Pasadena Company Purchases Property in United Nations Plaza in New York City

first_imgHerbeautyYou Can’t Go Past Our Healthy Quick RecipesHerbeautyHerbeautyHerbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyWhat Is It That Actually Makes French Women So Admirable?HerbeautyHerbeautyHerbeautyEverything You Need To Know About This Two-Hour ProcedureHerbeautyHerbeautyHerbeautyThe Most Heartwarming Moments Between Father And DaughterHerbeautyHerbeauty First Heatwave Expected Next Week Pasadena-based System Property Development Company has acquired three first-floor retail units and a garage at 866 United Nations Plaza in New York City for $30.1 million, New York real estate industry magazine The Real Deal reports.The magazine said documents filed with New York’s Department of Finance show System Property paid $12.6 million for the three retail units, and $17.5 million for the garage. The three units span about 10,842 square feet and the garage is about 41,482 feet.Meadow Partners purchased the six-story building from Vornado Realty in 2013 for $200 million and converted it into office space and retail condominiums.It is not clear whether System Property plans to purchase additional units in the office building, The Real Deal said.The building, which was built in 1965, spans a total of 471,000 square feet.System Property Development Company was founded in 1920 by Jack Hazard, under the name of Motor Parks, Inc. Today, System has a national parking real estate portfolio in states across the country.The company owns a national real estate portfolio of office, retail and parking properties in six states and ten cities from New York to Los Angeles. System has 96 year history as an industry leader in the ownership, operations and construction of parking facilities throughout the United States.David Damus is System’s current CEO.System Property is located at 975 E Green Street in Pasadena Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Company News Briefs Pasadena Company Purchases Property in United Nations Plaza in New York City From STAFF REPORTS Published on Thursday, August 18, 2016 | 1:21 pm Subscribe Your email address will not be published. Required fields are marked * Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Top of the News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimescenter_img More Cool Stuff Make a comment 11 recommended0 commentsShareShareTweetSharePin it Business News Community News Name (required)  Mail (required) (not be published)  Website  Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy last_img read more

Credit Score Facelift

first_img Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News, Secondary Market Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: First Steps to Tax Reform Next: Loan File Data – Truth or Fiction? Share Save Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Experian Fannie Mae FICO Freddie Mac GSE TransUnion Urban Institute 2017-08-02 Brianna Gilpin Tagged with: Experian Fannie Mae FICO Freddie Mac GSE TransUnion Urban Institute Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Sign up for DS News Daily center_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Credit Score Facelift Data Provider Black Knight to Acquire Top of Mind 2 days ago August 2, 2017 1,582 Views Credit Score Facelift The Best Markets For Residential Property Investors 2 days ago About Author: Brianna Gilpin Governmental Measures Target Expanded Access to Affordable Housing 2 days ago As the years go by, technology progresses. New computers and cellphones, more efficient ways of handling paperwork—but what about credit reporting? According to the Urban Institute, who has written multiple times on tightness of mortgage credit, the mortgage market is taking on less than half of the risk it was in 2001 and less than a third of the risk in 2006. This can be attributed to the current credit score model, which is outdated.FICO 4, which was created in the late 1990s, is much less granular than the more recent models, FICO 9 and VantageScore 3, which is soon to be dated compared to VantageScore 4.0 coming out in the fall. FICO has versions 2, 3, 4, 5, 8, and now 9, so why is FICO 4 still the GSE requirement for originators to use?For example, student loan debt is included in installment debt in FICO 4 and first and second mortgages are seen as the same thing. The newer models also have a better wealth of information regarding student debt, which Urban Institute says has increased exponentially since the late 1990s. At the time, student loan debt was less than $100 billion, but as of Q1 2017 that number has risen to $1.34 trillion. In FICO 4 and VantageScore 3, student loans are looked at in a way that determines how it impacts the performance of other debt. Other reasons FICO 4 is outdated include issues concerning medical debt, and the consistency of information in reporting to more closely align the three models presently used—TransUnion FICO Classic 4, Equifax Beacon 5.0, and Experian/Fair Isaac risk Model v2.In a statement about how the GSEs use the FICO 4 family of models for screening and loan level pricing adjustments, the Federal Housing Finance Agency (FHFA) said in its 2016 Scorecard for the GSEs that they continued to work with Fannie and Freddie on implementing additional or alternative credit score models with the Enterprises’ businesses.“The Enterprises have considered other credit-score-related issues that can independently improve access to credit,” the statement said. “As described above, this includes the Enterprises work to enhance their automated underwriting systems to process loans for borrowers who do not have a history of traditional credit and, therefore, lack credit scores.”According to the Urban Institute, these credit scoring models that are used by the GSEs and lenders who sell to them need to be updated.“The updated models have already been developed; its time to conclude the ongoing studies and modernize the system,” Urban Institute said in the report. “Incorporating newer models into the mortgage origination process would allow the market to serve a greater number of creditworthy borrowers seeking to purchase a home.”Urban Institute isn’t the only one with this issue on their mind. Tuesday, Senators Tim Scott (R-South Carolina) and Mark Warner (D-Virginia) introduced bipartisan legislation that has received support from 20 consumer and industry groups to get the FHFA to create processes for credit scoring models to be validated and approved for use by the GSEs when they purchase mortgages. The current credit scoring model doesn’t;t take into account rent or utility payments and therefore hurts African-Americans, Latinos, and young people who otherwise would be approved.To see the full report, click here.To see the legislation press release, click here.last_img read more

Woman celebrates 100th birthday

first_imgWEST NEW YORK — On July 6, Olive Yaeger of West New York celebrated her 100th birthday with friends, volunteers and staff at The Harborage nursing home and rehabilitation center on the campus of Hackensack Meridian Health Palisades Medical Center. Olive is a longtime resident of West New York and is well recognized and loved in our local community for her kindness and youthful energy and spirit. 1 / 2  Olive Yaeger of West New York celebrates her 100th birthday with friends, volunteers and staff at The Harborage on the campus of Hackensack Meridian Health Palisades Medical Center.  2 / 2  Olive Yaeger is joined by Pastor John Sharpe of Trinity Reformed Church in West New York doing her 100th birthday celebration. ❮ ❯ ×  1 / 2  Olive Yaeger of West New York celebrates her 100th birthday with friends, volunteers and staff at The Harborage on the campus of Hackensack Meridian Health Palisades Medical Center.  2 / 2  Olive Yaeger is joined by Pastor John Sharpe of Trinity Reformed Church in West New York doing her 100th birthday celebration. ❮ ❯last_img read more