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Tag Archives: New York

Reconstruction Program Aims to Soften Fallout of Natural Disasters

A recent report examined the success of a Build it Back program, which restores homes destroyed by natural disasters. The program has been mostly successful, but some critics find it lacking in certain areas, such as build times and layout adherence. And even though nearly three-quarters of its docket has been completed, a high dropout rate is still a major struggle.

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BlackRock Seeks $3B in Damages from HSBC

BlackRock Inc., along with 23 other investors of residential mortgage-backed securities, petitioned New York federal Judge Lorna G. Schofield to hear oral arguments to advance their case to class status as they seek to collect over $3 billion in lost assets from HSBC. The initial suit claims that HSBC did not do its due diligence in protecting certificate holders, and that they failed to ensure the home loans being sold from mortgage originators and sponsors to the trust were only selling debt from credit-worthy borrowers. The plaintiff’s claim that HSBC’s direct neglect was the cause of loses when default rates hit their peak during the housing crisis.

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New York: A Property Tax Epicenter

When it comes to prices, nothing tops New York. 83 of the 100 buildings with the highest property taxes are located in New York City, according to a recent study. Topping the list is the the General Motors Building, which paid a total of $71,681,674 in taxes in 2016.

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A Drop in Foreclosure Activity

Across the country, reports have come in showing decreases in foreclosure activity. In the New York City area, Property Shark reports foreclosures have dropped 15 percent year-over-year in Q1 2017. Most areas of the city note drops in foreclosure activity, except for Brooklyn. Brooklyn was the only borough of New York City to report an increase in foreclosures, increasing 24 percent over 2016.

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