A 90% increase in loan delinquencies in New York in the past year, four of them were on residential properties. As of August this year, nearly 7% of commercial real estate loans were past due for over 60 days. This rate is 10 times more than at about the same period this past year.
State Housing Officials Demand Bedbug Disclosure
New York City state housing officials have issued a new law demanding land lords to reveal whether bedbugs had plagued a rental apartment or any type of structure. The Disclosure of Bedbug Infestation History is to be agreed upon by the landlord and new tenant when lease is prepared, giving tenants an option to proceed with the transaction.
$12.5 Million Loan Given By The Bank Of America To Lapolla Industries
Bank of America recently approved a loan worth $12.5 million to Lapolla Industries, a leading manufacturer and supplier of coatings, insulation foam and equipment in Houston, Texas. The loan will be used to re-finance existing debts and add working capital for business expansion.
Economy As Top Focus For Obama
After one week of settling peace talks in the Middle East and the decision to bring troops back home from Iraq, the president and the White House are now gearing for a new top priority this week which is the US state of economy.
Fed Chief Bernanke Points Out Failing Banks As Risk To Financial System And Must Be Shut
The US Federal Reserve Chairman, Ben Bernanke, informed investigating panel of economic crisis Thursday that officials must be prepared to order the closure of banks and other institutions if they are a risk to the nation’s financial system. He further mentioned that bail outs are not a remedy.
