2009 was apparently a very, very, very bad year for commercial realtors in New York. Eastern Consolidated Real Estate Investment Services reports that commercial property sales for the year were down 76 percent from 2008 -- $23.6 billion to $5.6 in total sales. The Times says today that "more tha ... More >>
Forty-one people in the New York area were arrested today, charged by U.S. Attorneys in connection with mortgage fraud schemes totaling $64 million dollars -- one of the biggest such sweeps ever. The alleged scam artists profited off the housing crisis by running fraudulent foreclosure rescue oper ... More >>
Foreclosed apartments in 19 South Bronx buildings that were going to be sold off in an online auction next week were saved today. The city announced that Fannie Mae canceled the auction. Financed by Deutshe Bank, the Ocelot Capital Group -- a real estate firm that was started by wealthy Wall Stree ... More >>
Mayor Bloomberg spoke for Sonia Sotomayor at the hearings today, lauded her appointment on diversity grounds in that she would represent The Bronx. (Ginsburg is from Brooklyn, Scalia from Queens.) "My grandmother was born in Montgomery, Alabama," Manhattan D.A. Robert Morgenthau told Alabama Sena ... More >>
Trilateral Commission Alert! David Kellermann, Acting Chief Financial Officer and Senior Vice President of the troubled mortgage lender Freddie Mac, has been found dead in his home. His wife is said to have reported him a suicide. Previously the company's Principal Accounting Officer, the 41-year-ol ... More >>
The Street sorta liked the Federal Reserve's idea to invest over $1,000,000,000,000 of your money into your economy, which sounds like a wash but still makes us feel as if we've been gypped. $300 billion will go to buy T-bonds -- which news quickly drove demand up and yields down. The Fed will also ... More >>
It's time to stop pinning the "news" tag on Gary Ackerman's angry outburst at the SEC yesterday for not stopping Bernie Madoff. Perhaps the most entertaining part of the House hearing, yes. But while the New York Democrat yelled at the SEC, whistleblower Harry Markopolos spoke more softly but cut d ... More >>
Lehman Brothers maintained its squeaky-clean image by relying on its seamier subsidiary. Just call her Aurora.