Regions

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…

By Erika Schnitzer, Associate EditorSnowmass Village, Colo.–Related WestPac, a joint venture partnership of New York-based Related Cos. and California-based WestPac Investments Colorado LLC, has announced record sales for its residences at Snowmass Base Village.The Little Nell Residences and The Viceroy Resorts and Residences are currently 65 and 50 percent occupied, respectively. Sales began in mid-December. Both properties are designed for certification in the LEED for Neighborhood Development, a new rating system for neighborhood design that integrates principles of smart growth, new urbanism and green building. The properties are also part of Related WestPac’s plan to develop 80 acres of a…

By Anuradha Kher, Online News EditorLos Angeles–Apartment rents across Southern California will rise slowly this year, according to the Casden Real Estate Economics Forecast released recently by the University of Southern California Lusk Center for Real Estate. “The Southern California apartment market is poised to weather the housing downturn and credit crunch as long as job losses are not too severe,” says Delores Conway, Ph.D., director of the Casden forecast. The forecast predicts apartment occupancy rates will remain in the 96 to 97 percent range. Conway says apartments in Southern California will remain in demand. “Renting remains attractive at a…

By Anuradha Kher, Online News EditorWashington, D.C.–Residential REITS were the second best performing REITs in the first quarter of 2008, according to the National Association of Real Estate Investment Trusts (NAREIT). Apartment REITS, which make up for most of the Residential REITS (the balance is composed of manufactured housing REITs), were up 12.29 percent year-to-date.  Residential REITS returns increased 11.20 percent in the first quarter.  These figures compare with the Dow Jones Industrials which was down 7.55 percent to start the year. Apartment REITs’ total returns compare favorably with the those of the U.S. REIT market, which was nearly flat…

Seattle–Washington Mutual—the largest U.S. savings and loan–said Tuesday that it would shut down all 186 home loan offices by the end of the month and cut 3,000 jobs, the San Diego Union-Tribune reports.In addition, WaMu will be exiting the wholesale lending business and will not use mortgage brokers any longer to market its loans.Regular branches will continue to lend money, according to Seattle-based WaMu’s spokesman Gary Kishner, who said the layoffs were a result of the slow home market and a corporate decision to combine operations.The layoffs will reduce WaMu’s home-loan division to about 6,200 employees. In January 2007, the…

Las Vegas—The housing decline has taken its toll on the real estate industry, but one group is thriving: Agents who focus on foreclosures, such as Las Vegas-based agent Joseph Iuliucci, who has more than 500 listings and was among the top 10 home sellers nationwide for the Prudential Real Estate franchise chain last year.Last year was a tough one for real estate agents. Because sales of pre-existing homes fell 20 percent last year compared to 2005, many agents have switched jobs—causing the National Association of Realtors membership to drop to 1.24 million from 1.37 million in 2006, according to The…

Washington, D.C—The Federal Housing Administration is supposed to help hundreds of thousands of homeowners refinance subprime loans to more secure government-backed mortgages—but the F.H.A. is dealing with its own financial troubles.Because of a quickly growing section of its mortgage portfolio–the seller-financed down payment loan program–the agency will see a deficit for the first time in its 74-year run in 2008, according to the New York Times. A home seller uses financial assistance from a nonprofit company to pay the buyer’s down payment under the program, and then adds that amount—or more—to the house price. It helped struggling buyers afford homes…