Investments

Former owner of foreclosure rescue business gets 14 years for stealing borrowers' homes, equity

Company offered "Keep Your Home" program that targeted struggling homeowners
The former owner of a California foreclosure rescue business will spend the next 14 years in prison after admitting in court that he used the business to steal struggling borrowers’ homes during the housing crisis. The company offered a “Keep Your Home” program that targeted borrowers who were struggling with their mortgages and facing foreclosure. But the program was a lie.
Read More

JLL subsidiary makes big move into commercial real estate debt

LaSalle Investment Management acquiring Latitude Management Real Estate Investors
LaSalle Investment Management, a real estate investment manager and a wholly owned subsidiary of Jones Lang LaSalle, is making a big play in the commercial real estate debt market. LaSalle announced Monday that it entered into an agreement to make a majority acquisition of the $1.2 billion debt fund business of Latitude Management Real Estate Investors, a commercial real estate lender.
Read More

Freddie Mac names Deborah Jenkins head of multifamily

Was originally set to take over on Jan. 1, 2019
Deborah Jenkins is now officially running Freddie Mac’s multifamily business, two months ahead of schedule. Jenkins, who previously served as Freddie Mac’s senior vice president of multifamily underwriting and credit, was promoted to executive vice president and head of the GSE’s multifamily operations back in September. Jenkins was originally set to take over those roles on Jan. 1, 2019, but the GSE announced Monday that Jenkins is assuming the roles immediately.
Read More

Moody's: Homebuilding outlook falls from positive to just ok

Macro factors and order trends expected to slow growth
Moody’s Investor Service has lowered its homebuilding outlook from positive to stable, signaling macro factors and order trends are expected to impact future growth. Moody's VP-Senior Credit Officer Joseph Snider said the firm believes that industry revenue growth will be below 10% by 2019.
Read More

Bloomberg article targets one of Fannie and Freddie's biggest naysayers

Josh Rosner's beef with IRS grabs some media attention
According to Robert Schmidt, reporting for Bloomberg, vocal GSE critic Josh Rosner, who successfully runs a financial services business, is claiming financial disability is responsible for him not filing taxes accordingly. And now, Rosner wants his refund but the IRS is saying, "not so fast, loudmouth."
Read More

Fannie Mae multifamily earnings increase in stable market

More than 90% of financing directed to low-income housing
Fannie Mae announced its third-quarter financial earnings on Friday, showing its multifamily sector posted solid gains. The company explained this increase was due to a rise in guarantee fee revenue as the multifamily guaranty book grew during the quarter, and about 90% of its multifamily financing created affordable housing for low-income families.
Read More

Federal Reserve proposes easing regulations for larger banks

But not the largest banks
The Federal Reserve this week proposed the idea of easing regulations on larger financial institutions and announced it is seeking public comment on the issue. The Fed recently proposed four new tiers of regulation for banks with more than $100 billion in assets to ease compliance requirements for banks with less risk. Banks deemed to have the lowest risk would be able to skip out on annual stress tests and reduce other requirements.
Read More

Walker & Dunlop grows lending arm by acquiring iCap Realty Advisors

Atlanta mortgage banking firm joins Walker & Dunlop
Already one of the nation’s largest commercial and multifamily financiers, Walker & Dunlop has its sights on more. To that end, the company announced this week that it acquired iCap Realty Advisors, a mortgage banking firm based in Atlanta, Georgia that provides debt placement solutions for all commercial real estate asset classes.
Read More

Casey Crawford’s online Movement Bank takes off

Movement Mortgage CEO's online bank venture is growing
Back in June 2017, Movement Mortgage CEO Casey Crawford purchased First State Bank, a Danville, Virginia-based bank, with hopes of creating an online bank. Now that’s starting to pay off. In a new interview with the Charlotte Business Journal, Crawford explains that growth for the bank is going to be a “continual process” but many changes have happened already.
Read More

Rent just hit an all-time high… again

Rents just keep on climbing
With more and more renters feeling the affordability crunch, there seemed to be some light on the horizon recently with the steady rise in rents appearing to finally slow down over the last few months. Nevermind. As it turns out, rents are still going up and just hit an all-time high, again.
Read More