National
Economy Watch: Citi Pays Fine for Subprime Misdeeds
Citigroup agreed to pay $7 billion to settle charges levied by the U.S. Department of Justice that the banking giant routinely and brazenly securitized and sold vast numbers of bum mortgages to investors in 2006 and ’07, and knew it was doing so.
TODAY’S DEALS: NorthMarq Arranges $35M for AFL-CIO
NorthMarq arranges an Allianz Life Co. refinancing for AFL-CIO Building Investment Trust; The RADCO Companies completes a value-add play with a $5 million sale in metro Atlanta; and Greystone provides a $5.6 million bridge loan for a Colorado community.
Economy Watch: Rumbles of Trouble in the Euro Zone
It’s been a while since the euro-zone crisis rumbled loud enough to bother investors around the world, but late last week Portugal halted trade in Banco Espirito Santo, which is the banking arm of one of that country’s largest conglomerate, with regulators citing “irregularities” in its accounts and asserting that it’s in “serious financial condition.”
Economy Watch: Residential Price Increase Continues Deceleration
Trulia reported that in June, U.S. home prices were up 8.1 percent year-over-year, and 2.6 percent quarter-over-quarter, both of which reflect a slowdown in average price increases.
Economy Watch: QE3 on Its Way Out
The Federal Reserve’s massive, two-year stimulus of the economy—occasionally still called QE3—is now set to ride off into the sunset, according to the latest minutes of the Federal Open Market Committee.
TODAY’S DEALS: HFF Completes Sale of $900M Portfolio with L.A. Condo Disposition
HFF sells a 271-unit and wraps up a portfolio sale on behalf of ST Residential; NorthMarq Capital arranges $43.5 million for a Security Properties acquisition; and Hamilton Zanze sells an Austin apartment community.
Economy Watch: Consumer Credit Still Growing
U.S. consumer credit rose at an annualized 7.4 percent in May compared, according to the Federal Reserve. That’s a sizable increase, but not as much as in April, when the annualized increase was 10 percent.
TODAY’S DEALS: Charles Dunn Sale Breaks Per Unit Price in LA’s Faircrest Heights
A 17-unit asset sets a per unit price record in an L.A. neighborhood; Meridian Capital arranges $21.7 million in financing for Pantzer’s acquisition of a Philadelphia property; and the Collier Companies buys a Tampa apartment with plans for a student housing redevelopment.
Economy Watch: IMF Boss Expects Expanding Growth
The global economy ought to strengthen in the second half of 2014, and accelerate even more in 2015, International Monetary Fund Managing Director Christine Lagarde said.
Economy Watch: Strong Jobs Numbers Broad Based
A lot of industries were hiring in June, according to the Bureau of Labor Statistics, reporting the month’s employment numbers ahead of the Independent Day holiday weekend. With June’s increase of 288,000 workers, that means that over the past three months, job growth has averaged 272,000 per month.