Items Tagged with 'New York housing market'

ARTICLES

  • Monday Morning Cup of Coffee: Private capital is returning to the mortgage market

    Plus, developments in affordable housing
    A few weeks ago, we asked if private capital was beginning to show more interest in the mortgage market. And now, we’re starting to see more signs that interest in mortgages that don’t fit inside the Qualified Mortgage box seems to be growing. Plus, big rental-related news out of New York and Minnesota. All that, and more, in your Monday Morning Cup of Coffee.
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  • Flat-fee real estate agency Purplebricks plans expansion to New York

    U.K. company first launched in U.S. in September 2017
    Last year, flat-fee real estate agency Purplebricks expanded into the U.S. after building a successful business in the United Kingdom and Australia. Purplebricks’ first foray into the U.S. was Los Angeles. Now, the company is plotting the next phase of its U.S. expansion and is looking to the opposite coast.
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  • New York City guarantees legal representation to low-income residents facing eviction

    City will pay for legal counsel for low-income tenants
    Over the last several years, New York City has been aggressive in seeking to decrease the number of evictions that happen in the city, going so far as set aside nearly $50 million in 2014 and 2015 to provide legal services for residents facing eviction. Now, the city is taking its fight against evictions to another level by becoming the first city in the country to guarantee legal representation to low-income tenants who are facing eviction.
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  • New York awards $10 million to 18 cities to fight neighborhood blight

    Money comes from financial crisis settlements
    Over the last several years, the state of New York has undertaken a multi-pronged approach to fight the blight that took place in many neighborhoods throughout the state in the wake of the housing crisis. And Monday, the office of New York Attorney General Eric Schneiderman announced that it is launching a new program and awarding $10 million over the next two years to 18 cities to be used for neighborhood revitalization.
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  • New York unveils $20 billion plan to fight homelessness, boost affordable housing

    First phase includes $2.5 billion for new construction, development
    New York is taking homelessness and the state’s lack of affordable housing head-on with an ambitious new program announced Thursday by the state’s governor, Andrew Cuomo. According to Cuomo’s office, the state is launching a $20 billion, five-year plan to combat homelessness and advance the construction of affordable housing throughout the state.
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  • New York allots $20 million to state land banks to fight blight

    Money to come from Goldman Sachs, Morgan Stanley mortgage bond settlements
    The state of New York is set to give an additional $20 million to the state’s land banks as part of a continuing effort to fight neighborhood blight throughout the state, the office of New York Attorney General Eric Schneiderman announced this week. The funding will come from the state’s settlements with Goldman Sachs and Morgan Stanley, both of which agreed to multi-billion dollar mortgage bond settlements earlier this year.
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  • New York unveils $13 million program for cities' fight against zombie homes

    New grant program uses Morgan Stanley settlement funds
    The state of New York takes its next steps in its ongoing battle against neighborhood blight caused by abandoned foreclosures by unveiling a new program designed to help cities throughout the state fight back against the rise of zombie homes. And the state is using money from a massive settlement with Morgan Stanley to do it.
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  • New York launches "first of its kind" program; will buy delinquent mortgages from FHA

    NYC set to buy loans to keep homeowners out of foreclosure
    In what officials are calling a "first of its kind" program, the city of New York announced Thursday that it is plans to buy a number of delinquent loans from the Federal Housing Administration as part of an effort to keep struggling homeowners from losing their homes to foreclosure. Here are all the details.
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  • Groundbreaking ruling? Federal jury finds Emigrant Bank liable for predatory lending

    Plaintiffs' lawyers claim decision is first jury verdict in "reverse redlining" case
    In what the plaintiffs’ attorneys are calling a "first of its kind" decision, a federal jury in Brooklyn ruled this week that Emigrant Savings Bank and Emigrant Mortgage Company engaged in predatory lending by "aggressively marketing toxic mortgages to Black and Latino homeowners with poor credit" in the run-up to the housing crisis.
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  • New York adopts "sweeping" new laws to tackle foreclosure problems

    Will fight rise of zombie homes; new rules imposed on lenders, servicers
    While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of "zombie homes" that blight many communities throughout the country, the state of New York is taking the matter into its own hands. Late last week, New York Gov. Andrew Cuomo signed "sweeping" legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes.
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