Brent W Ambrose theconversation.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theconversation.com Daily Mail and Mail on Sunday newspapers.
FHFA further extends foreclosure and REO eviction moratoriums
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FHFA further extends foreclosure and REO eviction moratoriums
On February 25, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac would extend the foreclosure and real estate owned (REO) eviction moratoriums from March 31, 2021 to June 30, 2021. The foreclosure moratorium applies only to Government Sponsored Enterprises (GSEs) single-family mortgages, while the REO eviction moratorium applies to properties acquired by the GSEs through foreclosure or deed-in-lieu of foreclosure transactions. The extension announcement is welcome news for counties as they work to address the housing affordability and insecurity crisis that has been exacerbated by the COVID-19 pandemic.
Taxpayers On The Hook For Nearly Half Of Apartment Building Mortgages zerohedge.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zerohedge.com Daily Mail and Mail on Sunday newspapers.
You guessed it: For over half of it, taxpayers are on the hook. Time to take a look.
The mortgage for “2 Cooper Square,” a 15-story luxury apartment tower with 143 units in the NoHo neighborhood of Manhattan, is now over 30 days delinquent, according to the Commercial Observer. In 2010, when the building opened, three-bedroom apartments sported asking rents “as high as $20,000 per month,” gushed the Wall Street Journal at the time. In 2012, the developer, Atlantic Development Group, sold the long-term leasehold in the building to Wafra Capital Partners in Kuwait for $134 million. In 2019, Wafra unloaded the leasehold to David Werner Real Estate and Emerald Equity for about $85 million – a loss of nearly $50 million, or about 37%.