Archive for May 2008

Washington, D.C.–The National Association of Realtors and the Justice Department reached a settlement Tuesday in an antitrust case dating back to 2005, the New York Times reported Wednesday.The settlement could reduce large sales commissions by allowing Internet brokers to compete more fairly with non-Internet-based brokers by using multiple listing services, according to government officials.In 2005,…

Washington, D.C–The regulator who monitors national banks spoke out against a Fannie Mae and Freddie Mac agreement to cease buying mortgages that use lender-selected appraisers, the Boston Globe reported Wednesday.John Dugan, the US comptroller of the currency, has asked that the agreement–which was designed to protect buyers from unduly inflated home prices–be withdrawn because he…

Washington, D.C.–U.S. investment banks are divided about whether or not ongoing access to a special Federal Reserve borrowing facility is worth the cost–which will most likely include increased regulation by the Federal Reserve, the Financial Times reports.Investment banks that haven’t been greatly affected by the credit crunch, like Goldman Sachs, are reportedly against any more…

Calabasas, Calif.–Some lenders–already reeling from mortgage investments–including Calabasas, Calif.-based Countrywide Financial Corp. are now feeling pressure from loans they passed off to investors, The Wall Street Journal reported Wednesday. Buyers who are dissatisfied with subprime mortgage, home equity loan and real estate loans they purchased are trying to get banks and mortgage companies to buy…

By Anuradha Kher, Online News EditorVilla Park, Ill.–-The Chicago office of HFF (Holliday Fenoglio Fowler LP) recently secured a $31 million refinancing loan for Lincoln at Ovaltine Court, a 344-unit luxury rental community in Villa Park, Ill.  It is a five-year, 5.35 percent fixed-rate loan with Freddie Mac. Ovaltine Court is located at One Ovaltine…

By Anuradha Kher, Online News EditorEast Wenatchee, Wash.–The opening of Bello Rio Apartments, a community of 25 newly constructed townhomes for farmworker families earning 50 percent or less of area median income (AMI), will take place today afternoon in East Wenatchee, Wash.Bello Rio is located at 2017 Northwest Cascade Ave. and features two-, three- and…

By Anuradha Kher, Online News EditorNew York–The Rocky Mount Baptist Church congregation and North Manhattan Construction Corp., a New York-based development and construction company, have struck a deal to build a new church, as well as thousands of square feet of community space and an apartment complex in place of the existing 5,000 sq.-ft., one-story…

By Erika Schnitzer, Associate EditorLas Vegas–In a decision that will affect the statute of limitations in fair housing lawsuits, the U.S. Court of Appeals for the Ninth Circuit has ruled in favor of multifamily developers.The decision–that a disabled person’s right to sue over design-and-construction is limited to two years after a project’s completion–follows the March…

By Erika Schnitzer, Associate EditorPalisades Park, N.J.–Trio I, a 70-unit luxury high-rise condominium development, has launched P3 Pro-Swing, a $6,000 golf simulator for residents that provides players with a virtual golf course environment.”The virtual golf simulator has generated excitement from our resident golf players – it’s entertaining and convenient for them to practice their swing…