Donald J. Trump, the real estate tycoon, has brought a $1 billion lawsuit against Conseco -- seeking actual damages in excess of $500 million and punitive damages of $500 million -- alleging a breach of agreement to sell Conseco's interest in The General Motors Building in New York City to Mr. Trump. The Trump Organization said the building was purchased in July 1998 by Trump and Conseco, as partners, from Corporate Property Investors. Mr. Trump ultimately agreed to buy Conseco's interest in the General Motors Building, under a July 3, 2001 written agreement, with a closing scheduled for Sept. 15. Meanwhile, Mr. Trump had arranged financing from Deutsche Bank. After Sept. 11, Conseco "wrongfully refused to extend the closing date" beyond Sept. 15, asking for a purchase price of $500 million, an amount that Trump alleges is "hundreds of millions of dollars more than the July 3 purchase price which Conseco agreed to accept." Conseco said Mr. Trump was unable to arrange financing and a guarantee acceptable to Conseco, so under the agreement Mr. Trump was offered the choice of selling his interest in the building to Conseco for $15 million or buying Conseco's interest for about $500 million. A Conseco spokesman termed a Trump news release on the suit "bad fiction" and said Mr. Trump would have to "live by the agreement." Conseco said the suit will be settled out of court due to an arbitration provision.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28