Items Tagged with 'New York housing'

ARTICLES

  • RBS meets $400 million consumer relief goal by handing out $130 million in relief

    Bank completes consumer relief portion of its $500 million settlement with New York
    Just six months after the Royal Bank of Scotland reached a $500 million settlement with the state of New York over the bank’s mortgage practices in the run-up to the housing crisis, RBS has reached the settlement’s $400 million consumer relief goal, by providing just under $130 million in actual relief.
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  • Rentlogic raises $2.4 million in seed funding to grade NYC apartment buildings

    Proptech startup is latest in a string of startups receiving attention from investors
    Rentlogic, a tech platform utilizing an algorithm and public data to grade New York City residential buildings just closed a $2.4 million seed funding round. Funding came from Urban-X, Urban.Us and Edgar Bronfman Jr., and Rentlogic intends to use the funds to expand its operations and its sales team.
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  • New York City proposes sweeping new rules for security deposits

    City comptroller calls for security deposit limit of one month’s rent
    New York City is in the middle of an affordability crisis, and now, the city is proposing sweeping new rules to address one piece of the affordability crunch that often stands in the way of renters finding a quality apartment or moving to a new one – the security deposit. Over the weekend, the city released a new proposal that would put limits on how much landlords can charge renters upfront.
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  • NYCHA needs $31.8 billion to repair its properties...it only has $6.84 billion

    NYCHA in hot water as neglected repairs have put hundreds of children at risk of lead poisoning
    After the results of new inspections came in, the New York City Housing Authority announced that it needs $31.8 billion to fix its decrepit housing stock. According to the Wall Street Journal, this is an increase of nearly $7 billion over previous estimates.
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  • 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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