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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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24