WNC closes $150M fund for affordable housing

Fund will go toward building or renovating more than 1,950 affordable housing units
WNC, an affordable housing development, investment and management company, just closed a $150 million fund for affordable housing. The fund enjoys backing from five repeat investors and was able to garner one new investor to add to its war chest.
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Robert Broeksmit officially takes over as MBA CEO

Former CEO David Stevens to stay on 40 days to ease transition
The Mortgage Bankers Association is now under new leadership. Robert Broeksmit is now officially the MBA’s president and CEO, telling MBA members this week that he is now formally in place at the trade group.
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Cerberus plots $500 million expansion of FirstKey Homes single-family rental portfolio

Private capital management company ravenous for single-family rental homes
Cerberus Capital Management is hungry for single-family rental homes. The company, which manages its single-family properties through FirstKey Homes and owned 11,000 homes at the end of 2017, is trying to raise more than $500 million to expand its portfolio by over 40,000 homes.
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MBA: Multifamily and commercial loan originations on the rise

Going into the back half of 2018, CRE is going strong
Commercial and multifamily investment continues to show strong momentum going into the back half of 2018. According to a report from Mortgage Bankers Association, in the second quarter, commercial and multifamily mortgage loan originations rose by 4% year-over-year and soared past the first quarter with a 32% surge in originations.
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Fannie Mae, Freddie Mac ending expansion into single-family rentals

FHFA says single-family rental market can function without GSEs
Over the last year or so, Fannie Mae and Freddie Mac both expanded their presence in the single-family rental market, with both of the GSEs beginning to fund single-family rental investments for larger players in the market. But that expansion is about to end.
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SEC going after brokers for peddling shares in $1.2 billion real estate Ponzi scheme

Claims brokers were unlicensed while selling shares in Woodbridge companies
The Securities and Exchange Commission is already pursuing charges against Robert Shapiro, the founder of the Woodbridge group of companies, for allegedly bilking thousands of investors out of hundreds of millions of dollars via a $1.2 billion real estate Ponzi scheme. And now, the regulator is going after brokers who sold shares in the collapsed group of companies.
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Foul play in multifamily? Southstar accuses Hines of offloading property with serious hidden defects

Property was condemned and residents were evacuated
Southstar Capital Group accused Hines of pulling the wool over its eyes in the $67 million sale of 306-unit luxury apartment complex near Disney World. According to Southstar, Hines willfully hid significant defects on the Aviva at Celebration complex. The two-year old property was allegedly so riddled with defects that it was condemned and its residents were forced to evacuate.
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MetLife and State Street shake hands to launch $2 billion CRE lending initiative

MetLife will originate and service $2 billion in commercial mortgage loans for State Street
MetLife Investment Management, an institutional asset management platform for MetLife and State Street Corp. inked a multi-year agreement which will allow MetLife Investment Management and its affiliates to originate and service up to $2 billion in commercial mortgage loans for State Street and its affiliates.
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Credit Karma enters the mortgage business by buying Approved

Personal finance company has more than 80 million members
Credit Karma, the personal finance company that provides its 80 million members with products and services to manage their finances and connects those members to financial services providers, is officially getting into the mortgage business by acquiring Approved, a digital mortgage platform.
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