Updated: Rounding Up Brownfields Remediation, Bank of America's Mortgages Settlement, and more

  • Title insurance premium volume is growing, according to a trade association, indicating general  economic health.  The American Land Title Association reported Tuesday that title insurance premium volume rose 14% in 2013’s third quarter, compared to the same period a year ago. According to the association’s 2013 Third-Quarter Market Share Analysis, the title insurance industry generated $3.4 billion in third quarter premiums, up from $3 billion in 2012’s third quarter. New York was the fourth largest state in title insurance premiums in the quarter, at $257.7 million, up 20.5% from the year ago quarter. The report appears here
  • From Monday, Bank of America Corp. has agreed to pay $404 million to Freddie Mac related to the undercapitalized mortgages it sold the government-related agency—sales that contributed to the nation’s financial downturn.The agreement covers repurchase agreements, and relates to about 716,000 loans created by the Charlotte, N.C.-based  bank from Jan. 1, 2000, to Dec. 31, 2009.   The Bloomberg News story is here.
  • One from last week, on the Capital New York site:  The New York state brownfields remediation program is a boondoggle that creates big deals for developers, but is a disaster for taxpayers.  See the article and a link to the Gov.  Cuomo-appointed commission’s report on Capital New York HERE
  • And for tomorrow, the New York Times has posted its weekly "30 Minute Interview" with a real estate heavy hitter.  This week, it's Richard L. Podos, who founded Lance Capital about a decade ago, focusing on commercial deals’ financings.The interview is here. 
  • The Times also has just posted its deals of the week column, here
  • The Daily News has a Tuesday story on the protest at 755 Jackson Ave. in the Bronx, where the tenants gathered to ask for the ouster of their landlord, Stabilis Capital Management, which evidently has done very little managing and a lot of ignoring.  You can see the call to arms against the distressed investments firm that gathered the protesters here. Yes, Public Advocate-elect Letitia James showed to help the cause.  The Daily News article can be found HERE.
  • And in Wednesday's New York Post, columnist Lois Weiss has an exclusive on a potential big move to Fifth Avenue, from around the corner on E. 57th St., for Nike. Weiss explains why NikeTown may move out of Trump Land and into Vornado Realty Trust's nearly 40,800 square feet 640 Fifth Ave. store, currently occupied by H+M, for a steep $3,500 per square foot. She also runs down several other high-profile Manhattan deals.

 

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