WHITE PLAINS—Avison Young’s New York Capital Markets Group reports it has arranged a $120.3-million financing package for the acquisition and redevelopment of the Westchester Financial Center, a 571,000-square-foot office complex located at 50 Main St/ and 1-11 Martine Ave. in White Plains. The buyers, a joint venture comprising Ginsburg Development Companies, LLC and Robert Martin…
Read MoreNANUET—Hudson United Mortgage recently announced that it has been approved as a mortgage banker in New York. The new license will allow Hudson United to operate as a correspondent lender in its own name, control more of the process, and bring on additional investors with niche products. “This is a tremendous achievement and opens an…
Read MoreSANTA CLARA, CA—Rising interest rates and home prices will cause a resounding majority of millennials to modify their home search, perhaps prompting them to seek a smaller or less expensive home or even consider different neighborhoods, according to a survey released on April 4 by realtor.com. Two factors are contributing to market sensitivity from millennials—their…
Read MoreNEW YORK—New York State Attorney General Eric T. Schneiderman announced today (March 21) a $230-million settlement with UBS in connection with its packaging, marketing and issuance of residential mortgage-backed securities to investors prior to the housing crisis in 2006. The settlement includes $189 million worth of consumer relief for New York homeowners and communities and…
Read MoreWHITE PLAINS—Robert Withers, President and CEO of M1 Capital Corp., announced recently that M1 Capital Corp., a leader in real estate financing, has moved its offices to 50 Main St., Suite 1000, in White Plains. Withers also reported he has re-launched his popular blog, The Equity Strategist, in which he explores aspects of the real…
Read MoreALBANY—New York State Comptroller Thomas P. DiNapoli issued a report recently that highlighted recent trends in property tax exemptions in New York State outside of New York City and the impact they have on local governments and school districts. “Property tax exemptions can be a valuable tool to improve housing affordability or fuel economic growth,”…
Read MoreSEATTLE—Proposed reforms to the government-sponsored enterprises (GSEs) that guarantee the majority of U.S. home loans could drive up monthly housing costs and diminish housing affordability for many Americans, according to Zillow. Congress is considering changes to Fannie Mae and Freddie Mac to reduce the risk to taxpayers if the housing market crashes again. The GSEs,…
Read MoreWASHINGTON—Fannie Mae in its Home Purchase Sentiment Index released on March 7 points to falling key market metrics. The Fannie Mae Home Purchase Sentiment Index fell 3.7 points in February to 85.8, reversing the previous month’s increase. The HPSI is down 2.5 percentage points compared with the same time last year. The decline can be…
Read MoreMost of us remember the Great Recession of 2007-2012 and, more specifically, the crippling financial crisis of 2007-2008. One of the largest—if not the largest—contributors to this event was the U.S. subprime mortgage crisis. During this time, we experienced “a perfect storm” of falling real estate values, tightening mortgage lending practices, and the evaporation of…
Read MoreALBANY—Governor Andrew M. Cuomo recently announced the state's Community Restoration Fund had purchased 172 mortgages in an effort to bring owners in targeted communities out of foreclosure and keep the homes from abandonment. The Community Restoration Fund has helped strengthen the financial position of homeowners, bringing stability back to the housing market in neighborhoods across…
Read MoreNEW YORK—Taconic Investment Partners and Clarion Partners, LLC announced earlier this month they have launched a $400-million joint venture focused on acquiring and renovating affordable housing properties here. The Quality Communities partnership has closed on its first purchase—the $71-million acquisition of a five-property portfolio consisting of 368 rent-stabilized apartments in the Fordham, Belmont and Concourse…
Read MoreWASHINGTON—The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 5.17% of all loans outstanding at the end of the fourth quarter of 2017. The delinquency rate was up 29 basis points from the previous quarter, and was 37 basis points higher than one year ago, according to…
Read MoreNEW CITY—The financial turnaround of Rockland County continues. On Jan. 30, Rockland County Executive Ed Day announced that Standard and Poor's increased the county’s bond rating to A- rating. The rating increase from BBB+ by Standard and Poor's is the county's sixth consecutive bond upgrade since 2014, when Rockland's bonds were rated just above junk…
Read MoreIn October 2017, the New York Department of Financial Services (DFS) announced its new regulations for the Title Insurance industry. In a statement to the press, the DFS proclaimed that the new regulations would change the face of home ownership in New York by lowering rates and making the process more efficient. We agree with…
Read MoreTrustco Bank hosted a ribbon cutting and grand opening of its newest branch at 945 South Lake Blvd. in Mahopac on December 15th. The branch marked the bank’s entrance into Putnam County. Glenville, NY-based TrustCo Bank Corp. NY is a $4.9-billion savings and loan holding company and through its subsidiary, Trustco Bank, operates branch offices…
Read MoreBUFFALO, NY—Following the sudden death of its longtime chairman and CEO Robert G. Wilmers earlier this month, M&T Bank Corp. announced on Dec. 20 that René F. Jones was appointed chairman and CEO of M&T and its principal banking subsidiary, M&T Bank. He was also elected to the Board of Directors of both M&T Corp.…
Read MoreWASHINGTON— According to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Nov. 9, third quarter 2017 commercial and multifamily mortgage loan originations were 21% higher than during the same period last year and 8% higher than the second quarter of 2017. "Borrowing and lending associated with commercial and multifamily…
Read MoreMIDDLETOWN — The Board of Directors and CEO Michael Gilfeather of Orange Bank & Trust Company announced on Aug. 24th that the bank had opened its fourth full service branch in Westchester County. The branch is located at 510 South Columbus Ave. in Mount Vernon. This new branch supports the bank’s strategic plan to expand…
Read MoreKnowledge Is Power: The New York State Attorney General and the three credit reporting agencies initiated changes by a settlement agreement that resulted in the birth of an entity known as the “National Consumer Assistance Plan.” This new rule changes the way public records related to civil judgments and tax liens are reported on consumer…
Read MoreWASHINGTON—The Consumer Financial Protection Bureau finalized updates to its “Know Before You Owe” mortgage disclosure rule with amendments released on July 7th that the bureau stated are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes will facilitate implementation of the Know Before You Owe rule by the mortgage…
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