Metropolitan Funding Corp., a New York-based HUD/FHA lender, has formed a commercial real estate lending platform called Metrofund Group in joint venture with Sagecrest, a Greenwich, Conn.-based hedge fund, and Merchant Equity Group.The venture has arranged $160 million in initial capital and will provide bridge, transitional and mezzanine loans, Merchant Equity Group, a New York-based developer, reports. Hadley Bressman, president, Metropolitan, said that he believes the venture "will enable us to grow quickly and take advantage of the more difficult economic environment in 2007." James Kerner, who has considerable Wall Street experience with some investment banks, will be the COO of Metrofund Group. Most recently, he was chief underwriter for Nomura Securities' real estate division, according to Merchant Equity.
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The RMBS notes benefit from geographic diversity and credit enhancement.
8h ago -
A Consumer Financial Protection Bureau "waives any alleged noncompliance" by the mortgage company while continuing to dole out redress to borrowers.
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Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.
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The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
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It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
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Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
July 2