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Citigroup to Pay $7 Billion for Subprime Mortgage Scams

WASHINGTON, D.C. – July 15, 2014 – (RealEstateRama) — Today, the US Department of Justice announced a $7 billion settlement with Citigroup; the financial institution will pay a record-setting $4 billion penalty for misleading investors about securities that included toxic mortgages.

Housing sector must reflect deeply on Cosmopolitan failures says CIH

WASHINGTON, D.C. – June 17, 2014 – (RealEstateRama) — Responding to the Altair report Cosmopolitan Housing Group: Lessons Learned, Grainia Long, chief executive at the Chartered Institute of Housing (CIH), said: “The eventual rescue of Cosmopolitan marked a successful resolution to a critically important period for the housing association sector.

Energy [R]evolution Report Details how US can Transition to Nearly 100% Renewable Energy

WASHINGTON, D.C. – May 13, 2014 – (RealEstateRama) — The United States can quickly transition to nearly 100% renewable energy and phase out coal and nuclear power, according to a major new report from Greenpeace and the Global Wind Energy Council. Energy [R]evolution – A Sustainable USA Energy Outlook provides a blueprint for transforming our electricity, transportation, and heating systems to dramatically reduce carbon pollution, and demonstrates to policymakers and investors that rapid changes in the way we produce, distribute, and consume energy are possible and cost effective.

Rip-Offs, Retainers and Rescue: Lawyers’ Committee and Loan Modification Scam Prevention Network Coalition Partners to Host Critical Town Hall Discussion on the National Foreclosure Rescue Fraud Epidemic and Attorney Involvement

WASHINGTON, D.C. – May 12, 2014 – (RealEstateRama) — The Lawyers’ Committee for Civil Rights Under Law (Lawyers’ Committee) and its coalition partners in the Loan Modification Scam Prevention Network (LMSPN) will host an important town hall discussion about the impact of attorney involvement in foreclosure rescue options for distressed homeowners on Tuesday, May 13, 2014 from 1:30 to 3 p.m. at the Lawyers’ Committee’s offices, 1401 New York Avenue, NW, Suite 400, Washington, D.C. This event is a follow up to the Lawyers’ Committee’s April 15, 2014 release of a comprehensive national report“Foreclosure Rescue, Inc.”, which examines the foreclosure rescue fraud epidemic, scam trends and efforts to combat these fraudulent activities

All-Cash Sales Up While Distressed Sales and Investors Decline

WASHINGTON, D.C. – May 12, 2014 – (RealEstateRama) — Analysis of data collected for the Realtors® Confidence Index shows the market share of all-cash purchases is on the rise, despite declines in distressed sales and investor activity, according to the National Association of Realtors®.

Mercy Loan Fund supports President Obama’s “My Brother’s Keeper” initiative to assist youth in underserved communities

WASHINGTON, D.C. – May 9, 2014 – (RealEstateRama) — Mercy Loan Fund, a subsidiary of national nonprofit Mercy Housing, announced their commitment to the “Youth Opportunity Pledge” created by Opportunity Finance Network, a national network of community development financial institutions (CDFIs) investing in opportunities that benefit low-income, low-wealth and other disadvantaged communities across America. The “Youth Opportunity Pledge” was inspired by President Obama’s “My Brother’s Keeper” initiative that takes a collaborative approach to create opportunities for young minority men in disadvantaged communities

Goldman Sachs Closes Broad Street Real Estate Credit Partners II With Over $4 Billion in Capital Available to Invest in the Strategy

NEW YORK, – May 7, 2014 – (RealEstateRama) — Goldman Sachs announced today that it has closed its second real estate credit fund, Broad Street Real Estate Credit Partners II (RECP II), with over $4 billion in total capital available to invest, including expected leverage. Limited partners in RECP II include existing as well as new institutional and private investors from throughout the Americas, Europe and Asia. RECP II will be managed by the real estate group within Goldman Sachs’ Merchant Banking Division (MBD). With this new vehicle, Goldman Sachs will be able to offer these lending capabilities to borrowers in Europe for the first time, building on its track record in the United States.

Vacation Home Sales Surge in 2013, Investment Property Declines

WASHINGTON, D.C. – April 3, 2014 – (RealEstateRama) — Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of Realtors®.

CONSTRUCTION SPENDING INCHES HIGHER IN FEBRUARY AS PRIVATE NONRESIDENTIAL CATEGORIES ACCELERATE; HOUSING REMAINS STRONG BUT PUBLIC SPENDING SLIPS

WASHINGTON, D.C. – April 2, 2014 – (RealEstateRama) — Total construction spending in February edged up from January despite adverse weather in much of the nation, as private residential and nonresidential components posted solid growth compared with early 2013, according to an analysis of new Census Bureau data by the Associated General Contractors of America (AGC). Association officials noted that the construction spending figures would have been stronger if not for declines in public sector construction and infrastructure investments.

Former Alabama Real Estate Investor Indicted for Conspiracy to Commit Mail Fraud

WASHINGTON, D.C. – April 1, 2014 – (RealEstateRama) — A federal grand jury in Mobile, Ala., returned a one-count indictment against a former real estate investor, charging him with conspiracy to commit mail fraud as part of a scheme related to public real estate foreclosure auctions held in southern Alabama, the Department of Justice announced today

Investors Turn to Recovering Markets, Regional Cities and Secondary Property as the Competition for Prime European Real Estate Assets Increases

LONDON – January 21, 2014 – (RealEstateRama) — The competition for prime assets in Europe’s major real estate markets is leading investors to turn to recovering markets such as Ireland and Spain, regional cities and secondary property in search of returns, according to Emerging Trends in Real Estate® Europe 2014, a forecast published jointly by the Urban Land Institute (ULI) and PwC

NAR Announces Opening of Applications for Strategic Technology Accelerator, REach™

CHICAGO – January 8, 2013 – (RealEstateRama) — REach, the strategic accelerator for technology startups created and managed by the National Association of Realtors®’ investment fund, Second Century Ventures, announced the opening of applications to join its 2014 class. The deadline to apply for the 2014 program is March 1. The program runs from April through the Realtors® Conference & Expo in November, where participating companies will be showcased at the industry’s largest gathering.

CONSTRUCTION EMPLOYMENT INCREASED IN 211 OUT OF 339 METRO AREAS BETWEEN NOVEMBER 2012 & 2013 BUT ONLY 19 METRO AREAS PASSED PRIOR EMPLOYMENT PEAKS

WASHINGTON, D.C. – January 2, 2013 – (RealEstateRama) — Construction employment expanded in 211 metro areas, declined in 67 and was stagnant in 61 between November 2012 and November 2013, according to a new analysis of federal employment data released today by the Associated General Contractors of America. Association officials said the employment gains were encouraging, but cautioned that future gains were dependent on continued economic growth and new investments in aging domestic infrastructure

#13 Government and Public Real Estate News

WASHINGTON, D.C. – December 17, 2013 – (RealEstateRama) — In accordance with the Stewart B. McKinney Homeless Assistance Act, HUD published a Notice in the Dec. 13, 2013, Federal Register identifying Federal buildings and other real property HUD has reviewed for suitability for use to assist the homeless. The properties were reviewed using information provided to HUD by Federal landholding agencies or by GSA regarding their inventories of excess or surplus property. The list includes buildings and properties in California

Mel Watt confirmed as FHFA director

WASHINGTON, D.C. – December 11, 2013 – (RealEstateRama) — Congressman Melvin Watt was confirmed as director of the Federal Housing Finance Agency (FHFA) by the United States Senate in a 57-41 vote yesterday. The FHFA is a powerful federal government agency responsible for regulating government-sponsored enterprises Fannie Mae and Freddie Mac, which invest in more than three-fourths of the nation’s new mortgages

#8 Government and Public Real Estate News

WASHINGTON, D.C. – December 9, 2013 – (RealEstateRama) — Today the Department of Housing and Urban Development (HUD) announced that it will implement new FHA single-family loan limits on January 1, 2014, as specified by the Housing and Economic Recovery Act of 2008 (HERA). Read FHA’s mortgagee letter detailing the agency’s new loan limits.

Strong Real Estate Fundamentals Seen for Asia in 2014, Says Emerging Trends in Real Estate® Asia Pacific 2014; Japan Regains Status As A Magnet For Investment And Development

SHANGHAI – December 9, 2013 – (RealEstateRama) — Real estate fundamentals are expected to remain strong in markets throughout Asia in 2014, with stiff competition for conventional assets in prime markets boosting the popularity of niche property sectors and secondary markets for investments

FACT SHEET: Modernizing and Investing in America’s Ports and Infrastructure

WASHINGTON, D.C. – November 8, 2013 – (RealEstateRama) — On November 8th, President Obama will speak from the Port of New Orleans, one of the nation’s largest ports, where he will reiterate his call to invest in rebuilding America’s infrastructure, including strategic ports along the Mississippi River such as the Port of New Orleans, which support U.S. commerce and trade.

#1 Latest Government and Public Real Estate News

Wherever you may stand on the climate change debate (cue the angry comments!), it’s undeniable that Mother Nature has grown a bit unpredictable in exacting her revenge for hairspray and Styrofoam. Superstorms in New Jersey. Mudslides in Colorado. Cyclones in India. But while we may not know where the next natural disaster is going to hit, one House Republican is doing his best to encourage people to be prepared

SEC Obtains Asset Freeze in California-Based Real Estate Investment Scheme

Washington D.C. – November 4, 2013 – (RealEstateRama) — The Securities and Exchange Commission today announced fraud charges and an emergency asset freeze against a group of Pasadena, Calif.-based companies at the center of an ongoing real estate investment scheme.