How the Tax Payers Buy Apt Complexes for Wall Street Billionaires
Who do billionaires turn to when they want to buy apartmentcomplexes? The U.S.taxpayer (Bloomberg) Barry Sternlicht’s Starwood Capital Group and Stephen Schwarzman’s Blackstone Group LP are in talks with Freddie Mac to finance two transactions totaling more than $10 billion, according to people with knowledge of the negotiations. Those discussions come after the government-owned mortgage giant already agreed to back Lone Star Funds’ $7.6 billion deal to buy Home Properties Inc. and Brookfield Asset Management Inc.’s $2.5 billion takeover of Associated Estates Realty Corp. The mortgage guarantor -- which along with its larger counterpart Fannie Mae was rescued in a $187.5 billion taxpayer bailout in 2008 -- is boosting its multifamily lending as their regulator eases restrictions on that part of their business. Cheap debt from the U.S.-backed companies is helping sustain a five-year surge in values for apartment buildings and fueling some of the biggest real estate deals since the financial crisis.
Daily News Says More Info On Secret by Mayor Giving Blackstone's Stuy Town Deal on Air Rights and Forgiving Loan
The Daily News writes that straight accountings of deBlasio’s real estate dabblings are needed after he did not mention the city was forgiving a loan and authorizing an air rights sale at Stuyvesant Town and Peter Cooper Village: * Editorial: Fulldisclosure, please (NYDN Ed) As a huge landlord reached a deal buy Stuyvesant Town and Peter Cooper Village, de Blasio trumpeted success in keeping almost half of the complexes affordable to the middle class. The mayor said that the city reached advantageous terms with the Blackstone Group. But what did Blackstone really get in the deal? New York “will fund a loan of up to $144 million,” de Blasio’s press release stated — without mentioning that he was actually forgiving the entire sum, plus $77 million, for a total $221 million. It turns out he added artificial sweetener: the mayor will help Blackstone get the okay to sell development rights that experts say are potentially worth $100 million to $350 million. New Yorkers need straight accountings of the costs of de Blasio real estate dabblings. Here that extends to the possible air rights bonanza. At least, the terms should have said that the bulk of any such sums would come back to taxpayers. * The Post writes that de Blasio should keep his “grubbypaws” off the city’s pension fund after the mayor suggested he may like to invest it in various subsidized housing program as part of his affordable housing program: *The recent sale of Stuy Town-Peter Cooper Village highlights the differences between the massive Manhattan complex and Parkchester, its similarly-designed Bronx counterpart with much lower rents, Crain’s reports: * Blackstone-Ivanhoe Cambridge Purchase of Stuyvesant Town-Peter Cooper Village
Developers Playing With Affordable Housing At Stuy Town Again PartII
Moses Created Middle Class Housing Forever de Blasio Limited 20 Years
The Times writes that the Blackstone Group’s purchase of Stuyvesant Town-Peter Cooper Village, helped along by city officials like Mayor Bill de Blasio, will save one of the few remaining places for middle-class NewYorkers in Manhattan: * The Daily News praises de Blasio for making the commitmentto save affordable housing at the apartment complex, but noted that the $221 million public investment shows just how expensive preserving the middle class can be:
How Wall Street and Developers Tried to Hijack Stuy Town Part I
Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town Wall Street Masters of the Universe TishmanSpeyer and BlackRock Whose Rent Actions Ruled Illegal with their millions in campaign contributions got both Fannie Mae and Freddie Mac to back $1.5 billion debt of their $5.4 Billion purchase ofStuy Town and Peter Copper Village. Fannie Mae created in1938 as part of Franklin Delano Roosevelt's New Deal missionis to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans.The only way Tishman was going to make a profit with their 5.4 billion purchase price was to move the rent stabilized tenants out and sell or rent at 2008 market rents Tenants Roiled by Challenges on Residency - NYTimes.com Well the market crashed along with the city's economy and real estate market and the building are now worth about 2 Billion. It gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market.WSJ: T Minus Four Months Until Stuyvesant Town Defaults California and Flordia pension funds have already lost 900 million, because of secrecy it is unclear how much New York's pension lost although New York pension back Tishman Speyer andBlackRock purchase of the Met Life building a few months early *** Schumer, Serrano smack Fannie Political duo wants mortgage giant Fannie Mae to pay for upkeep on a handful of severely deteriorating Bronx apartment buildings that are in foreclosure.
De Blasio and Developer Are Close, but Not on Lower-Cost Housing (NYT) Rockefeller Center and operates on four continents, was a host at Mayor de Blasio’s birthday party at Gracie Mansion Long Island City , Queens, a neighborhood a short subway ride from Manhattan .
Real estate developer Rob Speyer moved quickly to build a strong relationship with de Blasio, but the men do not seem to be on the same page on affordable housing
He must begin the foundations by June 15 to qualify for a 15-year tax abatement worth about $200 million under a tax program known as 421-a that is intended to stimulate construction and generate affordable housing. After mid-June, the program expires or could be renewed with regulations requiring developers to include a higher concentration of affordable housing. But under current rules, Mr. Speyer is one of six developers eligible for the subsidy without having to build a single low-cost unit, because of where their projects are. None of the other projects, though, is as big as Mr. Speyer’s. If Mr. Speyer’s project, on Jackson Avenue near Queens Plaza , were in Manhattan or along stretches of the East River waterfront in Brooklyn and Queens , he would have to set aside 20 percent of the units for poor and moderate-income tenants. “It’s a huge missed opportunity to create affordable housing,” said Benjamin Dulchin, executive director of the Association for Neighborhood and Housing Development, an advocacy group. “They’re getting an extra tax break for free. It’s unfortunate that the city hasn’t explored whatever leverage it has to get a public benefit.” Spin Alert Mr. de Blasio declined to comment, but Deputy Mayor Alicia Glenexpressed disappointment over the situation. “This isn’t our vision for the city,” she said. “This is, in fact, a great example of why we need to change the status quo. In many ways, it’s the most overt example of the need to think through the public benefits we get when the city and the state offer tax breaks.”
Trio of developers paid $3 million to get projects going (CrainsNY) Albee Development, Halletts A Development Co. and SL Green Realty Corp. spent close to $3 million to get their projects off the ground. Albee Development Lobbyist Capalino, Washington Square Partners Incorporated * Halletts A Development Co Lobbyists Sheinkopf LTD, Cozen O'Connor, KENNETH FISHER, Norman Levy, P.C., SL Green Realty Corp Lobbyists Greenberg Traurig, LLP, Kasirer Consulting LLC, James F. Capalino & Associates, Inc., Goldman Harris LLC* Developers of three new projects paid lobbyists $3M in 2014 (Real Deal) * Speyer and de Blasio disagree on need for affordable housing (Real Deal)
How Speyer Hijacked FDR's Fanny Mae Freddie Mac While Trying to Destroy Affordable Stuy Town
Killing Stuy-Town Peter Cooper for the Middle-Class II
Real Estate Baron Who Tried to Drive Middle Class Tenants Out Of Stuy Town to Host Mayor's Birthday Bash
Killing Affordable Housing First Attempt
1. Tishman Lost Billions In Pension Funds in 2006 when they bought Stuy Town and Peter Cooper Village for $5.4 Billion and $1.5 billion of Fanny Mae and Freddie Mac funds. Funds which FDR created to help the poor and middle class to buy homes. The Fanny Mae and Freddie Mac funds were ripped off by the Tishman Barons were according to some were intended to push people out of their homes. Real estate experts agree that the only way Tishman could have made money with that deal was push the middle class tenants out of Stuy Town. The Biggest, Baddest Real-Estate Loan(NY Mag) Tishman Speyer’s $3.4 billion Stuyvesant Town mistake.Speyer and McCray to host birthday bash for de Blasio(Capital) Mayor Bill de Blasio's wife Chirlane McCray and real estate developer Rob Speyer will host a birthday party for de Blasio at Gracie Mansion on Friday, according to an invitation obtained by Capital that's been sent to real estate folks and other municipal powerbrokers. McCray chairs the Mayor's Fund to Advance New York City, a city-controlled group that raises money for mayoral initiatives (and allows people with money to gain access to the mayor). Speyer chairs the fund's advisory board. He's also the chairman of the Real Estate Board of New York, the city's main real estate lobby, and the president and co-C.E.O. of Tishman Speyer, an international real estate concern that controls, among other things, Rockefeller Center.* Mayor de Blasio's birthday party at Gracie Mansion is low-key event(NYDN)
More on How Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town
.Real Estate Baron Who Tried to Drive Middle Class Tenants Out Of Stuy Town to Host Mayor's Birthday Bash
2.
Stuyvesant Town, Bastion of Affordable Housing, Is on Way Back to Auction (NYT) CW Capital, which controls Stuyvesant Town-Peter Cooper Village, is announcing on Tuesday its intention to foreclose on a loan, a step that could trigger a sale.* Stuyvesant Town likely headed to auction after its lenders moved to foreclose on loans (NYDN) * Stuyvesant Town Has Sale in Its Sights (WSJ)
1. Tishman Lost Billions In Pension Funds in 2006 when they bought Stuy Town and Peter Cooper Village for $5.4 Billion and $1.5 billion of Fanny Mae and Freddie Mac funds. Funds which FDR created to help the poor and middle class to buy homes. The Fanny Mae and Freddie Mac funds were ripped off by the Tishman Barons were according to some were intended to push people out of their homes. Real estate experts agree that the only way Tishman could have made money with that deal was push the middle class tenants out of Stuy Town. The Biggest, Baddest Real-Estate Loan(NY Mag) Tishman Speyer’s $3.4 billion Stuyvesant Town mistake.Speyer and McCray to host birthday bash for de Blasio(Capital) Mayor Bill de Blasio's wife Chirlane McCray and real estate developer Rob Speyer will host a birthday party for de Blasio at Gracie Mansion on Friday, according to an invitation obtained by Capital that's been sent to real estate folks and other municipal powerbrokers. McCray chairs the Mayor's Fund to Advance New York City, a city-controlled group that raises money for mayoral initiatives (and allows people with money to gain access to the mayor). Speyer chairs the fund's advisory board. He's also the chairman of the Real Estate Board of New York, the city's main real estate lobby, and the president and co-C.E.O. of Tishman Speyer, an international real estate concern that controls, among other things, Rockefeller Center.* Mayor de Blasio's birthday party at Gracie Mansion is low-key event(NYDN)
More on How Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town
Lenders Enlisted in Effort to Preserve Stuyvesant Town for the Middle Class(NYT)
Stuyvesant Town, Former Middle-Class Bastion, Awaits Mayoral Help(NYT)
Stuyvesant Town Lenders Move to Prevent Investor From Seizing the Property(NYT)
CW Capital, which has controlled Stuyvesant Town-Peter Cooper Village
since 2010, said it canceled a planned auction of the property and went
to court to formally take ownership of the complex.
ProPublica’s
Jesse Eisinger reported yesterday that Freddie Mac has used a complex
derivative transaction to place large bets that rely on millions of
American homeowners remaining in overpriced mortgages to pay off. The
bets in Freddie’s investment portfolio — which totaled $3.4 billion in
2010 and 2011 — directly contradict the housing giant’s stated mission
to provide affordable mortgages to Americans. At the same time Freddie
was trapping their mortgage holders who were over their head by making
it harder for homeowners to get out of such high-interest mortgages. Freddie Mac Bets Against American Homeowners (PUBLICA) * Freddie Mac’s big bet against homeowners(Wash Post)
True News Reported in 2009 Fannie Mae Was Being Used by Developers to Destroy Stuy Town As A Middle Class Complex
In
October 2009 True News reported that Tishman Speyer and Blackrock were
used Fannie Mae and Freddie Mac to back $1.5 billion in debt of their
$5.4 Billion purchase of Stuy Town and Peter Copper Village. True News point out before the purchase that the only way the buyers were
going to make a profit with their 5.4 billion purchase price was to
move the rent stabilized tenants out and sell or rent at 2008 market
rentsWall Street Hijacks Federal Agencies Created to Provide Affordable Housings
Developers Looted Fanny Mae and the Pension Funds to Buy Stuy Town & Peter Cooper Village
Tenants Roiled by Challenges on Residency - NYTimes.com. The mayor who fought tenant and community opposition said let the market place decide.
Well the market crashed in 2008 along with the city's economy and
real estate market and the building are now worth about 2 Billion. It
gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for home ownership and affordable rental housing for all Americans.
Roosevelt Created Fannie Mae to Increase Home Ownership and Provide Afforable Rental Housing
The
Tishman and Blackrock also used their political connect to use the
California and Florida pension funds and who knows how much for the
secretive New York pension funds (no transparency and everything is
chopping up through middlemen investors). In 2010 with the complexes worth less than $2 Billion and Facing Bankruptcy, Stuy Town Owners Hand Keys to Investors
The $1.5 billion to Fannie Mae and billions to the pension funds lost
and must now be paid by the taxpayer back to those funds. * Bill Moyers: How Big Banks are Rewriting the Rules of our Economy
Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town
Wall Street Hijacks Federal Agencies Created to Provide Affordable Housing
Wall Street Masters of the Universe Tishman Speyer and BlackRock Whose Rent Actions Ruled Illegal with their millions in campaign contributions got both Fannie Mae and Freddie Mac to back $1.5 billion debt of their $5.4 Billion purchase of Stuy Town and Peter Copper Village. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. The only way Tishman was going to make a profit with their 5.4 billion purchase price was to move the rent stabilized tenants out and sell or rent at 2008 market rents Tenants Roiled by Challenges on Residency - NYTimes.com Well the market crashed along with the city's economy and real estate market and the building are now worth about 2 Billion. It gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market.WSJ: T Minus Four Months Until Stuyvesant Town Defaults California and Flordia pension funds have already lost 900 million, because of secrecy it is unclear how much New York's pension lost although New York pension back Tishman Speyer and BlackRock purchase of the Met Life building a few months early *** Schumer, Serrano smack Fannie Political duo wants mortgage giant Fannie Mae to pay for upkeep on a handful of severely deteriorating Bronx apartment buildings that are in foreclosure.
Stuy Town's Wall Street Robbery Wall Street Hijacks Federal Agencies Created to Provide Affordable Housings 1.5 billion from Fanny Mae and Freddie Mac to take over Stuy Town and push middle class tenants out. Millions more in pension funds. Will the robbers pay beyond defaults? StuyTown tremors Tishman's debt tale darkens In a major signal of defeat in its once-grand plans to turn Stuyvesant Town-Peter Cooper Village into a cash cow, Tishman Speyer has handed over its $3 billion mortgage to a special servicer
2nd Hit to New York's Economy Commercial Real Estate Melt Down Developer all over the county are on the brink as “zombie buildings,” which can't compete for new tenants because they lack the money to cover brokers' commissions and interior office reconstruction multiply. Tishman Speyer which is expected to go bankrupt any moment with its failed attempt to force out affordable tenants from Stuy Town has just had another of its massive projects go belly upTishman Speyer defaults on big Chicago loan Loan was one of several used by developer in $1.7 billion purchase of six Windy City towers in 2007; New York Federal Reserve taking a hard line. Parker Towers renters may have rebate case like Stuy Town
Daily News's Middle Class Schizophrenia It is no wonder the Daily News has lost 14% of its circulation in the last 6 months. Some days the editorials shout they are for keeping keeping the middle class in the city and others they attack the NY Court of Appeals for siding with the middle class tenants against being push out of building they have been living in for decades just so corporate owners can make a profit from the high pre Wall Street melt down prices they purchased they building for. The News Should be hitting Fanny Mae and Freddie Mac for giving the owners of Stuy town 1.5 billion or hit the owners for using their political power to waste middle class pension funds. Which is more important keeping the world of speculators who buy middle class building going or keeping 540,000 reads? A court out of control: Jurists impose their screwy judgment on city's rent rules ***
Fanny Freddie Money Printing Press The Cloning of Fannie & Freddie - Jonathan Koppell, Wall Street Journal *** Senator Bill Perkins on Columbia Expansion 12/09 *** Blank check sends Fannie, Freddie soaring True News reported in October that the Stuy Town developers used their political connections to get Fanny and Freddie Mac hand over to them $1.5 billion to buy the complex at a highly inflated price so the only way Tishman Speyer and BlackRock could make money was was to push out all the low rent tenants. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. It gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market. Wall Street Hijacks Federal Agencies Created to Provide Affordable Housings
Daily Pension Scandal Update $$$
Tishman Bombs Stuy Town, California Tax Payers Will Pay, Will NY's? Tishman Speyser which created the biggest real estate bomb in history with its 5.4 billion purchase of Stuy Town (even Trump said don't do the deal). Tishman stands to lose very little money, $112 million by some reports because they used pension funds to take the risk. We know that almost 900 million for the project was gotten from the pension funds of California and Florida, but we don't know how much if any the New York pension funds invested with Stuy Bomb because mayor's candidate Comptroller Thompson and State Comptroller DiNapoli won't tell us. Is it part of the high risk investment the latest TV commerical? It is a good possibility that the comptrollers might not know the amount. The mortgages that financed the deal were chopped up, repacked and sold as Commercial Mortgage Backed Securities to a variety of investors. Record NYC real estate deal now on the rocks *** Capmark, a Big Commercial Lender, Files for Bankruptcy Capmark Seeks Bankruptcy Protection *** Legislative support grows for pension reform bill
Stuy Town Owners Bank Robber Stopped After losing a billion and half for the California and Florida pension funds and who knows how much for the secretive New York
pension funds (no transpanacy and everything is chopping up through
middlemen investors). Also using their political connections to gain
$1.5 billion of Fanny Mae and Freddie Mac funds, which were supposed to
be used to keep tenants in affordable housing. The owners who bought the
complex at inflated costs $5.4 billion planned until the courts stop
them to raise the rents and push affordable tenants out. Tishman Speyer
and BlackRock the owners, applied for bailout funds. Who is suppressed
that there is a hidden fund to bail out developers. The Federal Reserve Bank of New York,
which received 58 applications for bailout bonds under its Term
Asset-Backed Securities Loan Facility (TALF), accepted all but three of
the requests, including the StuyTown application. No $1.5B gift for StuyTown *Fannie, Freddie caps nixed
Back to the Future: Court and Economy Save Middle Class Housing in the City
Investors Using Pension Funds Destroy Affordable Housing
Stuy Town residents seek CalPERS' help True News background of how Stuy Town was destroyed by investors and government programs taken over by them Wall Street Hijacks Fannie Mae /Freddie Mac for Stuy Town
Bankers Abuse Affordable Housing Programs
After making Fanny Mae and Freddi Mac a dumping ground for GMAC bad loans the congress pumping more more into affordable housing. Why not just stop the banks from using the Fanny and Freddi for what they were designed for by President Roosevelt, so they would not have to be rescued. A Rescue for Affordable Housing A Senate bill would give a boost to the low-income housing tax credit by investing in affordable housing and jobs. (NYT) Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town
Monday, January 25, 2010
Wall Street Failed Atempt to Hijacks A Housing Complex
The crime of turning a housing complex into a Wall Street investment has failed, losing billions for investors and pension funds nation wide. 1.5 Billion for the California and Florida pension funds alone. Will the city and the taxpayers be forced to run the complex and spend more money four years after the developers $5.4 billion purchase in what was the most expensive real estate deal of its kind. What will happen to the maintenance of Stuy Town? Will the city be forced to pay? Huge Housing Complex in N.Y. Returned to Creditors * Stuyvesant Town and Peter Cooper Village Apartment Complexes Turned Over to Creditors * End of an error: Tishman giving up StuyTown *** Stuy Town, Peter Cooper Village Handed Over To CreditorsWall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town
Wall Street Hijacks Federal Agencies Created to Provide Affordable Housing
Wall Street Masters of the Universe Tishman Speyer and BlackRock Whose Rent Actions Ruled Illegal with their millions in campaign contributions got both Fannie Mae and Freddie Mac to back $1.5 billion debt of their $5.4 Billion purchase of Stuy Town and Peter Copper Village. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. The only way Tishman was going to make a profit with their 5.4 billion purchase price was to move the rent stabilized tenants out and sell or rent at 2008 market rents Tenants Roiled by Challenges on Residency - NYTimes.com Well the market crashed along with the city's economy and real estate market and the building are now worth about 2 Billion. It gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market.WSJ: T Minus Four Months Until Stuyvesant Town Defaults California and Flordia pension funds have already lost 900 million, because of secrecy it is unclear how much New York's pension lost although New York pension back Tishman Speyer and BlackRock purchase of the Met Life building a few months early *** Schumer, Serrano smack Fannie Political duo wants mortgage giant Fannie Mae to pay for upkeep on a handful of severely deteriorating Bronx apartment buildings that are in foreclosure.
Stuy Town's Wall Street Robbery Wall Street Hijacks Federal Agencies Created to Provide Affordable Housings 1.5 billion from Fanny Mae and Freddie Mac to take over Stuy Town and push middle class tenants out. Millions more in pension funds. Will the robbers pay beyond defaults? StuyTown tremors Tishman's debt tale darkens In a major signal of defeat in its once-grand plans to turn Stuyvesant Town-Peter Cooper Village into a cash cow, Tishman Speyer has handed over its $3 billion mortgage to a special servicer
2nd Hit to New York's Economy Commercial Real Estate Melt Down Developer all over the county are on the brink as “zombie buildings,” which can't compete for new tenants because they lack the money to cover brokers' commissions and interior office reconstruction multiply. Tishman Speyer which is expected to go bankrupt any moment with its failed attempt to force out affordable tenants from Stuy Town has just had another of its massive projects go belly upTishman Speyer defaults on big Chicago loan Loan was one of several used by developer in $1.7 billion purchase of six Windy City towers in 2007; New York Federal Reserve taking a hard line. Parker Towers renters may have rebate case like Stuy Town
Daily News's Middle Class Schizophrenia It is no wonder the Daily News has lost 14% of its circulation in the last 6 months. Some days the editorials shout they are for keeping keeping the middle class in the city and others they attack the NY Court of Appeals for siding with the middle class tenants against being push out of building they have been living in for decades just so corporate owners can make a profit from the high pre Wall Street melt down prices they purchased they building for. The News Should be hitting Fanny Mae and Freddie Mac for giving the owners of Stuy town 1.5 billion or hit the owners for using their political power to waste middle class pension funds. Which is more important keeping the world of speculators who buy middle class building going or keeping 540,000 reads? A court out of control: Jurists impose their screwy judgment on city's rent rules ***
Fanny Freddie Money Printing Press The Cloning of Fannie & Freddie - Jonathan Koppell, Wall Street Journal *** Senator Bill Perkins on Columbia Expansion 12/09 *** Blank check sends Fannie, Freddie soaring True News reported in October that the Stuy Town developers used their political connections to get Fanny and Freddie Mac hand over to them $1.5 billion to buy the complex at a highly inflated price so the only way Tishman Speyer and BlackRock could make money was was to push out all the low rent tenants. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. It gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market. Wall Street Hijacks Federal Agencies Created to Provide Affordable Housings
Stuy Town Owners Bank Robber Stopped After losing a billion and half for the California and Florida pension funds and who knows how much for the secretive New York
pension funds (no transpanacy and everything is chopping up through
middlemen investors). Also using their political connections to gain
$1.5 billion of Fanny Mae and Freddie Mac funds, which were supposed to
be used to keep tenants in affordable housing. The owners who bought the
complex at inflated costs $5.4 billion planned until the courts stop
them to raise the rents and push affordable tenants out. Tishman Speyer
and BlackRock the owners, applied for bailout funds. Who is suppressed
that there is a hidden fund to bail out developers. The Federal Reserve Bank of New York,
which received 58 applications for bailout bonds under its Term
Asset-Backed Securities Loan Facility (TALF), accepted all but three of
the requests, including the StuyTown application. No $1.5B gift for StuyTown *Fannie, Freddie caps nixed
Wall Street Greed Over Leveraged Even Building in Harlem
In Harlem Buildings, Reminders of Easy Money and the Financial Crisis Working-class apartment complexes like Riverton Houses and Savoy Park were bought by investors who loaded them up with debt and cashed out. (NYT)
Wall Street Hijacks Fannie Mae and Freddie Mac for Stuy Town
Wall Street Hijacks Federal Agencies Created to Provide Affordable Housing
Wall Street Masters of the Universe Tishman Speyer and BlackRock Whose Rent Actions Ruled Illegal with their millions in campaign contributions got both Fannie Mae and Freddie Mac to back $1.5 billion debt of their $5.4 Billion purchase of Stuy Town and Peter Copper Village. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. The only way Tishman was going to make a profit with their 5.4 billion purchase price was to move the rent stabilized tenants out and sell or rent at 2008 market rents Tenants Roiled by Challenges on Residency - NYTimes.com Well the market crashed along with the city's economy and real estate market and the building are now worth about 2 Billion. It gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market.WSJ: T Minus Four Months Until Stuyvesant Town Defaults California and Flordia pension funds have already lost 900 million, because of secrecy it is unclear how much New York's pension lost although New York pension back Tishman Speyer and BlackRock purchase of the Met Life building a few months early *** Schumer, Serrano smack Fannie Political duo wants mortgage giant Fannie Mae to pay for upkeep on a handful of severely deteriorating Bronx apartment buildings that are in foreclosure.
Stuy Town's Wall Street Robbery Wall Street Hijacks Federal Agencies Created to Provide Affordable Housings 1.5 billion from Fanny Mae and Freddie Mac to take over Stuy Town and push middle class tenants out. Millions more in pension funds. Will the robbers pay beyond defaults? StuyTown tremors Tishman's debt tale darkens In a major signal of defeat in its once-grand plans to turn Stuyvesant Town-Peter Cooper Village into a cash cow, Tishman Speyer has handed over its $3 billion mortgage to a special servicer
2nd Hit to New York's Economy Commercial Real Estate Melt Down Developer all over the county are on the brink as “zombie buildings,” which can't compete for new tenants because they lack the money to cover brokers' commissions and interior office reconstruction multiply. Tishman Speyer which is expected to go bankrupt any moment with its failed attempt to force out affordable tenants from Stuy Town has just had another of its massive projects go belly upTishman Speyer defaults on big Chicago loan Loan was one of several used by developer in $1.7 billion purchase of six Windy City towers in 2007; New York Federal Reserve taking a hard line. Parker Towers renters may have rebate case like Stuy Town
Daily News's Middle Class Schizophrenia It is no wonder the Daily News has lost 14% of its circulation in the last 6 months. Some days the editorials shout they are for keeping keeping the middle class in the city and others they attack the NY Court of Appeals for siding with the middle class tenants against being push out of building they have been living in for decades just so corporate owners can make a profit from the high pre Wall Street melt down prices they purchased they building for. The News Should be hitting Fanny Mae and Freddie Mac for giving the owners of Stuy town 1.5 billion or hit the owners for using their political power to waste middle class pension funds. Which is more important keeping the world of speculators who buy middle class building going or keeping 540,000 reads? A court out of control: Jurists impose their screwy judgment on city's rent rules ***
Fanny Freddie Money Printing Press The Cloning of Fannie & Freddie - Jonathan Koppell, Wall Street Journal *** Senator Bill Perkins on Columbia Expansion 12/09 *** Blank check sends Fannie, Freddie soaring True News reported in October that the Stuy Town developers used their political connections to get Fanny and Freddie Mac hand over to them $1.5 billion to buy the complex at a highly inflated price so the only way Tishman Speyer and BlackRock could make money was was to push out all the low rent tenants. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. It gets better Blackrock which got part of the 1.5 billion debt covered by Fanny Mae is an advisor to Fanny Mae BlackRock gets third rescue mission from the federal governmen. Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market. Wall Street Hijacks Federal Agencies Created to Provide Affordable Housings
Daily Pension Scandal Update $$$
Tishman Bombs Stuy Town, California Tax Payers Will Pay, Will NY's? Tishman Speyser which created the biggest real estate bomb in history with its 5.4 billion purchase of Stuy Town (even Trump said don't do the deal). Tishman stands to lose very little money, $112 million by some reports because they used pension funds to take the risk. We know that almost 900 million for the project was gotten from the pension funds of California and Florida, but we don't know how much if any the New York pension funds invested with Stuy Bomb because mayor's candidate Comptroller Thompson and State Comptroller DiNapoli won't tell us. Is it part of the high risk investment the latest TV commerical? It is a good possibility that the comptrollers might not know the amount. The mortgages that financed the deal were chopped up, repacked and sold as Commercial Mortgage Backed Securities to a variety of investors. Record NYC real estate deal now on the rocks *** Capmark, a Big Commercial Lender, Files for Bankruptcy Capmark Seeks Bankruptcy Protection *** Legislative support grows for pension reform bill
Stuy Town Owners Bank Robber Stopped After losing a billion and half for the California and Florida pension funds and who knows how much for the secretive New York
pension funds (no transpanacy and everything is chopping up through
middlemen investors). Also using their political connections to gain
$1.5 billion of Fanny Mae and Freddie Mac funds, which were supposed to
be used to keep tenants in affordable housing. The owners who bought the
complex at inflated costs $5.4 billion planned until the courts stop
them to raise the rents and push affordable tenants out. Tishman Speyer
and BlackRock the owners, applied for bailout funds. Who is suppressed
that there is a hidden fund to bail out developers. The Federal Reserve Bank of New York,
which received 58 applications for bailout bonds under its Term
Asset-Backed Securities Loan Facility (TALF), accepted all but three of
the requests, including the StuyTown application. No $1.5B gift for StuyTown *Fannie, Freddie caps nixed
Back to the Future: Court and Economy Save Middle Class Housing in the City
Wall Street Failed Atempt to Hijacks A Housing Complex
Roosevelt Created Fannie Mae to Increase Home Ownership and Provide Afforable Rental Housing
True News reported in October that the Stuy Town developers used their political connections to get Fanny and Freddie Mac hand over to them
$1.5 billion to buy the complex at a highly inflated price so the only
way Tishman Speyer and BlackRock could make money was was to push out all the low rent tenants. Fannie Mae created in 1938 as part of Franklin Delano Roosevelt's New Deal mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans
No comments:
Post a Comment