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Hits and Misses for the Real Estate Week of May 5-9

1 week ago | wrenews.com | Phil Hall

Share this article! A mortgage fraud probe of Letitia James, a serious HR problem at the GSEs and the surprising site for Disney’s next theme park. From the wild and wooly world of real estate, here are our Hits and Misses for the week of May 5-9.
NYC Real Estate Developer Indicted for Defrauding Investors

1 week ago | wrenews.com | Phil Hall

Share this article! Joshua Schuster, a former New York City real estate developer, has been indicted for conducting a four-year, multimillion-dollar real estate investment scam. According to the charges, between 2018 and 2022 Schuster and his real estate development business Silverback Development induced investors to contribute capital to his projects by promising them equity in high-end real estate developments across New York City.
Pope Leo XIV's Chicago-Area Childhood Home Listed for $199,000

1 week ago | wrenews.com | Phil Hall

Share this article! While Pope Leo XIV prepares to move into the papal residence, the Chicago-area property that was the childhood home is on the market for $199,900. Homes.com reports the former Cardinal Robert Prevost grew up in a 1,200-square-foot brick home in Dolton, Illinois, located near the South Side of Chicago.
Beeline Introduces Realtor and Content Creator Partner Program

1 week ago | wrenews.com | Phil Hall

Share this article! Beeline Financial Holdings, (NASDAQ: BLNE) a Providence, Rhode Island-based digital mortgage lender, has rolled out its Realtor and Content Creator Partner Program. According to the company, the new initiative is designed to accelerate origination growth in Debt Service Coverage Ratio (DSCR) mortgages.
Builder Confidence in Multifamily Market Down in Q1

1 week ago | wrenews.com | Phil Hall

Share this article! Builder confidence in the market for new multifamily housing declined year-over-year during the first quarter, according to the National Association of Home Builders’ (NAHB) Multifamily Market Survey. The Multifamily Production Index (MPI) had a reading of 44, down three points year-over-year. The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100.
Calgary Real Estate Broker Charged with Multimillion-Dollar Investment Scams

1 week ago | wrenews.com | Phil Hall

Share this article! Police in Calgary have charged a local real estate broker with fraud in multimillion-dollar investment scams. According to the charges, the police were contacted in July 2024 by an individual who said he was invested approximately $80,000 over the course of a year with Eric Drinkwater, a broker with RE/MAX Central. However, the investor said he never received any type of repayment despite having a financial agreement with Drinkwater.
Mortgage Credit Availability Holds Steady

1 week ago | wrenews.com | Phil Hall

Share this article! Mortgage credit availability remained unchanged from March to April, according to the Mortgage Credit Availability Index (MCAI) data from the Mortgage Bankers Association (MBA). The MCAI remained unchanged at 102.9 in April; the index was benchmarked to 100 in March 2012. The Conventional MCAI and the Government MCAI both remained unchanged. Of the component indices of the Conventional MCAI, the Jumbo MCAI decreased by 0.1% and the Conforming MCAI rose by 0.2%.
Alexander Brothers Face Wider Indictments in Sex Trafficking Case

1 week ago | wrenews.com | Phil Hall

Share this article! A superseding indictment has been brought against the Alexander brothers to include six victims, including an underage girl. The New York Times reports Manhattan federal prosecutors filed the new indictment on Thursday against Oren and Tal Alexander – who were luxury real estate brokers at Douglas Elliman before starting their own firm Official in 2022 – and Oren’s twin Alon Alexander, an executive with the family’s private security firm.
FirstService Residential Acquires Core Real Estate Group

1 week ago | wrenews.com | Phil Hall

Share this article! FirstService Residential, the Dania Beach, Florida-based property management firm and a subsidiary of FirstService Corporation (NASDAQ and TSX: FSV), has acquired Edmonton-based Core Real Estate Group. Founded in 2011, Core Real Estate Group manages more than 15,000 residential units in Edmonton. The acquisition brings the number of residential units under FirstService management in Canada to more than 250,000. The financial terms of the deal were not disclosed.
Mortgage Fraud Criminal Probe Opened Against NY AG Letitia James

1 week ago | wrenews.com | Phil Hall

Share this article! A criminal investigation has been opened by the FBI and the US Attorney’s Office in Albany into allegations of mortgage fraud committed by New York Attorney General Letitia James.