Dec. 20, 2010 at 6:24 a.m.
Filed under:
Housing,
Mortgages,
Real estate,
Taxes
By Tribune newspapers
Nearly a century after coming into existence, the mortgage deduction may face a day of reckoning. Although out of the spotlight while the lame-duck Congress thrashes to an end, the mortgage deduction issue is likely to resurface next year when the new Congress — including a lot more deficit-hawk Republicans — takes over.
In part, the hoary deduction has a target on its back as a result of policymakers rethinking the whole issue of homeownership. In the wake of the havoc that followed the latest housing bust — a calamity that still shadows the U.S. economy and will for years to come — it’s no longer so clear that near-universal homeownership should be a paramount goal. Get the full story »
By Reuters
General Growth Properties Inc. Chief Executive Officer Adam Metz and President and Chief Operating Officer Thomas Nolan will leave the company Dec. 22, sources familiar with the matter said on Friday.
The moves had been expected. Get the full story »
Dec. 17, 2010 at 1:13 p.m.
Filed under:
Banking,
Real estate
By Associated Press
Arizona is filing a civil lawsuit against Bank of America Corp. alleging the company violated the state’s consumer fraud law by misleading consumers trying to get loan modifications.
Arizona Attorney General Terry Goddard said Friday that the bank also violated the terms of a 2009 consent agreement it signed requiring the bank’s Countrywide mortgage subsidiary to implement a loan modification program.
Dec. 17, 2010 at 10:39 a.m.
Filed under:
Economy,
Housing,
Jobs/employment,
Manufacturing,
Markets
By Associated Press
A gauge of future economic activity rose in November, at the fastest pace since March, suggesting the economy will strengthen early next year.
The Conference Board said its index of leading economic indicators rose 1.1 percent last month — the biggest increase since March, when the index jumped 1.4 percent. Get the full story »
Dec. 17, 2010 at 7:51 a.m.
Filed under:
Commercial real estate,
Housing,
Real estate,
Retail
From the Chicago Sun-Times | City planners Thursday endorsed a mixed-used development on the site of the old Lincoln Park Hospital on the North Side in a rare move to override the wishes of the local alderman. The proposal by Sandz Development Co. calls for a Fresh Market store on the 3-acre site at Halsted and Webster. It also includes a medical office building, about 160 residences and public parking. Get the full story>>
Dec. 16, 2010 at 5:38 p.m.
Filed under:
Commercial real estate,
Development
John Byrne | Clout Street | Mayor Richard Daley has put together a group of business leaders and university officials to advise the city on turning the vacant Michael Reese Hospital site into a technology park for businesses.
Daley has discussed the possibility of a tech park on the Near South Side lakefront parcel since shortly after the city’s 2016 Olympics bid failed. The Michael Reese site had been tapped to be the Olympic Village for athletes, and the city paid $91 million to acquire it.
Dec. 16, 2010 at 9:40 a.m.
Filed under:
Housing,
Mortgages
By Dow Jones Newswires
Mortgage rates rose in the latest week, extending their bounce off record lows they set in the fall, according to Freddie Mac’s weekly survey.
Rates have climbed in recent weeks after they fell through October, setting repeated lows. Yields on Treasurys have jumped sharply recently, and mortgage rates generally track the yields, which move inversely to Treasury prices. Get the full story »
Dec. 16, 2010 at 6:54 a.m.
Filed under:
Real estate
By Associated Press
The number of U.S. homes taken back by lenders dropped to the lowest level in 18 months in November, the result of foreclosure freezes enacted by several banks following allegations that evictions were handled improperly.
Home repossessions dropped 28 percent from October and 12 percent from November last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
Dec. 16, 2010 at 6:50 a.m.
Filed under:
Commercial real estate,
Real estate
From Globe St. | Tishman Speyer has completed its purchase of a 1.2 million-square-foot office tower at 353 N. Clark for $385 million, about $35 million less than it cost seller Mesirow Financial to build the tower completed in October 2009. Mesirow had owed roughly $374 million from construction loans that were coming due. Get the full story>>
Dec. 15, 2010 at 5:20 p.m.
Filed under:
Banking,
Investing,
Mortgages
By Reuters
Bank of America Corp. is in talks with a group of six investors to settle charges that it mishandled $16.5 billion in mortgages packaged into bonds, the Wall Street Journal reported Wednesday.
The investor group, which includes Freddie Mac, PIMCO, BlackRock Inc. and Allianz SE, told the bank in October that it had 60 days to respond to allegations that it did not properly service 115 bond deals comprising mortgages. The deadline for the bank’s response was Thursday, the Journal said. Get the full story »
By Kathy Bergen
McCormick Place officials are abandoning a two-year effort to acquire a neighboring block for potential hotel development, officials said today.
The Metropolitan Pier and Exposition Authority will drop legal proceedings aimed at acquiring several adjoining parcels through condemnation proceedings, said Renee Benjamin, the authority’s general counsel. Get the full story »
Dec. 15, 2010 at 1:28 p.m.
Filed under:
Commercial real estate,
Real estate,
Retail
By Sandra M. Jones
Sears Holdings Corp. signed a deal with retailer Work ‘N Gear to operate uniforms shops inside Sears and Kmart stores.
The shops, called Scrubology, are range from 600 to 1,500 square feet and sell uniforms for healthcare professionals including doctors, nurses, veterinarians and lab technicians. Get the full story »
Dec. 15, 2010 at 6:18 a.m.
Filed under:
Commercial real estate,
Real estate
By Dow Jones Newswires
The Irvine Co. is close to an agreement to buy the 49-story Hyatt Center in Chicago for about $625 million from the Pritzkers, the storied family whose business empire includes a majority stake in the Hyatt Hotels Corp. chain, according to people familiar with the deal.
The sale of the curved tower at 71 S. Wacker Drive in Chicago, which contains about 1.5 million square feet of office space, could close as early as Friday, people said. The deal could still collapse, but if completed, the building would be one of the largest Windy City properties to trade this year. Get the full story »
Dec. 14, 2010 at 4:29 p.m.
Filed under:
Government,
Mortgages
By McClatchy Tribune Newspapers
The Senate Banking, Housing and Urban Affairs Committee voted Tuesday to recommend Joseph A. Smith Jr. as the next director of the beleaguered housing finance agencies Fannie Mae and Freddie Mac.
The mortgage giants have received $151 billion from the federal government to keep them afloat, and President Barack Obama must tell Congress his plan for reorganizing the agencies next month. Smith would be in charge of carrying that out. Get the full story »
Dec. 14, 2010 at 4:21 p.m.
Filed under:
Commercial real estate,
Restaurants
Crain’s Chicago Business | The Chicago Plan Commission is scheduled Thursday to consider plans for a 4,600-square-foot Chick-fil-A restaurant in the parking lot of the Home Depot on Elston Avenue.
