An independent audit last month revealed that the Federal Housing Administration had a $16.3 billion deficit ($30.3 billion in cash reserves as of Sept. 30 to cover $46.6 billion in projected losses), most of which, accounted for loans backed between 2007-2009. Agency officials however have stressed that it has no […]
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Wall Street Journal’s Nick Timiraos discussed Federal Housing Authority (FHA) practices that led to its $16 billion shortfall in 2012, what it’s doing about it and the potential of Congress to offer the administration a bailout.
View the City of Chicago’s 2011 Annual Financial Analysis
The city of Chicago is offering to give away a famous North Side bridge at no cost. The Chicago Dept. of Transportation is proposing the removal and replacement of the handsome and historic bridge that carries Chicago Ave. traffic over the North Branch of the Chicago River
Financial planning is a crucial step, and can make your investment real estate portfolio succeed or fail.
Omnibus Condominium Bill – House Bill 189 is a major rewrite of parts of the Illinois Condominium Property Act and Common Interest Association Act.
The studios and art spaces and recent tragedy at Ghost Ship, have brought on hard lessons about many issues, and given traction to concerns stemming from, city inspections, zoning, landlord-tenant relationships, affordable housing and even whether zoning, permitting and even gentrification.
(AP) — Wells Fargo’s embattled CEO John Stumpf is stepping down as the nation’s second-largest bank is roiled by a scandal over its sales practices. The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. He won’t be receiving severance pay […]
Chicago Mayor Rahm Emanuel’s $7.8 billion fiscal 2016 budget and a historic property tax increase to pay for public safety worker pensions easily cleared the city council on Wednesday. However, the plan for the fiscal year that begins on Jan. 1 still faces uncertainties in the Illinois Legislature and supreme […]
The Home Builders Association of Greater Chicago (HBAGC) presented “Navigating the New ARO” on May 28th to a packed room at the Dream20 Showroom in the Merchandise Mart. The City of Chicago’s Affordable Requirements Ordinance requires residential developments that receive city financial assistance or involve city-owned land to provide a percentage […]
[Sun-Times] Mayor Rahm Emanuel’s complex solution to Chicago’s affordable housing crisis was advanced by a City Council committee Wednesday, amid concern that the costly mandates could stifle residential development. Chicago’s existing “affordable requirements ordinance” offers a choice to developers of projects with 10 or more new or rehabilitated units that […]
Since the real estate downturn, investors have stepped up their purchasing practices. However, there have been limitations for some investors requiring a loan…
The Consumer Financial Protection Bureau’s recent report on mortgage servicing found problems at banks and nonbanks alike. Specifically, its investigation, conducted from November to June, found significant issues that could cause homeowners to miss payments, threaten their credit histories and plunge them into foreclosure.
With the noticeable changes in the residential market in the past few months many are now looking at the commercial segment for a similar change. Typically, the commercial sector follows the residential trend and the general economy by roughly 18 to 24 months. But the supply and demand, and price […]
Thoughts and prayers to those in Boston…. For those who won’t be coming home. Those hurt from the horrific incident. For an entire city. Be strong Boston. The events are still unfolding, but for some, resolution will not come for some time. With a city in mourning, questions unanswered all […]
The year over year statistics for November has been published. One common trend occurring in several market segments, including all residential and commercial properties are the lowered months supply of inventory, which all seem to be hovering over the four month mark. What the months supply of inventory (MSI) tells […]
The development group will be focusing on resuming construction at the 27 story Waterview Tower, which has remained unfinished since work was stopped on the project in 2008. The development group, led by Related Cos., will close on a $115 million dollar construction loan from Bank of American and US […]
With banking institutions unfavorable to homeowners, regulators and policy makers Sandy Weill, the former Citigroup chairman and CEO credited with building the bank into a financial superpower, now says big banks should be split up. Read more at NBC News’ site.
Banks could be forced to pay as much as $125,000 per customer to compensate borrowers who were subject to foreclosure-processing errors.
Times are difficult for many. To help, the IRS recently announced an expansion of its “Fresh Start” initiative with more flexible terms to its (OIC) program helping the most distressed taxpayers to clear up their tax problems more quickly
As the summer comes upon as, one of the busiest rental seasons is expected. With the expected high demand of rentals, developers are rushing to meet the demand. Occupancies in Class A apartment buildings in the Chicago downtown area are hovering around 95% (Appraisal Research Counselors), and developers are more […]
Chicago, Illinois (PRWEB) May 03, 2012 Chicago real estate brokerage firm @properties today announced that company co-founders Michael Golden and Thaddeus Wong were named finalists in the Ernst & Young Entrepreneur Of The Year® 2012 program in the Midwest. The award recognizes outstanding entrepreneurs who demonstrate excellence and extraordinary success […]
This past Monday, Anthony Renzi, who heads the largest division at Freddie – the single family mortgage division is leaving. This past year has seen a slew of talent and executives leave this past year, and was no surprise back in March, when Freddie announced their 2011 financial results. […]
(Crain’s) — An Arizona man was sentenced Tuesday to three years in federal prison for his role in defrauding 48 Chicago condominium associations of about $2 million. Jay Strauss, 76, of Scottsdale, Ariz., also was ordered to pay $2 million in restitution, according to a spokesman for the U.S. Attorney […]
Who does the settlement cover? The settlement covers borrowers who have loans that are serviced by one of the five big banks: Ally Financial Inc./GMAC Mortgage, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. These banks handle payments on 55% of U.S. […]
UPDATE: U.S., Banks Agree on Foreclosure Pact For months now a nationwide plan to help homeowners hit by the mortgage meltdown and improper foreclosure practices may be announced today under a multi-state settlement by states’ attorneys generals and the nation’s five major lenders (Bank of America, JP Morgan Chase, Wells […]
the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision announced enforcement actions against 14 large residential mortgage servicers
As we enter a new year, I am finding myself guiding clients in this market, formulating strategies and guiding expectations. It’s no surprise that the real estate market has been difficult for the past few years and many economists are expecting more of the same for this year. But even […]
The Securities and Exchange Commission is accusing six former Fannie Mae and Freddie Mac executives, including ex-CEOs, of misrepresenting their holdings of high-risk mortgage loans in the GSEs’ portfolios. “Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was,” Robert […]
I have just received my hardcover copy of Giving 2.0: Transform Your Giving and Our World and would like to thank Laura Arrillaga-Andreessen, as well as the Giving 2.0 Team for sending it to me. I believe that many businesses have the ability to transform and influence change. In the […]
Fannie Mae and Freddie Mac sued the city of Chicago on Monday over an ordinance that makes mortgage creditors liable for the upkeep of vacant properties. Lenders are liable for fines up to $1,000 if they do not maintain the property, or provide basic care / upkeep. Currently, the city […]
News Regarding Forbearance from FTC Enforcement of some MARS Rules against Real Estate Professionals On July 15, 2011, the National Association of REALTORS® (NAR) issued a press release stating that the Federal Trade Commission (FTC) will not undertake enforcement actions against real estate professionals who assist distressed homeowners in their […]
With many distressed properties on the market, many investors are looking at purchasing aggressively priced multi-units to convert into investments properties. In many areas, rental rates have either stabilized or increased in value due to demand. Additionally, some properties are in need of repairs to make them habitable. How can […]
With the rise of rental properties on the market along with situational landlords and foreign investors, many are finding themselves unprepared for management of real estate properties when problems arise. Even simple maintenance and preventative issues can be overlooked when no one is at the property to inspect and maintain. […]
Today, there are numerous resources to research properties; and the search has gone beyond looking for just a new home. With the majority of consumers going online, the information can not only be overwhelming but also not current.
Today marked the end of an era, which for a short time initially was an idealized vision of a vibrant new development which soon came to be controlled by gangs, drugs and violence. The Cabrini-Green Housing Project as of yesterday will be relegated to history one last time. The final […]
The harsh reality of the market today can become a catalyst to drive innovation. Developers, builders and manufacturers alike are looking for ways to not only sustain business, but growth. Though there is much speculation on how to achieve such sustainable business, many have contemplated going the way of cost-effective […]
If it’s been a year or more since you’ve checked your credit report, you’re entitled to get a free credit report from each of the three credit reporting agencies: Equifax, Experian, and TransUnion. Checking your credit report helps to identify and address potential problems. By checking your credit report, you […]
Beginning home repairs and rehab projects can become overwhelming and costly if you don’t plan the project in full carefully. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
Do cash offers create a potentially better deal for buyers in today’s market? Are discounted prices or other concessions standard or do they even exist? Originally published at https://realtyevolved.net by Sherwin Sucaldito.