After foreshadowing his decision in public statements over the past few weeks, Department of Housing and Urban Development Secretary Alphonso Jackson has put a halt to Clipper Equity LP's attempt to buy Starrett City, a large apartment complex in Brooklyn, N.Y.HUD has jurisdiction "pursuant to Paragraph 22 of the Housing Assistance Payments Contract between HUD and Starrett City Associates, to grant or withhold consent to 'any sale, assignment, or conveyance or transfer' of Starrett City Associates' ownership interest in Starrett City," Mr. Jackson says in a letter to Clipper Equity. The letter lists a menu of items for the company to fix before approval could be considered. A number of politicians have come out against the sale, including former HUD secretary and current New York Attorney General Andrew Cuomo. Clipper's attorney could not be reached for comment by MortgageWire's deadline.
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Higher costs than expected, not just for the mortgage but for repairs and more, have recent buyers' regretting their purchase, Clever RE and Redfin found in separate reports.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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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.
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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