/2017 - 11:57
``Kola Aluko's posh penthouse apartment in One57, one of Manhattan's most expensive luxury towers, has finally sold after months of delays in what New York realtors agree is the most expensive residential foreclosure in city history. The sale price - a paltry $36 million - suggests that the stress seen in the ultra-high-end real estate market in New York City has only worsened as buyers brace for a glut of new luxury buildings coming online in the coming years... "It's probably the most-expensive foreclosure we've ever seen in luxury development," said Donna Olshan, president of high-end Manhattan brokerage Olshan Realty Inc. "I don't know of a foreclosure that's larger than that."''

Wall St. retreats on worries over delays in tax-cut plan

IEHI News feed - Thu, 11/09/2017 - 11:54
The S&P and the Nasdaq were on track to post their biggest one-day percentage losses in about two weeks as doubts on whether Republican would be a able to pulloff their promised tax-cut plan weighed on the markets.


A U.S. Senate tax-cut bill, different from one already in the House of Representatives, was expected to be unveiled on Thursday, complicating the tax overhaul push by the Trump administration.


"At the end of the day some version will get passed but it will be watered down. There is too much resistance from special interest groups and budget hawks and there is a fear that the tax cuts will be in name only."

Dissecting the "$250 Billion" China Deals Trump Got for U.S.

IEHI News feed - Thu, 11/09/2017 - 11:51
The White House has unveiled a slew of agreements with China as President Donald Trump seeks to address an imbalance in trade. While Commerce Secretary Wilbur Ross boasted a total of $250 billion in business deals, getting to that figure may require some fuzzy math. 

Many of the deals weren't broken out into separate valuations, while a large number were in the form of non-binding memoranda of understanding or involved agreements with existing Chinese partners.

Boeing Co.'s $37 billion aircraft order consists mostly of previously agreed deals, according to officials with knowledge of the matter. An agreement involving Cheniere Energy Inc. was presented at the signing ceremony as worth $11 billion, though neither company involved announced the value. Other pacts are stretched over lengthy periods, such as a 20-year shale gas and chemical project in West Virginia.

Still, the wave of deals signals the potential for an easing of tensions between the two countries, in addition to an increase in trade for products ranging from helicopters to beef...

Bitcoin Fork Called Off: Prices Soar After SegWit2X Fails

IEHI News feed - Thu, 11/09/2017 - 11:50
The price of a bitcoin went on a tear on Wednesday in response to news that proponents of a controversial "hard fork" had suspended their plans to create a parallel version of the digital currency.


If the controversy had not been resolved, the world's most famous cryptocurrency faced the very real possibility of splitting in two--with no clear consensus on which version was the "real" bitcoin. (You can read all the details about the proposed fork here).

In their email, the SegWit2X advocates said they still believed bitcoin needed to redesign its software to accommodate larger transaction blocks. (The controversy turned on whether bitcoin blocks should increase from 1MB to 2MB.)

But they feared the fight over the fork had become disruptive...

Has Brooklyn Slumlord Frank Rosemberg Been Crowned King Of The Bedbugs?

IEHI News feed - Thu, 11/09/2017 - 10:18
Infamous Brooklyn Slumlord Frank Rosemberg Allows Millions Of Bed Bugs To Squat In His Occupied Brooklyn Apartments

Former Banc of California chief resurfaces with new financial firm

National Mortgage News - Thu, 11/09/2017 - 09:02
Capital Corps, led by Steven Sugarman, aims to provide financing to homeowners and small businesses that it believes are overlooked by banks. The firm features several former Banc of California executives.

Sluggish construction continues to hold back housing market

National Mortgage News - Thu, 11/09/2017 - 09:02
As employment and home prices reach and surpass previous levels of normal economic and housing activity, building permits continued holding markets back from hitting historic norms during the third quarter, according to the National Association of Home Builders.

FHA serious delinquency rate shows signs of bottoming out

National Mortgage News - Thu, 11/09/2017 - 09:02
Serious delinquencies on Federal Housing Administration loans popular among first-time home buyers with affordability constraints have improved this year, but may be reaching a plateau.

Foreclosure investors rigged Palm Beach County auctions

National Mortgage News - Thu, 11/09/2017 - 09:02
Three real estate investors illegally pushed down prices in Palm Beach County, Fla., foreclosure auctions, federal prosecutors say.

Ben Carson is wrong. Law used to fight FHA fraud is essential

National Mortgage News - Thu, 11/09/2017 - 09:02
The HUD secretary’s comment that such use of the False Claims Act was “ridiculous” may delight the mortgage industry but does not bode well for taxpayers or the federal government’s future fraud enforcement efforts.

As renters struggle with bills, landlords and speculators cash in

National Mortgage News - Thu, 11/09/2017 - 09:02
Renita Barbee has begun packing up the belongings in her rented South Los Angeles home. She was trying hard to hold her composure as she told her story the other day.

Suburban Swing Centrists Rebel Against Trump, Threatening Republicans in Congress

IEHI News feed - Wed, 11/08/2017 - 17:08
The American suburbs appear to be in revolt against President Trump after a muscular coalition of college-educated voters and racial and ethnic minorities on Tuesday dealt the Republican Party a thumping rejection and propelled a diverse class of Democrats into office.

From the tax-obsessed suburbs of New York City to high-tech neighborhoods outside Seattle to the sprawling, polyglot developments of Fairfax and Prince William County, Va., voters shunned Republicans up and down the ballot in off-year elections. Leaders in both parties said the elections were an unmistakable alarm bell for Republicans ahead of the 2018 campaign, when the party's grip on the House of Representatives may hinge on the socially moderate, multiethnic communities surrounding major cities.

"Voters are taking their anger out at the president, and the only way they can do that is by going after Republicans on the ballot," said Representative Charlie Dent, Republican of Pennsylvania. "If this isn't a wake-up call, I don't know what is."

Cheat sheet: Powell's key banking positions

National Mortgage News - Wed, 11/08/2017 - 14:36
During his time as Fed governor, chair-designate Jerome Powell has outlined his views on a host of bank regulatory matters, including the need for regulatory relief, the push for housing finance reform, blockchain and much more.

Austin-area housing starts surge in third quarter

National Mortgage News - Wed, 11/08/2017 - 14:36
Central Texas new-home construction surged to an 11-year high in the third quarter, the latest numbers show.

Mid America goes NASCAR racing for new Click n' Close digital mortgage

National Mortgage News - Wed, 11/08/2017 - 11:31
Mid America Mortgage will sponsor the Richard Petty Motorsports No. 43 NASCAR team to promote the speed of Click n' Close, its new digital mortgage rival to Quicken Loans' Rocket Mortgage.

Why the biggest private mortgage insurer is turning to the capital markets

National Mortgage News - Wed, 11/08/2017 - 11:31
James Bennison, head of alternative capital markets at Arch Capital Group, says that a new insurance-linked security helps with regulatory capital requirements and provides information that can help the company to better manage risk.

Pricey home markets from Greenwich to L.A. may take tax hit

National Mortgage News - Wed, 11/08/2017 - 11:31
Pricey U.S. housing markets, from the New York suburbs to California's coastal cities, could take a direct hit under the tax-reform bill released by House Republicans.

Will Yellen stay on at Fed as board member?

National Mortgage News - Wed, 11/08/2017 - 11:31
Many industry observers believe Federal Reserve Board Janet Yellen will retire from the central bank once her term as chair expires in February. But there are reasons she might stay.

7 things we learned at MBA Annual

National Mortgage News - Wed, 11/08/2017 - 11:31
From Secretary Carson easing lending concerns to Fannie Mae announcing its expansion of Day 1 Certainty, here's a look at seven things we learned at the 2017 MBA Annual.

Trump team targets special 'QM' status for GSEs

National Mortgage News - Wed, 11/08/2017 - 08:28
Growth in loans with higher debt-to-income ratios is reviving focus on a regulatory exemption for Fannie Mae, Freddie Mac and other federal agencies that back mortgages.