August 14, 2012 |
After what boss J. Anthony Hayden called a "tense" six-hour auction - on Auction.com , during thunderstorms that threatened to reset the bids - MIM Hayden Real Estate Funds of Conshohocken has agreed to pay $11 million for Walnut Hill, a 155,000-square-foot office building at 150 Warner Rd. in King of Prussia. That's just half what the building was worth when it last sold, six years ago, according to Hayden. A bargain - or a sign of collapse? Liberty Property Trust, Brandywine Real Estate Trust , and other corporate landlords have been selling suburban offices as rents fall and vacancies rise.
August 11, 2012 |
There were more than 191,000 foreclosure filings in July nationally, and while the numbers appear to be on the decline, there are millions of homeowners who continue to struggle to meet their monthly mortgage payments. Two of the nation's major lenders, CitiMortgage and Wells Fargo, will be in Center City next week, offering to meet with their customers fearful of the future. The fact that two lenders are in town to counsel their mortgage customers one-on-one is just a coincidence, however.
June 8, 2012 |
A BILL PASSED Wednesday in the state House and sent to the Senate shows just how warped the priorities of some of our lawmakers are: An amendment to the bill would prohibit payday lenders from locating too close to a horse-race track. Apparently, the bill's sponsor, Chris Ross, wants to protect the customers of one of the state's favorite-son industries — the industry that was the very reason for Harrisburg to legalize gambling — from the damaging effects of high-interest-rate predatory loans.
May 25, 2012 |
A Delaware County man was charged Thursday with joining a mortgage fraud conspiracy that resulted in losses of more than $600,000. Federal prosecutors said Michael J. Smith, 31, of Springfield, was a mortgage broker for companies in West Chester and Newtown Square, who schemed with John C. Lucidi, Jr. and Eric Maratea, among others, to buy properties at the Jersey Shore at inflated prices so buyers could receive kickbacks of tens of thousands of dollars.
May 16, 2012 |
Residential Capital L.L.C., which was a big subprime mortgage lender and still employs 1,385 in Fort Washington, filed for bankruptcy protection in New York on Monday. The move, which analysts had been expecting for months, is a reminder of the distress that festers in some corners of the financial industry following the burst of the home mortgage bubble five years ago. Ally Financial Inc., the owner of Residential Capital (ResCap), said that unloading the money-losing mortgage subsidiary and shedding certain other operations would enable it more quickly to repay the $12 billion it still owes the federal government from bailouts in 2008 and 2009.
April 27, 2012 |
Federal prosecutors in Philadelphia on Thursday announced that business-loan broker Matthew McManus of Glenside and his business partner, Andrew Bogdanoff, of Scottsdale, Ariz., were indicted on charges of fraud, conspiracy, and money-laundering, alleging that the pair "defrauded more than 800 victims out of more than $10 million," federal authorities said. Bogdanoff, 65, is founder and chairman of Philadelphia-based Remington Capital Group and related companies; McManus, 43, was his partner in the business until leaving in 2008.
April 26, 2012 |
The Philadelphia metropolitan area saw first-quarter foreclosure filings soar by nearly 33 percent over levels for the same period last year, RealtyTrac, which monitors such activity nationwide, reported Thursday. The total number of filings, 8,582, includes default, auctions and bank-owned repossessions in the city and its seven suburban counties, as well as in New Castle County, Del.; Cumberland and Salem Counties in New Jersey, and Cecil County, Md. Of those filings, 1,189 were repossessions of houses by lenders and institutions such as Fannie Mae, RealtyTrac said.
April 25, 2012 |
Mortgage applications dropped 3.8 percent in the week that ended Wednesday despite record low interest rates, the Mortgage Bankers Association reported. Refinance applications also declined, by 5.6 percent, but still accounted for 73.4 percent of total applications. More than half of the refis were at fixed interest rates, which stood at 4.04 percent, the lenders' group reported. — Alan J. Heavens
April 1, 2012 |
John White retired as a vice president of Orleans Homebuilders in 2002, as housing was starting to boom and long before it went bust. Now living in Florida, he e-mails me periodically with his thoughts about the real estate market. I don't consistently agree or disagree with his viewpoints, but I believe that continuing the dialogue about the current state of the housing and finance industries is too important an opportunity to pass up. White's most recent discourse: who and what caused the housing bubble to burst six years ago, which I will summarize to fit this space.