Taxpayers On The Hook For Nearly Half Of Apartment Building Mortgages zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
You guessed it: For over half of it, taxpayers are on the hook. Time to take a look.
The mortgage for “2 Cooper Square,” a 15-story luxury apartment tower with 143 units in the NoHo neighborhood of Manhattan, is now over 30 days delinquent, according to the Commercial Observer. In 2010, when the building opened, three-bedroom apartments sported asking rents “as high as $20,000 per month,” gushed the Wall Street Journal at the time. In 2012, the developer, Atlantic Development Group, sold the long-term leasehold in the building to Wafra Capital Partners in Kuwait for $134 million. In 2019, Wafra unloaded the leasehold to David Werner Real Estate and Emerald Equity for about $85 million – a loss of nearly $50 million, or about 37%.
REGULATORY DEVELOPMENTS
On December 15, the FDIC approved a final rule to revise and modernize its regulations relating to brokered deposits. The final rule establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as brokered deposits, including those between insured depository institutions (IDIs) and third parties, such as financial technology companies. Specifically, the final rule:
Clarifies when a person meets the deposit broker definition in a way that provides clear rules by which banks and third parties can evaluate whether particular activities cause deposits to be considered brokered;
Identifies a number of bright-line categories (called “designated exceptions” which include deposits where the agent has less than 25% of the total “assets under administration” for its customers; health savings accounts; deposits related to certain real estate and mortgage servicing transactions; certain retirement funds; and customer fund
Ops, MLO Jobs; Broker, Payroll, ECOA Tools; Investors Agency Changes Dec 16 2020, 9:12AM
While virtual learning students bemoan the elimination of snow days, the U.S. Census Bureau recently came out with dozens of holiday-related facts and figures from its collection of statistics. For example, the U.S. imported $484.9 million of Christmas tree lights in 2019, with Cambodia leading the way at 47.3% of those total U.S. imports. That was actually less than the $546.8 million imported of tapered candles in 2019. Most of these came from Vietnam, representing more than 46.8% of America’s imported tapered candles. I don’t buy many new things that have instruction manuals. But every time I do, why do I feel a sense of relief when I find out that most of the pages of the instruction manual are due to them being in several other languages? Lumber doesn’t need an instruction manual, but one thing is for sure: wood prices are on fire. (Excuse the pun, West C
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SAN FRANCISCO, Dec. 16, 2020 /PRNewswire/ 280 CapMarkets (280), a fixed-income technology company providing market clarity and best-execution trading solutions to empower financial advisors and institutions, introduced client-facing enhancements to its innovative BondNav
® cloud-based bond investing platform this quarter. 280 announced the rollout of mortgage-backed securities, a new portfolio-sharing feature, on BondNav
® and continued enhancements to its recently launched straight-through processing functionality, which it launched earlier this year.
280 CapMarkets continues to gain followers among financial advisors and independent broker-dealers, having increased its BondNav
® users to over 600. The newest portfolio-sharing feature within the fixed-income platform will allow BondNav
® users the ability to provide colleagues with access to their portfolios and dedicated lists, with the flexibility to grant and assign different per