- Posted at 11:17, December 04, 2013
- By Russ Bleemer
Finishing off Wednesday, the Wall Street Journal today published results of a Goldman Sach study that reveal that "nearly half of all mortgage defaults from the housing bust might have been prevented by forthcoming consumer-protection regulations, but another 25% of loans that didn’t default might not have been made."
The rules the article discusses are next month's introduction of new Consumer Financial Protection Bureau regulations that assess a borrower's ability to pay before a loan can be made--tightening standards for lenders under power granted to the bureau by the 2010 Dodd-Frank law overhauling financial market practices. Goldman Sachs applied the new standards to loans made from 2005-2008 leading up to the markets' collapse due largely to bad mortgages. The article is HERE.
Your Thursday real estate news preview:
- The big news is that the World Trade Center retail has been acquired by Westfield Group, which bought the half it didn't own. Since at this writing, none of the dailies have a story up yet, why not start with the Quidnunc take from earlier on Wednesday evening? Right here.
- There's no metropolitan area content in tomorrow's Wall Street Journal article, "Companies Say Goodbye to the 'Burbs," but the implications for New York and surrounding cities are clear.
- The New York Times has set for Thursday's paper, "A Shiplike Building Gets Another New Life," the latest on the redevelopment at the St. Vincent's Hospital site in the West Village, HERE.
- Thursday's New York Daily News will envision the South Bronx as the next Williamsburg--an advance on a gentrification conference set for Saturday. "Real estate agents have begun branding the area with a high-rent sobriquet—SoBro—and, yes, the hipsters have slowly been making their way to the mainland." You'll find the details on the conference and the article HERE.