Secured Capital Japan, Tokyo, has announced the formation of a discretionary fund in conjunction with the California Public Employees' Retirement System, Pacific Life Insurance Co., and other institutional investors to invest in Japanese real estate.SCJ will manage the commingled fund, which will acquire approximately $500-550 million of multifamily, office, retail, and industrial properties in Japan, according to J-P Toppino, SCJ's chief investment officer. SCJ will also co-invest in the fund to "align interests" with CalPERS, Pacific Life, and its other institutional investors, the company said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
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.
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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.
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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