Archive for April 2008

London–To soothe the British financial markets, the Bank of England announced Monday that it would let banks exchange mortgage-backed securities valued at about $100 billion for government bonds, the New York Times said.Banks will deposit the securities–which have become hard to sell since credit markets began contracting last summer–in the central bank as collateral at…

Charlotte, N.C.–Hurt by higher credit costs and writedowns, Charlotte, N.C.-based Bank of America said Monday that its first-quarter earnings had fallen nearly 80 percent to $1.2 billion, the Financial Times said.Bank of America–which is the largest U.S. bank by market value–said home equity, homebuilder and small business loan issues caused its provision for credit losses…

Baltimore–Smaller banks–such as Provident Bankshares Corp. of Baltimore–may experience some of the losses that larger banks have suffered during the subprime crisis, according to The Wall Street Journal.Provident posted a $17.6 million quarterly net loss last week after cutting its dividend and issuing $115 million of new securities to fix a balance sheet filled with…

Washington, D.C.–The FBI will investigate more corporate fraud cases in connection with subprime mortgage issues, FBI director Robert Mueller says.In a speech to the American Bar Association in Washington, D.C. on corruption and white collar crime, Mueller confirmed that the FBI is investigating 19 subprime-related institutions and the financial and investment vehicles the firms used,…

By Anuradha Kher, Online News EditorSan Antonio–Daniel Markson, senior vice president of development at the NRP Group LLC, recently received the Cesar E. Chavez Eagle award at the Cesar E. Chavez Legacy and Educational Scholarship Recipients dinner awards, held at the La Villita Assembly Hall in San Antonio.“This award is given to special individuals who…

By Anuradha Kher, Online News EditorWashington, D.C.–The Foreclosure Prevention Act of 2008 (S. 2636), recently passed by the Senate, has received mixed reaction from the multifamily industry. The Act provides $3.92 billion in emergency funding to enable states and cities to work with local nonprofits to acquire and rehabilitate foreclosed homes.“The passage of the Foreclosure…

By Anuradha Kher, Online News EditorWashington, D.C.–The Environmental Protection Agency’s fourth annual National Sustainable Design Expo features more than 50 college teams from across the U.S. displaying innovative solutions for an environmentally sustainable future. The Expo is being held at the National Mall in Washington, D.C., between 3rd and 4th Streets, until April 22, which…

New York–Average Manhattan home prices hit a new high in the first three months of the year, according to the Real Estate Board of New York.Co-op, condo and townhouse prices rose 41 percent in the first quarter in Manhattan, the New York Daily News said. Across the city, average price of a New York home,…