In a major victory for New York real estate developer Larry Silverstein, a New York jury has decided that the 9/11 attacks on the World Trade Center Towers constituted two attacks for insurance purposes, which could result in an additional payout of as much as $1.1 billion for rebuilding commercial real estate space at Ground Zero.In a written statement, Mr. Silverstein said the verdict means that an additional one billion dollars of insurance proceeds will be available for the rebuilding. This, combined with Liberty Bond financing, "will ensure a timely and complete rebuild of the World Trade Center," he said. Mr. Silverstein added: "I strongly felt, and the jury agreed, that the destruction of the Twin Towers by two separate airplanes at two separate times was two separate occurrences, and that these insurers have an obligation to pay their fair share to help make Lower Manhattan whole again." Of the nine insurance companies affected by the decision, at least one, Germany-based Allianz, said it would appeal the jury decision.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago