News

Ann Arbor, Mich.—U.S. consumer sentiment is at it worst level in 26 years, according to the Ann Arbor, Mich.-based University of Michigan’s index of confidence.The index dropped from 69.5 in March to 63.2 in April due to recession concern, BBC News reported Friday. The reading was far worse than analysts had expected.The April figure is the lowest since 1982, when the U.S. was in an economic slump. U.S. consumers are worried about high unemployment and rising food and fuel prices.

New York—The Hope Now coalition says lenders have helped almost 1.2 million troubled homeowners—but it’s still not clear how successful Hope Now’s plan has been in helping people keep their homes, CNNMoney.com reports. Numbers released Thursday by Hope Now—which indicate the total number of workouts from July 2007 through the end of February—also show that almost 419,000 borrowers’ homes were lost to foreclosure.The Bush administration’s Hope Now group of lenders, investors and community groups divides its data into two categories: loan modifications–which include loan term changes such as permanent reductions to a loan’s principal or interest rates–and repayment plans, which…

By Anuradha Kher, Online News EditorTimothy J. O’Brien Named Senior Managing Director, Partner for Legacy Partners ResidentialIrvine, Calif.–Timothy J. O’Brien (pictured) has been named senior managing director/partner for Legacy Partners Residential’s Southern California region.As senior managing director/partner, O’Brien will be responsible for Legacy’s operations, acquisition and development activities throughout Southern California.“With Tim’s expertise and hands-on knowledge of the regional multifamily sector, Legacy Partners sees continued opportunity to develop, acquire and operate profitable multifamily communities throughout Southern California,” says W. Dean Henry, president of Legacy Partners Residential Inc.O’Brien is a 22-year veteran of real estate development and investment in Southern California….

Bertazzoni’s Cooking RangesItalian manufacturer Bertazzoni has unveiled its comprehensive line of elegantly designed cooking systems in a multitude of sizes. The freestanding ranges, built-in cook tops, ventilation hoods and coordinated accessories offer accurate cooking performance and imaginative details.The latest Bertazzoni product offerings include the Professional Series and the Heritage Series models in gas and dual fuel options.The Elegant Heritage Series [1] comes in 30-, 36- and 48-in. options and is available in crema (beige), nero (black) and vino (burgundy). The suggested retail pricing in the U.S starts at $4,299 for the 30-in., $4,849 for the 36-in. and $7,999 for the…

Washington, D.C.–The Bush administration said Wednesday it would enable the Federal Housing Administration to allow some borrowers who have defaulted to refinance into FHA-insured loans.The administration’s plan was suggested as the House Democrats discussed another proposal at a House Financial Services Committee hearing, CNNMoney.com reports.The Bush plan–designed for borrowers who are “financially capable but have a spotty credit record,” according to Brian Montgomery, assistant secretary for housing–would allow borrowers to receive FHA protection in case of default, but they would have to pay a premium. Lenders would be required to write down loans to between 90 and 97 percent of…

Barcelona–The U.S. housing decline–along with lower spending in other countries–has reduced growth at Ikea, the world’s largest home-furnishings retailer, Chief Executive Officer Anders Dahlvig said Wednesday.Ikea, which operates in 37 countries, has felt the effect of reduced economic global growth “quite a lot,” Dahlvig said during a retail conference speech in Barcelona, Spain.In the fiscal year through August, sales rose 14 percent to 19.8 billion euros ($31.3 billion), according to Bloomberg. Ikea’s biggest market was Germany, which comprised 16 percent of its revenue, followed by the U.S., France and Britain.Ikea is focusing on emerging markets such as Croatia, Slovenia and…

Washington, D.C.–As the world’s biggest banks took responsibility for the credit crisis on Wednesday, the Institute of International Finance recognized “major points of weaknesses in business practices,” such bankers’ pay and risk management, the Financial Times reports.However, the Washington, D.C.-based Institute–which represents more than 375 of the globe’s largest financial companies–said it would be “completely wrong” for to increase industry regulation and instead suggested stronger self-regulation.”We think it would be completely wrong to jump to some premature regulatory measures,” said Josef Ackermann, chief executive of Deutsche Bank and chairman of the IIF board. “We want to demonstrate we can do…

Philadelphia–Roughly 22,000 people, mostly elderly, lost a total of $750 million when Philadelphia-based lender American Business Financial Services Inc. went bankrupt three years ago–and a bankruptcy trustee is now trying to get that money back.The trustee is attempting to recover the money from the investment banks that turned the American Business Financial’s loans into securities, The Wall Street Journal reports. ABFS sold notes directly to the public via newspaper ads and direct mailings to fund its operations.Those notes weren’t insured and included no collateral, so when the company went bankrupt, they were worth nothing.The trustee says that the investment banks…

By Erika Schnitzer, Associate EditorJackson, Miss.–Quantum First Capital, a Dallas-based real estate finance and advisory firm, has closed a $7 million loan for the Hampton House Apartments in Jackson, Miss.The loan, based on an 80 percent LTV, five-year term with two years of interest only payment, was funded through Quantum’s relationship with Greek Park Financial through the Fannie Mae DUS program.Located at 601 Northpointe Parkway, the 164 garden-style Hampton House Apartments is spread across 10.5 acres and offers one-, two-, or three-bedroom residences with an average of 1,018 sq. ft. Amenities include washer/dryer connections, a swimming pool, tennis court and…

By Anuradha Kher, Online News EditorWoodland Hills, Calif.–The Alliant Capital Co. LLC has completed its acquisition of Seattle-based EF&A Funding, a one of 26 Fannie Mae DUS lenders. “Alliant had no debt capabilities but with its acquisition of EF&A, the company has the capacity to provide both debt and equity on tax credit equities,” Byron Steenerson, president & COO of Alliant Capital, tells MHN. “Joining Alliant’s equity and affordable housing expertise will provide us the breadth of capabilities to better serve our customers and grow our business,” says Steenerson.Alliant Capital provides debt financing to owners and operators of multifamily properties…