Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-65070 Sat, 09 Nov 2019 16:31:10 GMT Wells Fargo Banker Pleads Guilty for Helping Fake Movie Producers http://implode-explode.com/viewnews/2019-11-09_WellsFargoBankerPleadsGuiltyforHelpingFakeMovieProducers.html iehi-feed-65069 Fri, 08 Nov 2019 14:26:58 GMT TD Bank Customers Sue Canadian Owned TD Bank Over Overdraft Fees http://implode-explode.com/viewnews/2019-11-08_TDBankCustomersSueCanadianOwnedTDBankOverOverdraftFees.html iehi-feed-65067 Thu, 07 Nov 2019 15:57:06 GMT Super Bowl LIV Tourist Warning: Miami Tourist Identities Being Stolen By Prostitutes http://implode-explode.com/viewnews/2019-11-07_SuperBowlLIVTouristWarningMiamiTouristIdentitiesBeingStolenByPro.html iehi-feed-65066 Thu, 07 Nov 2019 13:43:03 GMT Yacht Debt Solutions: A New Concept In Restructuring Your Yacht Debt http://implode-explode.com/viewnews/2019-11-07_YachtDebtSolutionsANewConceptInRestructuringYourYachtDebt.html iehi-feed-65063 Wed, 06 Nov 2019 01:53:02 GMT The Self-Defeating Effects of New York's Redoubled Rent Control http://implode-explode.com/viewnews/2019-11-05_TheSelfDefeatingEffectsofNewYorksRedoubledRentControl.html ``Rent regulation has insidious consequences. Unable to recoup their costs, landlords invest less. Conditions in buildings, especially those with lower-income tenants, worsen. Higher-income renters spend their own money on upkeep, and the additional costs wipe out much of the money they save from cheaper rent. "The benefits of rent control, from the tenant's standpoint, are likely to decline steadily over time," a 1997 study by the Department of Housing and Urban Development found.

What we're most concerned about is how rent regulation harms the very class of person it is designed to help -- the renter. (It's not so fundamentally bothersome that property values don't soar to endless heights -- after all, homes are ultimately places to live, first and foremost).

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iehi-feed-65059 Tue, 05 Nov 2019 17:19:10 GMT The Raunchy Realtor Part 2: Scott Adlhoch's Harem Of Women http://implode-explode.com/viewnews/2019-11-05_TheRaunchyRealtorPart2ScottAdlhochsHaremOfWomen.html iehi-feed-65057 Mon, 04 Nov 2019 14:36:47 GMT Climate Change Will Break The Housing Market Says David Burt http://implode-explode.com/viewnews/2019-11-04_ClimateChangeWillBreakTheHousingMarketSaysDavidBurt.html iehi-feed-65056 Mon, 04 Nov 2019 01:40:47 GMT Boat Loan Solutions: A New Idea In Restructuring Your Boat Debt http://implode-explode.com/viewnews/2019-11-03_BoatLoanSolutionsANewIdeaInRestructuringYourBoatDebt.html iehi-feed-65055 Sun, 03 Nov 2019 19:39:48 GMT Caliber Home Loans Warning! Can Caliber Validate Your Debt? http://implode-explode.com/viewnews/2019-11-03_CaliberHomeLoansWarningCanCaliberValidateYourDebt.html iehi-feed-65052 Sat, 02 Nov 2019 16:25:42 GMT Hasidic Leader Of Talmudic Academy Gets 24 Months In Federal Prison http://implode-explode.com/viewnews/2019-11-02_HasidicLeaderOfTalmudicAcademyGets24MonthsInFederalPrison.html iehi-feed-65047 Tue, 29 Oct 2019 19:30:56 GMT 2 Owners Of Large NYC Rent-Regulated Portfolios Fall Delinquent Under Strict New Tenant-Protective Law http://implode-explode.com/viewnews/2019-10-29_2OwnersOfLargeNYCRentRegulatedPortfoliosFallDelinquentUnderStric.html Investors are starting to feel pain from the state's new rent regulations, with two landlords of those kinds of units now behind on their debt obligations.

Emerald Equity Group and Sugar Hill Capital Partners fell behind on loans issued by LoanCore Capital over the last few months, The Wall Street Journal reports.

The loans, backed by a collection of more than 600 rent-regulated units in Upper Manhattan that the companies separately own, were for more than $200M and packaged into securities. The firms had purchased the properties with the hope of moving units out of rent stabilization, per the WSJ.

Under the new laws, passed in July, landlords' ability to increase rents on stablized units and take units out of regulation and into the free market has been significantly reduced.

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Isaac Kassirer's Emerald Equity is delinquent on $86M in loans on East 117th Street buildings and on $85M in mortgages on an apartment building in Manhattan Valley. Sugar Hill has missed payments on properties along Central Park West. Emerald and LoanCore are discussing resolving the issue, and one possible outcome is that the lender will take the properties over, a source told the WSJ.

Generally speaking, lenders will likely seek to renegotiate loans with their sponsors over foreclosure, Ariel Property Advisors President Shimon Shkury said.

Investment sales in the city have been sliding, particularly among multifamily properties, which many say is a direct result of the rent regulation reform and a disaster for the city. In the third quarter of the year, multifamily sales volume in Manhattan dropped some 60% year over year, according to data from Ariel

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iehi-feed-65045 Tue, 29 Oct 2019 16:26:00 GMT Manhattan Financial Adviser Pleads Guilty To $5 Million Ponzi Scheme http://implode-explode.com/viewnews/2019-10-29_ManhattanFinancialAdviserPleadsGuiltyTo5MillionPonziScheme.html iehi-feed-65042 Mon, 28 Oct 2019 15:54:18 GMT Barclays PLC CEO Jes Staley Says Garbage Corporate Loans Are Eye-Openers http://implode-explode.com/viewnews/2019-10-28_BarclaysPLCCEOJesStaleySaysGarbageCorporateLoansAreEyeOpeners.html iehi-feed-65038 Sun, 27 Oct 2019 15:23:41 GMT Maryland AG Sues Slumlord Jared Kushner's Company http://implode-explode.com/viewnews/2019-10-27_MarylandAGSuesSlumlordJaredKushnersCompany.html iehi-feed-65034 Fri, 25 Oct 2019 15:34:43 GMT US Education Secretary Betsy DeVos Held In Contempt For Violating Court Order http://implode-explode.com/viewnews/2019-10-25_USEducationSecretaryBetsyDeVosHeldInContemptForViolatingCourtOrd.html iehi-feed-65033 Thu, 24 Oct 2019 21:07:47 GMT Hamptons luxury homes pile up to record high as buyers stay away http://implode-explode.com/viewnews/2019-10-24_Hamptonsluxuryhomespileuptorecordhighasbuyersstayaway.html Luxury home listings in the Hamptons jumped to a record in the third quarter--and that's only part of the story of how few takers there have been for the priciest properties in the Long Island beachfront towns.

The supply of 1,100 high-end homes for sale at the end of September was the largest in data going back to 2011, and more than double the total for any quarter before this year, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

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Sales in the Hamptons totaled 402 in the third quarter, down 15% from a year earlier and the fewest for the period since 2011, the firms said.

The luxury market--the top 10%, which in the quarter meant homes costing $2.63 million or more--was hit even harder. Purchases also fell 15%, but inventory in the category more than doubled from a year earlier. At the end of September, luxury listings accounted for 43% of all homes for sale in the Hamptons, Miller said. The quarterly average since 2011 is 19%.

On the ultra-high end, deals for at least $5 million dropped to the fewest in more than six years, with just 11 such properties finding buyers.

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iehi-feed-65030 Thu, 24 Oct 2019 17:05:36 GMT FHFA Director Mark Calabria Threatens To Wipe Out Grandma's Pension http://implode-explode.com/viewnews/2019-10-24_FHFADirectorMarkCalabriaThreatensToWipeOutGrandmasPension.html iehi-feed-65029 Wed, 23 Oct 2019 18:21:30 GMT Deed Theft Against Black Homeowners In Brooklyn Out Of Control http://implode-explode.com/viewnews/2019-10-23_DeedTheftAgainstBlackHomeownersInBrooklynOutOfControl.html iehi-feed-65025 Mon, 21 Oct 2019 16:24:30 GMT Residential Foreclosure Rates Drop 20 Percent In 3rd Quarter Across USA http://implode-explode.com/viewnews/2019-10-21_ResidentialForeclosureRatesDrop20PercentIn3rdQuarterAcrossUSA.html iehi-feed-65023 Mon, 21 Oct 2019 01:39:35 GMT Bank Of America Warning! Can BofA Validate Your Debt? http://implode-explode.com/viewnews/2019-10-20_BankOfAmericaWarningCanBofAValidateYourDebt.html