Manhattan gentrifier stumbles with rental apartment bankruptcies
A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.
New York
Why multifamily loans remain resilient in New York
Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.
Cuomo extends eviction, foreclosure protections to 2021
Gov. Andrew M. Cuomo on Monday announced he will extend the eviction moratorium — set to expire Oct. 1 — to next year, continuing protections for tenants as well as homeowners who have been unable to pay rent and mortgage during the public health crisis.
Brookfield taps CMBS for $1.4B One Manhattan West transaction
Brookfield Property Partners, in a JV with Qatar's sovereign wealth fund, is securitizing a commercial mortgage for the newly constructed, 70-story tower near New York's revitalized Hudson Yards district.
By
Glen Fest
States try to help borrowers left out of federal forbearance plans
One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners.
Syracuse mall bonds downgraded after coronavirus-forced shutdown
An indefinite closure of New York retail businesses during the COVID-19 pandemic added credit pressure on revenue bonds issued for the state’s largest mall.
By
Andrew Coen
New York banking regulator orders emergency relief on mortgages, card fees
The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.
In rebuke of CFPB, states look to get tough on debt collectors
In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.
CFPB, N.Y. settlement would ban Buffalo debt collectors from industry
State and federal authorities say the network of firms in upstate New York sought debts that consumers weren't obligated to pay and impersonated government officials, among other things.
New York launches its own ‘mini CFPB’
The Department of Financial Services has created a statewide financial protection division focused on corporate compliance and consumer issues, in line with steps taken by New Jersey and Pennsylvania.
Amalgamated buys loan portfolio tied to energy efficiency projects
The bank gained $45 million in PACE financings, which let homeowners pay back the costs of efficiency projects over time.
By
Hilary Burns
M&T Bank buys large MSR portfolio
The company disclosed that it paid $146 million for servicing rights associated with $13 billion in mortgages.
KeyCorp’s deal for student lender raises eyebrows
Executives at Key pushed back against doubts over a deal for Laurel Road Bank’s digital lending platform so late in the credit cycle, arguing that its customers are prime borrowers with high incomes.
Alternative lenders try to fill void left by shutdown
The tricky part: raising awareness without appearing to take advantage of borrowers at a time when agencies like the SBA are out of commission.
Equifax data breach leads to new credit reporting rules in New York
Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax's systems last year.
Why this hurricane season may be harder on servicers than Irma and Harvey
There are almost 7 million coastal homes facing more than $1.6 trillion in potential storm-surge reconstruction expenses this year, representing a 6.6% cost increase from last year's hurricane season.
CFPB retreat may only go so far to ease mortgage rules
Although the Consumer Financial Protection Bureau is loosening certain mortgage rules, others such as restrictions on loan officer compensation and state-level regulation will likely persist, according to industry attorneys.
Auto lending scrutiny: Will states pick up where CFPB left off?
Auto lenders would be well advised to keep up their guard as states — particularly blue ones — take steps of their own to crack down on what they see as abusive practices.
Citi developing digital-only bank, CFO says
Citigroup plans to launch an online bank that will be marketed nationally. It is one of several large companies with an online bank or niche platform in operation or on the drawing board.
By
Andy Peters
Inventory shortage to drive home value increase in 2018
Home values grew during 2017 at their fastest pace in four years and the same supply and demand dynamics behind that increase remain in place for 2018.
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