| HFF Secures $120 Million Recap for W Hotel & Residences in Austin |
| News - Financial News |
|
--(www.FinancialNewsUSA.com)-- 11/06/2009 - Mortgage Investment industry news provided by Financial News USA. DALLAS--(BUSINESS WIRE)--The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $120 million recapitalization for the W Hotel & Residences, a luxury mixed-use project under construction in Austin, Texas. Working on behalf of Stratus Properties, Inc. and the Canyon-Johnson Urban Fund, HFF senior managing director Whitaker Johnson placed a new five-year construction loan originated by CLG Hedge Fund, LLC, a hedge fund affiliated with Beal Bank Nevada. This loan is replacing an original $165 million construction financing through Corus Bank that HFF secured on behalf of the borrowers in 2008. As part of the recapitalization, Stratus and Canyon-Johnson are also contributing $45 million to the project. Due for completion in December 2010, the W Hotel and Residences will have 252 guest rooms and suites. [Read the full article] WASHINGTON (AP) -- Can't pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year. The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it will only add to the mushrooming losses at the company, which has received billions in taxpayer money. The new "Deed for Lease" program will allow homeowners to transfer title to Fannie Mae and sign a one-year lease, with potential month-to-month extensions after that. It also helps save money because the lender does not need to complete the often lengthy and time-consuming foreclosure process. [Read the full article] Reuters - A woman takes a brochure detailing how homeowners can make their mortgage payments more affordable at the Fannie ... NEW YORK (Reuters) - Fannie Mae, the largest provider of funding for U.S. home loans, said on Thursday bad mortgages and a federal foreclosure prevention program left it with a $18.9 billion loss, forcing it to tap the Treasury again to plug a hole in its net worth. Fannie Mae , seized by the government last year, said the quarterly loss stemmed from $22 billion in credit-related expenses. These included charges on mortgages it bought out of securities as it modified loans under President Barack Obama's foreclosure prevention plan. The company also boosted its provision for credit losses in future quarters, and said it expects those impairments to increase this quarter and through 2010. [Read the full article] TAMPA, Fla., Nov. 5 /PRNewswire-FirstCall/ -- Walter Investment Management Corp. (NYSE: WAC) ("Walter Investment" or the "Company") today reported results of operations for the quarter ended September 30, 2009 and the declaration of a quarterly dividend of $0.50 per share. The dividend will be paid on November 30, 2009 to shareholders of record on November 18, 2009. Net income for the third quarter of 2009 was $8.2 million, or $0.40 per diluted share. These quarterly results included $0.4 million of spin-off related costs and $0.8 million of non-cash income tax expense related to the reversal of tax benefits previously reflected in accumulated other comprehensive income. Income before income taxes was $9.6 million, or $0.46 per diluted share. Income before income taxes excluding the spin-off related expenses was $10.0 million in the third quarter as compared to $9.8 million in the second quarter. [Read the full article] About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
|