New FHA Rules Make Life Tough For Condo Sellers
October 7, 2009
Beginning, October 1st, the FHA has instituted new rules around loans on condos. The full letter is embedded below. The new rules are pretty dramatic, particularly for new condo and vacation-unit developments seeking FHA approval. The rules require at least 50% of the units in the project to have been sold for new product, and [...]
Read More >>Starwood Gets Corus; Pays 60 Cents on the Dollar
October 7, 2009
A group led by Starwood Capital and TPG Partners officially won the auction for the Corus Bank assets. It was reported that the group paid about $500M more than the nearest competitor for the deal, which raised some eyebrows. The deal has investors putting in about $550M for a 40% stake in a company that [...]
Read More >>