Standard & Poor's has announced that General Growth Properties will replace Mellon Financial Corp. in the S&P 500 and that two other real estate investment trusts will be replaced in the S&P REIT Composite Index.GGP, a Chicago-based REIT, will replace Mellon in the S&P 500 after the close of trading on June 29 because the latter is merging with The Bank of New York Co. to create The Bank of New York Mellon Corp., S&P reported. Supertel Hospitality Inc., Norfolk, Neb., will replace Winston Hotels Inc. in the S&P REIT Composite after the close of trading on June 29 because Winston is being acquired by Inland American Real Estate Trust Inc. In addition, Republic Property Trust, Herndon, Va., will replace Innkeepers USA Trust after the close of trading on June 29 because Innkeepers is being acquired by Apollo Investment Corp.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17