The Mortgage Bankers Association has completed the purchase of its newly constructed 10-story office building in downtown Washington and is preparing to move into the new headquarters. "With construction virtually complete and financing in place, we are ready to transition our staff into a modern, state-of-the-art facility," said MBA president and chief executive Jonathan Kempner. The 160,000-square-foot building, located at 1331 L St. NW, is believed to cost $100 million. The MBA paid a premium for the developer to make it a "green" building with the highest environmental certification. The MBA said it plans to occupy four floors and rent the remaining space to tenants. "There are currently a number of inquiries being considered for office and retail space," the association said. The MBA can be found online at http://www.mortgagebankers.org.
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In its latest financial stability report, the Federal Reserve found that asset prices continue to exceed underlying fundamentals and leverage levels remain high, especially by hedge funds.
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The Long Island-based regional bank, which reported another quarterly loss Friday, continues to hire in the commercial-and-industrial lending sphere as it seeks to diversify its commercial real estate-heavy business.
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The way mortgage firms address distressed military borrowers will become less regimented as the Veterans Affairs Servicing Purchase program gets phased out.
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The trend is not the norm but there are growing opportunities to buy for less in some areas many people gravitate to, real-estate brokerage Redfin found.
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