Items Tagged with 'New York housing'

ARTICLES

  • New York man admits to rigging local elections in effort to develop real estate

    Third member of conspiracy to plead guilty
    Last year, two New York real estate developers, Kenneth Nakdimen and Shalom Lamm, pleaded guilty to interfering with a mayoral election in Bloomingburg, New York, including using fake voters, to try to advance stalled construction projects. Now, a third member of the conspiracy has also admitted to taking part in the scheme.
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  • 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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  • New York moves to outlaw income discrimination in housing

    Gov. Andrew Cuomo introduces bill to prevent discrimination based on income
    While the Republicans leading the Department of Housing and Urban Development are pushing to increase the rents on those who use Section 8 vouchers to afford housing, the Democratic governor of New York is moving to ensure that wanting to use a Section 8 voucher cannot be used as a means to discriminate against a prospective resident.
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  • NYDFS investigating whether rent-to-own is actually predatory lending

    Issues warning on risks of rent-to-own contracts
    The New York Department of Financial Services revealed Monday that it is currently investigating whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, currently being offered in New York are actually “unlicensed, predatory mortgage lending.”
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  • Nationstar (aka Mr. Cooper) reaches $17 million mortgage settlement with NYDFS

    $5 million fine, $5 million to local nonprofit, $7 million to New York residents
    For the third time in the last six months, Nationstar Mortgage, the nonbank also known as Mr. Cooper, has reached a multimillion-dollar settlement with a state banking regulator over mortgage-related issues. The New York Department of Financial Services announced Wednesday that it reached a $17 million settlement with Nationstar for a number of violations of the state’s financial laws.
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  • New York foreclosure firm accused of cheating Fannie Mae out of millions

    Rosicki, Rosicki & Associates charged with “systemically overbilling” expenses
    A New York foreclosure law firm allegedly used its affiliated companies to “systemically” overcharge for foreclosure-related services and defraud Fannie Mae out of “millions of dollars.” According to the U.S. Attorney’s Office, Rosicki, Rosicki & Associates engaged in a scheme with its wholly owned affiliates, Enterprise Process Service and Paramount Land, to markup foreclosure services by as much as 750% knowing that Fannie Mae would pay the bills.
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  • Flat-fee real estate agency Purplebricks secures $177 million investment to fund U.S. growth

    Sells 11.5% of company to European media giant Axel Springer
    Flat-fee real estate agency Purplebricks expanded into the U.S. last year after building a successful business in the United Kingdom and Australia, and after securing a sizable investment from European media giant Axel Springer, Purplebricks’ U.S. expansion is about to shift into overdrive.
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  • RBS reaches $500 million settlement with New York over crisis-era mortgage practices

    Will provide $400 million in consumer relief to state’s residents
    New York Attorney General Eric Schneiderman announced this week that RBS agreed to a $500 million settlement with the state for the bank’s “deceptive practices and misrepresentations to investors in connection with the packaging, marketing, sale, and issuance of residential mortgage-backed securities” leading up to the financial crisis.
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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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  • Direct-to-consumer title insurer OneTitle expands to New Jersey

    Acquires “significant interest” in New Jersey’s Sovereign Title
    Until now, direct-to-consumer title insurer OneTitle National Guaranty Company operated only in the state of New York. But thanks to a “strategic partnership” between OneTitle and New Jersey’s Sovereign Title Agency, OneTitle is expanding into the Garden State.
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