The General Services Administration, which serves as the federal government’s property manager, has joined some of the nation’s biggest landlords in trying to repeal stronger safety requirements for new skyscrapers that were added to the country’s most widely used building code last year, arguing that they would be too expensive to meet.
The U.S. government seized control of Fannie Mae and Freddie Mac after the biggest surge in mortgage defaults in at least three decades threatened to topple the companies making up almost half the U.S. home-loan market.
William Poole, former president of the Federal Reserve Bank of St. Louis, said taxpayers may face a $300 billion bill to revive Fannie Mae and Freddie Mac, the mortgage giants being taken over by the Federal government.
One expert gives Treasury a good grade. A bond guru even says the government could make money.
Fannie Mae and Freddie Mac were intended to serve at least two masters — the investors who put up capital and a government that wanted to help the housing industry and extend home ownership. In the end, they failed to serve either one very well.
The Bush administration seized control of the nation’s two largest mortgage finance companies, seeking to shrink drastically their outsize influence on Wall Street and on Capitol Hill while at the same time counting on them to pull the nation out of its worst housing crisis in decades. The bailout plan for the companies, Fannie Mae and Freddie Mac, places them in a government conservatorship, much like a bankruptcy reorganization.
In this year’s fraught political environment, rivals Barack Obama and John McCain can agree on few things, but this is one: that it is time to restructure Fannie Mae and Freddie Mac.
Amid the buzz surrounding a potential bailout, BusinessWeek asks how much the mortgage giants' fall from grace has cost market players—and what losses lie ahead
Treasury Secretary Henry Paulson is preparing to announce plans to bring Fannie Mae and Freddie Mac under government control, seeking to halt the crisis of confidence in the companies that make up almost half the U.S. mortgage market.
The plan would replace the leaders of Fannie Mae and Freddie Mac and virtually wipe out their shareholders but let them continue to work with the government standing behind their debt.
In what will surely go down as one of the most splendid flips in the history of ultra-posh New York City real estate, the young hedge fund executive Scott Bommer and his wife Donya have sold their duplex penthouse at 1060 Fifth Avenue for around $48.9 million.
In my opinion, this has affected neighborhoods like the Financial District most; where a huge concentration of competing developments may be putting downward pressure on pricing. It often depends on the quality of a particular unit, and it is misleading to cherry pick a particular closing as this author does, and draw a broad, market wide conclusion; especially with people who are trying to flip their units very quickly.
Co-op sales above $5 million in Manhattan increased during the first half of 2008, compared to last year, while $5 million-plus townhouse sales decreased, according to a mid-year luxury market report.
It adds convenience, privacy and security. And the oversize door is handy for moving big objects in or out. One owner even turned his garage into a music room.
Sneak it in they must, this one is an eyesore. With huge tax breaks and financial power, they've managed to finance some really cheap looking architecture. The building is now topped off and the glass skin is being applied. They say that a camel is a horse designed by committee. Too bad this hump won't go away anytime soon.
In July, Manhattan’s overall office vacancy rate hit 7.3 percent, according to Cushman & Wakefield. Same time last year, it was 5.8 percent. Asking rents have continued to creep up, but the numbers have been rendered essentially meaningless by a bonanza of concessions from landlords.
(Op-Ed) With the nation embroiled in a housing crisis, one would expect the Department of Housing and Urban Development to be playing a central role. But HUD is a marginal player. Although its Federal Housing Administration division has agreed to underwrite new mortgages, it is merely following the leadership of the Federal Reserve and the Treasury Department.
An unexpected spate of good news about the economy lifted stocks, as Wall Street hoped a rise in consumer confidence and better-than-expected business spending would buoy investors’ spirits
If you are ignoring the housing bailout bill because you think it benefits only troubled homeowners, you may miss out on a windfall.
George Herbert Walker IV, President Bush's second cousin, paid $13.95 million for a townhouse at 6 East 10th Street in Greenwich Village.
President Bush had dropped his opposition to a housing bill moving through Congress, clearing the way for a broad package of legislation that would shore up the nation’s troubled mortgage companies, Fannie Mae and Freddie Mac, and help struggling homeowners refinance loans. President Bush set aside his objections to a $3.9 billion provision in the broad legislation on the advice of the Treasury secretary, Henry M. Paulson Jr.
Results that would have once been viewed as disastrous are now seen as good, even great, by some. The sober phrase often used on Wall Street to describe solid corporate results — “better than expected” — has been replaced by “not as bad as feared.”