Archive for May 2008

By Anuradha Kher, Online News EditorNew York–New York City’s Hudson Yards project ran into a road block today, after developer Tishman Speyer and the Metropolitan Transit Authority (MTA) could not reach an agreement over certain aspects of the massive $3 billion development project on a 26-acre site in Manhattan’s midtown west neighborhood.The deadline for negotiations…

By Erika Schnitzer, Associate EditorThomasville, Ala.–Country Club Cottages, a new 32-unit affordable housing community for seniors, has officially opened. The six-acre development is comprised of six one-story buildings and a clubhouse.The project, developed by Auburn, Ala.-based Bennett & Company, is for adults 55 and older earning 50 percent or less than the area median income…

By Anuradha Kher, Online News EditorWashington, D.C.–The U.S. House of Representatives yesterday passed an omnibus housing bill (H.R. 3221) addressing the nation’s foreclosure crisis. The package combined several bills into a single measure, including reforms for the Federal Housing Administration (FHA) and Government Sponsored Enterprises (GSE), and $11 billion in tax-related relief.While the package was…

By Anuradha Kher, Online News EditorLa Vista, Neb.–Quantum First Capital, based in Dallas, has closed a $9.6 million loan to purchase the Shadow Ridge Apartments in La Vista, Neb.The loan was funded through Quantum First Capital’s correspondent relationship with Green Park Financial in the Fannie Mae DUS program. The 80 percent LTV loan was structured…

By Erika Schnitzer, Associate EditorAtlanta–The final phase of Villa Sonoma, a 321-unit resort-style condominium community, has been released. The development, which was split into four phases, is currently 60 percent sold, and the first three phases are sold out.“The property is selling at the same velocity that we began with because we’ve re-priced it to…

Basel, Switzerland–After posting an $11 billion first quarter loss, Basel, Switzerland-based banking giant UBS said it would reduce 2,600 jobs from its investment banking division, the Washington Post reports.The bank plans to reduce its workforce by 5,500–7 percent–by mid-2009. Most of the job cuts are expected to happen in the U.S. and Britain.UBS also said…

Washington, D.C.–U.S. wholesale inventories fell in March but sales of goods increased, the Commerce Department said Thursday.Wholesale inventories fell 0.1 percent to a seasonally adjusted $420.77 billion. U.S. wholesaler sales grew 1.6 percent to a seasonally adjusted $384.34 billion in March, following a revised 0.5 percent decline in February, The Wall Street Journal said.The number…

London–The U.S. and Europe both want to see the dollar strengthen against the euro, according to the Financial Times.Senior officials told the London-based paper that policymakers want the dollar–which at one point this week hit a six-week high against the euro–to recover because they’re worried the currency markets have been focusing too on short-term economic…

Washington, D.C.–Citing recent allegations that Countrywide Financial Corp.’s previous profits were the result of poor lending practices, U.S. Senator Charles Schumer advised Bank of America Corp. to reconsider its $4 billion offer for Countrywide, Bloomberg said.Speaking to the Senate, Schumer said mortgage lenders had increased fees for borrowers are already in bankruptcy and said Congress…