Economy

A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.

The switch to Thomas Cangemi from longtime CEO Joseph Ficalora could foreshadow a push to curtail the company’s reliance on multifamily lending and the pursuit of a bank acquisition that lowers funding costs.

Longtime chairman and CEO Joseph Ficalora will step aside Thursday as head of the regional bank and be succeeded by CFO Thomas Cangemi.

The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy.

Join Jim McKelvey, co-founder of Square as he offers his insights into where the Fintech industry is headed next year. Will a Biden administration insist on greater regulation? What will happen in the cryptocurrency markets? What will be the big IPOs in the sector? Will GooglePlex make a big splash? What new technologies or applications should we be expecting?

The nonbank lender is co-sponsoring a $258.4 million residential mortgage pool comprised entirely of wealthy borrowers with 15-year term contracts.

With infection rates rising and unemployment claims increasing since Thanksgiving, mortgages in coronavirus-related forbearance rose by 37,000 last week, according to Black Knight.

Fiscal policy concerns, rather than economic data, are driving rate changes right now, economist says

Single-family starts rose for a seventh month to a 1.186 million annualized rate that was the highest since 2007.

Treasury Secretary Steven Mnuchin has all but ruled out letting Fannie Mae and Freddie Mac exit U.S. control before he steps down, leaving it to the Biden administration to decide the fates of the mortgage giants.