- Posted at 12:24, November 20, 2013
- By Russ Bleemer
In news for tomorrow,
The Consumer Financial Protection Bureau will announce rules simplifying mortgage paperwork.
Bloomberg reports that CFPB director Richard Cordray will debut the new forms Tuesday in Boston.
The new forms are said to apply to all lenders, who already are complaining about the burden. But the agency was charged in 2010 under the Dodd Frank Act with looking at a variety of financial industry practice and implement, where it found it necessary, more consumer friendly practices.
The revised forms address disclosures already made required by the Truth in Lending Act and the Real Estate Settlement Procedures Act, and attempts to streamline them.
The forms will be less cluttered and present more clearly interest rates, payments, and closing costs. The article says that the new forms would be required to be in use by August 2015.
You can find the Bloomberg article here.
Size doesn't matter. A National Real Estate Investor article today says that, in the wake of the brouhaha over the Willis Tower v. One WTC, real business men and women don't care about height. It's the views that the deals hinge upon.
NREI Online also reports
(1) two deals at 257 Park Ave. South, a new long-term lease and an expansion. The Environmental Defense Fund signed a renewal for 44,010 square feet, and Madison Logic expanded its space to more than 24,500 square feet, in the 20-story, 226,000 square foot building, which dates to 1912. Details here.
(2) that Jones Lang Lasalle's Product and Development Services Group has a lot to crow about over the Madison Square Garden renovation. You can see how JLL helped MSG devise and execute a strategic plan here.
(3) that a 5,200-square-foot, four-year deal for an investment management firm's new space at 6 East 32nd St., brings the 173,000-square-foot, 11-floor office building to 100% occupancy. Details here.
Finally, ahead of tomorrow's newspaper, the New York Times has posted its Wednesday "30-Minute Interview": Arthur W. Zeckendorf, who updates readers on, well, everything, but especially, the four-figures-per-square-foot sales.