Tag Archives: Property/Assets/Rights

Mortgage slowdown forces new layoffs at Wells Fargo

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“The ax is falling again at Wells Fargo’s mortgage origination unit, as refinancing activity continues to slow.  The bank on Wednesday sent 60-day notices of displacement to 1,800 employees across the country, citing a slowdown in activity throughout 2012 and early 2013.  It’s unclear how much Wells Fargo—the nation’s largest mortgage provider—needs to rightsize to adjust to the new normal. The bank has already cut 3,000 jobs in origination and servicing, but activity has been bouncing around.   Other Wall Street banks are making similar moves, as a sharp rise in rates has kept consumers from taking out or refinancing mortgages.  JPMorgan laid off more than 2,000 employees in early August.”

http://www.cnbc.com/id/101048530

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Home-Loan Drop Pushes Fed Away From Mortgage Bond Taper

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“A surge in mortgage rates to two-year highs has undercut borrowing, pushing down refinancing by more than 70 percent since last September. Wells Fargo & Co. (WFC) said this month originations may fall 29 percent this quarter, while JPMorgan Chase & Co. said volumes may plunge 40 percent in the second half compared with the first six months of the year.  Builders began work on fewer U.S. homes than projected in August and applications for future work declined more than forecast, the Commerce Department said today. Housing starts rose 0.9 percent to a 891,000 annual rate, following the prior month’s 883,000 pace that was weaker than previously estimated.”

http://www.bloomberg.com/news/2013-09-18/fall-in-home-loans-pushing-fed-away-from-taper-in-mortgage-bonds.html

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Inclusionary Zoning Makes Housing Less Affordable

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“Although the legislation touts the 30,000 units of affordable housing that were produced during the past decade through inclusionary mandates, it ignores the fact that the mandates reduced the growth of new housing by a far-greater number. In Los Angeles and Orange counties alone we estimate that during the period we studied more than 17,000 potential new homes were never built due to the inclusionary zoning requirement, while only 770 inclusionary units were added.  Politicians like inclusionary zoning because it allows them to champion affordable housing without having to directly raise taxes. But the new houses aren’t free. Someone must pay for them.”

http://www.independent.org/newsroom/article.asp?id=4726

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The Joke Shack of the Housing Sector

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“REITs, or real estate investment trusts, are companies that own and manage real estate. Before December of last year, there was no such thing. Now there are three, with more on the way.  Do these vehicles deserve a spot in your portfolio? I’m going to make the case that they do not.  I say this as someone who has been a housing bull. I still think housing is OK, but not as attractive as it was. The investment case for rental homes was plain and I made the case a number of times in these pages in 2011 and 2012. I even bought a rental property for myself. And it’s worked out very well so far. I was far from the only one who saw such an opportunity.”

http://dailyreckoning.com/the-joke-shack-of-the-housing-sector/

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World’s first ‘invisible’ skyscraper planned for South Korea

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“Architects in South Korea are going to need one big invisibility cloak. Seoul will soon add a 1,476-foot tower to its skyline, you just may not be able to see it.  The international architectural firm GDS Architect received the green light to begin building the ‘world’s first invisible tower.’  The glass-encased Tower Infinity will use cameras to snap real-time pictures of the area directly behind the building and project them back onto the building’s reflective surface. This will create the illusion that viewers are looking straight through the building.”

http://www.foxnews.com/tech/2013/09/17/world-first-invisible-skyscraper-planned-for-south-korea/

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Scaffolding stops sun’s rays reflected off skyscraper from starting fires

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“Temporary scaffolding has been put in place to shield businesses after a skyscraper was blamed for starting fires and causing damage by reflecting the sun’s rays.  The half-finished 37-storey tower at 20 Fenchurch Street in central London, dubbed the ‘Walkie Talkie’ due to its distinctive shape, is now being called the ‘Walkie Scorchie’ because of its apparent ability to bounce heat from the sun on to buildings in the next street.  Angry business owners in Eastcheap say the £200million project has blistered paintwork, caused tiles to smash and singed fabric.  Motorist Martin Lindsay said the intense heat melted part of his Jaguar when it was parked on the street.”

http://www.dailymail.co.uk/news/article-2410972/Walkie-Talkie-building-Walkie-Scorchie-skyscraper-firm-scaffolding-protect-nearby-shops.html

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Feds to seize skyscraper, 4 mosques belonging to Iran-linked group [2009]

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“US federal prosecutors said Thursday they were moving to seize four mosques and a 36-story New York skyscraper from a non-profit Muslim group suspected of having ties to the Iranian government.  Bharara filed a forfeiture action with a New York federal court to seize bank accounts owned by the group and a suspected front company, as well as the office tower and Islamic centers in the states of Maryland, Virginia, Texas and California.  The move to seize the Shiite Muslim places of worship is a very rare step for US law enforcement due to freedom of religion rights enshrined in the Constitution.”

http://www.rawstory.com/rs/2009/11/12/feds-nyc-skyscraper-4-mosques/

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U.S. to seize New York skyscraper it claims is secretly owned by Iran

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“A federal judge ruled in favor of the government’s suit this week, saying the building’s owners had violated Iran sanctions and money laundering laws.  Manhattan Federal Prosecutor Preet Bharara said the decision upholds the justice department claims the owner of the building ‘was (and is) a front for Bank Melli, and thus a front for the Government of Iran.’  Bharara said the funds from selling the building would provide ‘a means of compensating victims of Iranian-sponsored terrorism.’ Prosecutors allege the building’s owners, the Alavi Foundation and Assa Corporation, transferred rental income and other funds to Iran’s state-owned Bank Melli.”

http://www.rawstory.com/rs/2013/09/18/us-to-seize-new-york-skyscraper-secretly-owned-by-iran/

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New Heights in Disgraceful Asset Forfeiture (Seizure)

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“The U.S. is seizing 650 Fifth Avenue, the 36-story Piaget Building, from Iranian interests. I’d guess the value is several hundred million dollars. All asset seizure procedures are an utter disgrace, totally unlawful and unjust. This one is triply disgraceful, based as it is on undeclared economic warfare against Iran, phonily done in the name of anti-terrorism, and based on as about as unlawful a ‘law’ as Congress has ever manufactured.”

http://www.lewrockwell.com/lrc-blog/new-heights-in-disgraceful-asset-forfeiture-seizure/

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The Attack on U.S. Property Rights Continues

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“If Mayor McLaughlin delivers on her threat, banks will view mortgage lending in Richmond as a riskier investment. As a result, banks will make it harder to get loans in Richmond by requiring higher down payments to minimize the risk of the mortgage going underwater. They will also likely demand higher interest rates to compensate for the increased risk of lending in that market.  According to Wells Fargo, Newark (NJ), North Las Vegas, El Monte (CA), and Seattle are all considering similar plans. Taken together, they will further contribute to the decline in the security of property rights in the United States and further jeopardize our economic prosperity.”

http://www.independent.org/newsroom/article.asp?id=4712

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