It seems that former “Top Chef” contender, Timothy Dean, is set for another setback to his career: the buildings that house his Fells Point restaurant – the Prime Steakhouse – are up for a bank foreclosure auction next month. Owned by the Dean-controlled MTD Realty LLC, the home of Prime Steakhouse at 1717, 1719, 1721 East Avenue will be auctioned on Read full article »
Freddie Mac Continues Its Losing Streak; Seeks More Financial Aid
Freddie Mac continues to lose profit in the second quarter of the year. With a net loss of $4.7 billion, Freddie Mac asks the U.S. Treasury for a $1.8 billion infusion. The mortgage-finance company, which is on its 11th quarter loss, has now increased the government’s rescue tab to $63.1 billion. Though the credit losses are at $5 billion, it is Read full article »
Stress Tests On Property Related Industries Applied In China
China’s economy relies heavily on the property sector, with one-fourth of its capital spending leaning towards it. This is the reason China has decided to enforce tighter rules earlier this year, including a stress test on loans given to industries – such as cement and steel – that are connected to the property market. The stress tests, reported by the Chinese Read full article »
Atlantic City Hilton Casino Resort For Receivership?
The Atlantic City Hilton Casino Resort has not been able to weather the economic downfall and has failed to make necessary payments. Thus, it might be forced into receivership and sold by the trustee of its mortgage holder. This is according to papers filed in the U.S. District at Camden, New Jersey on Wednesday. The casino hotel has not made payments Read full article »
Shady Real Estate Deal: Bronx Properties Being Sold For More Than They’re Worth
History repeats itself; sadly, even the mistakes are bound to repeat themselves. Take for example the housing market: more and more landlords have properties whose debt is higher than what their properties are worth. And 10 Bronx apartments are now falling in the very same pattern. City Council Speaker Christine Quinn announced at a tenant rally that an unknown buyer will Read full article »
tags: Bronx, Christine Quinn
HAMP May Only Hamper House Foreclosures If Not Coupled With Mandatory Principal Reduction
It seems like the Obama administration is failing on its promise of putting a full stoppage on the home foreclosures. It has only delayed the process of foreclosures – this may work for the housing market but it definitely spells trouble for the homeowners. True to its promise of working on the rampant incidents of home foreclosures all over the country, Read full article »
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