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, ABC News reports.”We likely will see more corporate fraud cases in the months to come because of the ripple effect of the subprime crisis and its impact on the credit market,” Mueller said.The FBI is targeting accounting fraud, insider trading and deceptive sales practices, which…

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 are fighting in the spirit of Cesar E. Chavez for the poor people,” says Jaime P. Martinez, chairman, Cesar E. Chavez March for Justice.Chavez was a farm worker, labor leader and civil rights activist in the 1950s.“The new frontier of civil rights is affordable housing,”…

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 Prevention Act will help mitigate the growing problems brought on by the foreclosure crisis,” says Doris W. Koo, president and CEO of Enterprise Community Partners. “Productive occupancy of foreclosed homes will help stimulate economic activity and help prevent further loss of home equity in struggling…

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 is Earth Day.The Expo will feature solar panels made out of natural chlorophyll from plants instead of silicon, low-cost technologies that can provide clean drinking water to developing nations and green buildings, as well as technologies that generate electricity from flying kites and produce plastics…

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, condo or co-op increased 28 percent to $853,000. In the first quarter of 2007, the average price was $669,000.Apartments in the SoHo and Tribeca neighborhoods sold for $2.3 and $2.2 million; the cost of an average Upper West Side apartment skyrocketed 96 percent to $2.1…

Washington, D.C.–Top financial executives feel that the U.S. economy will definitely see a recession this year–followed by a slow recovery, the Toronto Star reported Friday.In a survey conducted by the Financial Services Forum, members said they felt there was an 88 percent chance of a U.S. decline this year.Respondents also estimated first quarter growth would occur at a scant 0.13 percent annual pace. The official government report on the first quarter is due on April 30.

Washington, D.C.–President Bush will nominate the head of the Small Business Administration, Steven C. Preston, to head the Department of Housing and Urban Development, the Washington Post reported Friday. Alphonso Jackson resigned the post in the midst of accusations that he had treated friends and acquaintances favorably. Preston–a former Lehman Brothers investment banker who left the company in 2006 to become SBA administrator–was chosen because of his finance knowledge, sources said.He has been credited with revamping the SBA–giving $6 billion to business owners and handling tens of thousands of small-business queries in just months–following concern that the organization had not…

Peoria, Ill.–Caterpillar–the world’s largest construction equipment maker, based in Peoria, Ill.–said its first quarter results show it is “weathering a recessionary storm” by growing its international business, the Financial Times said Friday. Quarterly profits at Caterpillar, which was one of the first large U.S. companies to say the economy was going into a recession last year, rose 13 percent to $922 million from $816 million. The company’s plan for 2010 relies on its growth outside of the U.S. Sales and revenue increased 30 percent outside of North America–within it, they grew just 4 percent.

By Lisa Iannucci, Green Building CorrespondentPhoenix–Equus Development Corp. is working to certify their newest community, Las Piedras Townhomes, under the Energy Star Qualified New Homes program. The community is currently under construction and Equus has hired DR Wastchak, an independent firm in Tempe, Ariz., to conduct testing for certification.“Not only is the location a perfect match for work and play, but our future residents will receive the highest value in residential building, with a huge emphasis on energy efficiency and sustainability,” says Jon Conelly, designated broker of Equus Realty. “These components combined will guarantee the best living standards and a…