MBA, NAHREP join forces to boost Hispanic home ownership
Two industry bodies have formed a partnership to boost the level of homeownership and mortgage professionals
from the Hispanic community. The Mortgage Bankers Association and the National Association of Hispanic Real Estate Professionals share common goals of expanding to numbers of Latinos working as finance professionals and NAHREP in particular wants to boost the level of homeownership among the Latino population.
"The American Dream, to own your own home, is embraced by more people, from more backgrounds, than ever before," David H. Stevens, President and CEO of MBA said. "And yet real challenges remain for many Americans, especially first-time homebuyers, the self-employed, and new Americans, to access credit. To serve our diverse customers, the real estate finance industry needs a diverse workforce.”
The MBA has an education program which the two organizations will market to colleges and universities with high Hispanic enrolment. Gary Acosta, NAHREP co-founder and CEO enthused: "There are incredible career opportunities in real estate finance and the Mortgage Bankers Association is doing some of the most innovative work in attracting new entrants into the industry.”
Murdoch empire signs deal for new World Trade Center tower
A new tower at the World Trade Center may go ahead following a deal with Rupert Murdoch’s News Corp and 21st
Century Fox which would see the media empire anchoring the development. The New York Daily News says that the two companies have signed a letter of intent with developer Larry Silverstein and could lead to the 88-story tower being built with Murdoch’s firms taking 1.3 million square feet. No further details have been released.
Rich pay less for home flood insurance says study
Those with the largest homes in the most affluent areas may be paying less for their flood insurance than those in less affluent areas. That’s the anomaly discovered in a new Massachusetts-based study by a professor at UMas Dartmouth. Chad McGuire found no clear reason for the findings but suggests that those with more disposable income may be able to increase their homes’ defences more than those with more modest funds. However for some home owners it is more than just an additional expense, it can also affect home sales.
The Boston Globe cites a couple in Fairhaven, MA who pay $5,000 a year for flood insurance, compared with Edgartown where the premium for a home of the same value would be around half as much. The homeowners say that they cannot sell their house as prospective buyers are discouraged by the high insurance costs. McGuire says that federal subsidies favor those in affluent areas but a local Democrat Representative William Keating says the study does not take into account all of the factors that determine insurance costs and wants to see more information on the matter.
Former Lehman Bros. boss lists Idaho estate
The former chief executive of failed bank Lehman Brothers is trying to sell the home where he holed up following one of the highest-profile disasters of the financial crisis. Dick Fuld is selling the 75.3 acre estate in Sun Valley, Idaho but it has been on the market for a year with little interest. The New York Post reports that together with other land owned by Fuld the estate was valued at $27 million in 2008. The former bank chief also owns property in Florida and Connecticut.