Minneapolis Mortgages – Himspairport http://himspairport.com/ Wed, 22 Sep 2021 02:01:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://himspairport.com/wp-content/uploads/2021/05/default.png Minneapolis Mortgages – Himspairport http://himspairport.com/ 32 32 Originally from Charlotte, Ashley Cumberbatch returned home to lead the local expansion efforts of the US bank https://himspairport.com/originally-from-charlotte-ashley-cumberbatch-returned-home-to-lead-the-local-expansion-efforts-of-the-us-bank/ https://himspairport.com/originally-from-charlotte-ashley-cumberbatch-returned-home-to-lead-the-local-expansion-efforts-of-the-us-bank/#respond Tue, 21 Sep 2021 14:09:17 +0000 https://himspairport.com/originally-from-charlotte-ashley-cumberbatch-returned-home-to-lead-the-local-expansion-efforts-of-the-us-bank/ In a banking town long dominated by a few financial giants, US Bank, a relative newcomer to Charlotte, could be seen as an outsider. Although US Bank employs more than 900 back office staff in Charlotte, dating back to an acquisition in 2005, it did not open its first branch in Charlotte (on Tryon Street […]]]>

In a banking town long dominated by a few financial giants, US Bank, a relative newcomer to Charlotte, could be seen as an outsider.

Although US Bank employs more than 900 back office staff in Charlotte, dating back to an acquisition in 2005, it did not open its first branch in Charlotte (on Tryon Street in the downtown area) until October 2019. One second branch, on Pineville-Matthews Road, was opened a year later.

But while the Minneapolis-based bank faces stiff competition from Charlotte, Ashley Cumberbatch, a Charlotte native who launched a banking career while still a student at Howard University and now plays a major role in the plans. of the bank’s expansion in Charlotte, said she was confident in success. .

As the Charlotte District Director of the US Bank, Cumberbatch’s portfolio includes the bank’s retail branches, retail expansion, digital strategy, and coordination of retail banking with management of wealth, mortgages and business banking.

“I’ve always been a hard worker,” Cumberbatch said in an interview inside the Tryon Street branch, which she managed immediately after returning home in 2019.

With two branches now open and two more underway – in the SouthPark and Blakeney areas south of Charlotte – Cumberbatch said the US Bank’s current plans call for at least 10 branches to open in his district.

The competition, she knows, will be fierce.

In addition to Bank of America and Wells Fargo, two behemoths with roots deep in the Charlotte market, the city has seen an explosion of new banking rivals in recent years – smaller institutions such as Ally, Truist, Regions and First National Bank – all compete for money and retail customer loyalty.

Just last week, digital-only Varo Bank announced that it had selected Charlotte for its hub on the east coast, The Charlotte Observer reported.

Cumberbatch said she believes the U.S. bank can stand out. The bank, she said, will attract and retain new customers using a combination of the latest digital technologies and old-fashioned customer service, but with a modern twist.

“Our approach is very proactive,” she said. “So when our customers come in, we go upstairs and greet them, greet them at the bank. It is very different from the tradition of a customer who comes in and finds his way. “

Cumberbatch said the US bank will proactively call on its clients “to help them achieve their financial goals and plans.” At branches, she said, bankers will consult one-on-one with walk-in customers to demonstrate the bank’s latest high-tech banking tools to consumers.

Charlotte to DC

The daughter of small business owners, Cumberbatch grew up in Charlotte with the dream of becoming a lawyer. She attended a series of Catholic schools – St. Gabriel’s, Holy Trinity, and Charlotte Catholic – before her parents moved to another part of town and she was enrolled in Butler High School early in her senior year. .

At Howard, she majored in political science.

Howard, she said, “was really where I wanted to be, being in Washington, but I also wanted to go to a historically black university. “

Cumberbatch said she was first drawn to the law out of a desire to help people, but while a student at Howard she landed a part-time job as a bank teller and was quickly promoted personal banking services. Too bad for her plans to be a lawyer.

“As a banker, I realized I had this unique opportunity to help people, but in a way that I didn’t expect,” she said, “to be really able to ” help people with their financial planning, with their financial goals. “

Part-time work, Cumberbatch said, has also helped her become smarter about managing her own money.

“I had a lot to learn, especially as a young black woman,” she said. “I would say my parents were very successful, but there was still a lot that I just hadn’t been exposed to. And so that was another reason why it was important to me, because I saw in the community that I served how few people knew how to create credit, save for the future, plan for retirement. . And luckily there was an investment in my training and my knowledge, and it allowed me to be able to have these conversations with other people who needed it.

After college, Cumberbatch worked for a range of banks, in personal banking as well as small business banking, before learning of US Bank’s expansion plans in Charlotte.

“I said, ‘sign me up; Sign me up for it. It sounds good – sounds exactly like what I prepared for, ”she recalls.

Back home

As well as being close to her family, Cumberbatch said she loved Charlotte’s affordability – she and her husband recently bought their first home – and the traffic in Charlotte is much lighter than in Washington, so makes his daily trips more tolerable.

“I have to say I have recovered hours of my life,” she joked.

Despite the slower pace, Cumberbatch said she finds Charlotte’s banking climate both competitive and exciting.

“A ton of people move here every day,” she said. “I noticed it not only with the banks, but… even with the restaurants. When I left it was pretty much just traditional places. Now every time I turn around there’s a new restaurant popping up, a new activity, a new thing to do. People are open to something new.

Charlotte’s growth, she said, was one of the main factors behind US Bank’s decision to expand here – that and the fact that US Bank already had over 40,000 customers in this market. who owned US Bank products such as mortgages, credit cards and auto loans.

Since expanding to Charlotte, US Bank has committed more than $ 4.5 million in various forms of loans and grants to address the city’s affordable housing shortage. He recently announced a $ 50,000 grant to the West Side Community Land Trust.

Across the country, in its 26 states, the US Bank has launched a series of initiatives to address economic disparities and help black-owned businesses.

For his part, Cumberbatch has joined the board of directors of the Alexander Youth Network, which focuses on children’s mental health. She also sits on a Habitat for Humanity Charlotte area advisory committee.

When asked how she decides where to invest her volunteer efforts, Cumberbatch said she has to be wise given the demands of her job.

“The things that fascinate me the most are involvement with women, involvement in the black community and involvement with our young people,” she said.

When it comes to diversity in her industry, Cumberbatch said there is still work to be done, but she also said that banks have made inroads and she is encouraging young people who might be interested in banking to think broadly about industry.

“I would say, think of banking as a huge industry. There are a lot of positions out there, ”she said. “… Really consider your skills, what you’re good at and how those skills can be applied to a position that you think might be of interest to you. If you don’t have LinkedIn, I would recommend setting up a LinkedIn account, and don’t be afraid to network, engage, and reach people and connect.


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How the real estate industry is working to close the gap between black and white in homeownership https://himspairport.com/how-the-real-estate-industry-is-working-to-close-the-gap-between-black-and-white-in-homeownership/ https://himspairport.com/how-the-real-estate-industry-is-working-to-close-the-gap-between-black-and-white-in-homeownership/#respond Thu, 16 Sep 2021 13:53:29 +0000 https://himspairport.com/how-the-real-estate-industry-is-working-to-close-the-gap-between-black-and-white-in-homeownership/ By Adina Salomon REALTORS® are members of the National Association of REALTORS® When she started working as CEO of Minneapolis Area REALTORS®, Carrie Chang was shocked to learn something about her hometown: the rate of blacks in Minnesota owning homes. peaked in 1950. This was before the civil rights movement and the Fair Housing Act […]]]>

By Adina Salomon

REALTORS® are members of the National Association of REALTORS®

When she started working as CEO of Minneapolis Area REALTORS®, Carrie Chang was shocked to learn something about her hometown: the rate of blacks in Minnesota owning homes. peaked in 1950. This was before the civil rights movement and the Fair Housing Act of 1968.

In Minneapolis – where Black Lives Matter protests after George Floyd’s murder in 2020 sparked a national movement – 77% of white residents own a house. Only a quarter of black residents do so. With a difference of 52 percentage pointsMinneapolis has the largest homeownership gap between blacks and whites of any major American city.

“[Minneapolis] is very segregated, ”Chang told The Daily Beast. “This is the reality of how we live in our community here, which is not healthy and definitely perpetuates the homeownership gap that we are working to close. “

Based on race / ethnicity data collected by the U.S. Census, the homeownership rate for non-Hispanic whites is the highest of any group in almost 74%. Only 45% blacks own their homes.

This gap is expected to worsen. Without intervention, the national black homeownership rate would drop to 40.6% by 2040.

The the reasons for the homeownership gap are complex. Historically, government at all levels has enacted policies that have erected barriers to homeownership for people of color. One of the most infamous is redlining, where the federal government has refused to insure mortgages in colored neighborhoods, Chris Vincent, vice president of government relations and advocacy for Habitat for Humanity, told The Daily Beast. International.

Besides the government, the banking system and real estate sector actively involved in the perpetuation of unfair practices.

“Even if the 1968 [Fair Housing Act] made them illegal, you had … a whole structure around how housing was facilitated and accessible, ”explains Vincent.

Inequalities prevented many black families from accessing homeownership and ultimately the wealth creation that resulted from it. And, for black homeowners, disparities such as devaluation of housing in black neighborhoods also meant that their house values ​​have not appreciated as much like those of the white districts.

Recent events have also taken their toll. The 2008 financial crisis, which disproportionately affected people of color through targeted subprime mortgages, greatly eroded black wealth. COVID-19 a made the situation even worse.

Over the years, the real estate industry has recognized past and present discrimination and has taken steps to help address the inequalities that result from it. Minneapolis Area REALTORS® examines its own role in the city’s homeownership gap, Chang says. Chang, who in addition to being the CEO of the group is also REAL ESTATE AGENT, member of the National Association of REALTORS®. The organization strives to ensure that its members and their clients are fully informed about the state’s down payment assistance program and its qualification requirements.

In addition, it helps to launch Path to success, which aims to ensure there are more real estate professionals of color in Minnesota by providing educational support and mentoring opportunities. This in turn will help increase the number of Black homeowners by build more confidence in real estate interactions, Chang adds.

At the national level, the National Association of REAL ESTATE AGENTS®, a professional organization of real estate professionals who must adhere to a code of ethics, is committed to advancing the right to real estate property for all, advocates for policies that promote a fair housing finance system, including understood down payment assistance programs and tax credits. She is also a member of the Black Homeownership Collective, which launched an initiative in June aimed at increasing black homeownership by creating three million new net black homeowners by 2030.

Another barrier to home ownership is student debt, which prevents potential buyers from qualifying for a mortgage or saving for a down payment. The National Association of REALTORS® advocates for policy proposals aimed at providing tax relief to holders of student debt, who are disproportionately people of color. And, on a legal level, the organization calls on the government to increase funding for federal fair housing law enforcement to help remove systemic barriers to homeownership.

These interventions promise benefits beyond increasing homeownership rates. Homeownership is the primary method of wealth creation, so an increase in home ownership among blacks would also mean that there is a a greater – and crucially important – ability to build generational wealth.

Closing the gap between black and white homeownership will have positive effects throughout people’s lives, but if left unchecked, this gap could widen.

“It won’t be fixed overnight,” Chang says. “You have to be patient and persistent to keep making changes at the systems level. “


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Minneapolis and Hennepin County Launch Mortgage Relief Program https://himspairport.com/minneapolis-and-hennepin-county-launch-mortgage-relief-program/ https://himspairport.com/minneapolis-and-hennepin-county-launch-mortgage-relief-program/#respond Wed, 15 Sep 2021 23:50:00 +0000 https://himspairport.com/minneapolis-and-hennepin-county-launch-mortgage-relief-program/ Minneapolis and Hennepin County this week launched a foreclosure prevention program that offers eligible homeowners up to $ 35,000 for previous mortgage payments, property taxes and utility bills accumulated during the pandemic. The $ 4.3 million program will be funded by targeted federal funding for issues related to COVID-19. A significant portion of applicants are […]]]>

Minneapolis and Hennepin County this week launched a foreclosure prevention program that offers eligible homeowners up to $ 35,000 for previous mortgage payments, property taxes and utility bills accumulated during the pandemic.

The $ 4.3 million program will be funded by targeted federal funding for issues related to COVID-19. A significant portion of applicants are expected to come from families of four who earn less than $ 52,000 per year.

While tens of millions of dollars have been distributed by Hennepin County in rent assistance since 2020, the number of homeowners seeking assistance under the program is expected to be much lower as they typically have household incomes. and higher property equity, said Julia Welle Ayres, regional director of housing development and finance.

“Our homes are our refuge. Whether we rent or own, maintaining housing stability is essential to ensure the safety of our residents and their families,” Hennepin County Board Chairperson said Tuesday, Marion Greene, in a press release.

Before homeowners are considered for financial assistance from the Hennepin Property Preservation Program, they will be referred to a foreclosure prevention advisor. The counselors come from a network of community organizations that work with the Minnesota Homeownership Center, which has worked for more than 20 years to help households avoid foreclosure.

Payments will be made directly to the entity that owes the funds. Some conditions include: Applicant must face a housing emergency and financial loss due to COVID-19. Applicants must be able to demonstrate their ability to pay housing expenses in the future.

Previous invoices eligible for financial relief must have due dates between January 21, 2020 and 15 days after initial admission to the program.

In addition to mortgage bills and utility bills, help may include homeowner’s association dues, the rent of manufactured home lots and the contract for deed payments and late and legal fees required to prevent foreclosure.

“The economic outcomes of the pandemic have had a disproportionate impact on low-income residents of Minneapolis, and this program is a critical part of our commitment to a fair economic recovery plan,” said Minneapolis Mayor Jacob Frey in a statement. Registration for the program can be made online at HennepinHPP.com, or by calling 651-236-8952.

David Chanen • 612-673-4465


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Colliers Mortgage closes $ 3.8 million refinancing loan from Fannie Mae for the Tallgrass Village II apartment community in Spirit Lake, Iowa https://himspairport.com/colliers-mortgage-closes-3-8-million-refinancing-loan-from-fannie-mae-for-the-tallgrass-village-ii-apartment-community-in-spirit-lake-iowa/ https://himspairport.com/colliers-mortgage-closes-3-8-million-refinancing-loan-from-fannie-mae-for-the-tallgrass-village-ii-apartment-community-in-spirit-lake-iowa/#respond Wed, 15 Sep 2021 08:55:25 +0000 https://himspairport.com/colliers-mortgage-closes-3-8-million-refinancing-loan-from-fannie-mae-for-the-tallgrass-village-ii-apartment-community-in-spirit-lake-iowa/ MINNEAPOLIS, MN – The Minneapolis office of Colliers Mortgage, part of Colliers International | US, recently completed a $ 3.8 million loan from Fannie Mae to refinance Tallgrass Village II, a 49-unit multi-family apartment building at market rates located in Spirit Lake, Iowa, near the center of the Great Lakes of Iowa and close to […]]]>

MINNEAPOLIS, MN – The Minneapolis office of Colliers Mortgage, part of Colliers International | US, recently completed a $ 3.8 million loan from Fannie Mae to refinance Tallgrass Village II, a 49-unit multi-family apartment building at market rates located in Spirit Lake, Iowa, near the center of the Great Lakes of Iowa and close to many area attractions.

Tallgrass Village II was built in 2019 with the units located in a two-story apartment building and three two-story townhouse buildings.

The 10-year and 30-year amortization loan has been arranged for the borrower, Tallgrass Village II, LLC.

About Mortgage Collars: Colliers Mortgage, part of Colliers International, is a national full-service mortgage bank, FHA MAP and LEAN approved lender and Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, specializing in accessing loan programs for federal agencies for the acquisition, refinancing, construction or rehabilitation of a multitude of types of properties. Colliers Mortgage also holds the USDA Lender / Partner designation under the Secured Loans for Community Facilities program. Additionally, as Ginnie Mae’s Authorized Seller / Repairer, they service their mortgages and currently manage over $ 10.0 billion in loans.

About the Colliers International Group Inc. Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Present in 66 countries, our more than 15,000 enterprising professionals work together to provide expert advice to occupants, owners and real estate investors. For more than 25 years, our experienced leadership with significant insider participation has generated annual compound returns of almost 20% for shareholders. With annualized revenues of $ 3.0 billion ($ 3.3 billion including affiliates) and $ 40 billion in assets under management, we are maximizing real estate potential and accelerating the success of our clients. and our employees. Learn more about colliers.company.com, Twitter @Colliers or LinkedIn.


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Multifamily investing trending positively in most US markets https://himspairport.com/multifamily-investing-trending-positively-in-most-us-markets/ https://himspairport.com/multifamily-investing-trending-positively-in-most-us-markets/#respond Tue, 14 Sep 2021 10:45:04 +0000 https://himspairport.com/multifamily-investing-trending-positively-in-most-us-markets/ The Freddie Mac Multi-Family Apartment Investment Market Index trended positively in the second quarter, supported by rising net operating income and low interest rates. The index is up 0.7% per quarter and 2.6% per year, while rates on multi-family mortgages rose 5 basis points in the quarter. The hike is the first quarterly increase since […]]]>

The Freddie Mac Multi-Family Apartment Investment Market Index trended positively in the second quarter, supported by rising net operating income and low interest rates.

The index is up 0.7% per quarter and 2.6% per year, while rates on multi-family mortgages rose 5 basis points in the quarter. The hike is the first quarterly increase since the fourth quarter of 2018, but rates are still down 37 basis points per year.

“This quarter’s AIMI shows a positive environment for multi-family investors in most markets, including those hit hard by the pandemic,” said Steve Guggenmos, vice president of Freddie Mac Multifamily Research & Modeling. “The low interest rate environment and strong net operating results offset a slight increase in mortgage rates, indicating a healthy market heading into the second half of 2021.”

AIMI rose in 22 of the 25 markets tracked by the index during this quarter, with Jacksonville, Minneapolis and Phoenix the only markets not experiencing growth. During the year, AIMI grew in the country and in 20 markets.

NOI growth was “universally positive” for both the US and individual markets during the quarter, with NOI growing fastest in Orlando and Phoenix. And house prices have risen nationwide and in 24 of 25 markets, with New York City the only subway to drop -1.5%. Over the year, NOI increased in the United States and 17 markets, with New York and San Francisco posting double-digit declines in NOI, a rarity for any market each year, according to Freddie Mac.


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Developers Crying “End Exclusion Zoning” is a Hoax https://himspairport.com/developers-crying-end-exclusion-zoning-is-a-hoax/ https://himspairport.com/developers-crying-end-exclusion-zoning-is-a-hoax/#respond Mon, 13 Sep 2021 20:00:00 +0000 https://himspairport.com/developers-crying-end-exclusion-zoning-is-a-hoax/ They say such zoning changes would promote racial equity, transit use, climate change mitigation, and intergenerational wealth transfer among minority families. On the other hand, I say that these are transparent covers, and the real reason they use the term exclusion zoning is that the existing zoning limits their ability to maximize profits. This mantra […]]]>

They say such zoning changes would promote racial equity, transit use, climate change mitigation, and intergenerational wealth transfer among minority families. On the other hand, I say that these are transparent covers, and the real reason they use the term exclusion zoning is that the existing zoning limits their ability to maximize profits.

This mantra now resonates through the White House, Congresses, State Capitolises, Town Halls and editorial pages, with little thought on the long-term consequences. Through exclusion zoning the developers and their allies are focusing on residential zoning laws whose hidden agenda was, they say, the exclusion of minorities by demanding large lots and setbacks. These zoning laws were then bolstered by five other processes, four of which were expressly prohibited by the Supreme Court or Congress.

The new mantra for infill real estate speculators and their lawyers is end exclusion zoning.

  • Racial and religious restriction alliances that housing sales prohibited to specific groups were prohibited by the Supreme Court in 1948 and the Federal Fair Housing Act of 1968.
  • Redlining by credit institutions, which would only grant mortgages to specific racial groups in specific neighborhoods, ended in 1968 by the Federal Fair Housing Act.
  • Federal government housing programs that discriminate against minorities have been banned in 1988.
  • Discrimination by sellers who referred potential buyers to specific neighborhoods based on their race or religion was prohibited in California in 1959 and nationally in 1968.
  • Police harassment of blacks and whites who crossed the geographic color line was common practice, including by the LAPD in Los Angeles. Despite mass movements, such as protests in all 50 states against the police murder of George Floyd in Minneapolis, police violence against minorities has evidently continued. Studies reveal it is more common in border areas between predominantly black and predominantly white neighborhoods.

Apart from police violence, these practices are strictly prohibited and rarely appear. The lingering question, then, is what impact do old zoning laws and practices have on the current demographic makeup of neighborhoods in an ethnically diverse city, like Los Angeles, in which city ​​council passed most zoning laws 75 to 90 years ago.

Advocates of up-zoning say, axiomatically, that historic zoning laws are responsible for current racial and ethnic patterns. They also claim that the zoning of single-family lots automatically allows apartments, which will reverse the lingering effects of historic zoning laws. They also claim that overzoning promotes equity and the intergenerational transfer of wealth in minority families.

There are a lot of issues with this story. A closer look reveals that zoning, whether enforced by the Biden administration, the California state legislature, or the Los Angeles City Council, does not reverse racism. In fact, if overzoning laws were monitored, the data would reveal that overzoning increases economic and racial inequalities. That is why:

  • The zoning increase has not increased and will not increase the supply of low cost housing or increase transit ridership. Indeed, overzoning allows more land uses on existing sites, as well as larger, taller and denser buildings. As a result, property values ​​rise, enriching existing owners when they turn over or redevelop their plots. Additionally, infill residential buildings require the demolition of existing homes and small apartment buildings, eliminating existing low-cost housing and their long-term carbon. When new McMansions and apartment buildings at market rates finally hit the market, few who can afford to rent or buy them use public transportation. Therefore, expensive housing drives up the price of existing housing and eliminates low-cost housing.
  • A recent study by the Brookings Institute looked at neighborhoods in Los Angeles that were originally marked in red to contain African-American communities. In LA, these historic black neighborhoods now lodge 40,000 black residents, and 580.00 which are not. These huge changes include the movement of blacks to white neighborhoods and Latinos to once segregated black neighborhoods, who are now 70% Latinos. More importantly, these major demographic changes have taken place in Los Angeles without any changes to zoning laws.
  • The exclusion zoning mantra distorts zoning laws because all zoning is exclusive. The online Los Angeles Zoning Code Summary makes it obvious. Los Angeles is now divided into 46 zones. Each zone restricts lot size, land use, building and / or storey heights, and yard requirements. Accordingly, the City of Los Angeles legally excludes specific uses, buildings that are on specific heights / floors, and buildings that do not provide specific front, back, and side yards throughout its 469 square miles. Even “inclusive” zoning, which does not exist in Los Angeles, follows these rules. Inclusion zoning automatically requires low cost housing in new apartment buildings, but within legal requirements for lot size, heights / storeys, density and yards.
  • There is no evidence of supply and demand for overzoning. There is no evidence to support the claim of upper-zone residents that building more housing on the market (eventually) creates more low-cost housing. It is easy to over-build expensive apartments and create a housing glut. It takes place in downtown Los Angeles, Koreatown, Miracle Mile, Hollywood, and Warner Center. But this expensive housing boom hasn’t lowered house prices. After a year and a half of the pandemic and the departure of 100,000 Angelenos over the past four years, houses and apartments are still overpriced. If we go back to expensive housing now for over 25 years, it’s the same story. It’s still expensive.

Even though the case for overzoning collapses when scrutinized, it hasn’t slowed the efforts of elected officials to deregulate zoning, building and environmental laws. Freed from facts and surveillance programs that would reveal their overzoning programs to be a hoax, they rush forward. If they are lucky, the consequences of their madness will become undeniable once they are exposed. Otherwise, the spinmeisters will have to burn the midnight oil to explain why their bosses’ best intentions have gone wrong.

Dick Platkine

Crossposted courtesy of CityWatchLA


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the Business Roundtable statement goes in the right direction https://himspairport.com/the-business-roundtable-statement-goes-in-the-right-direction/ https://himspairport.com/the-business-roundtable-statement-goes-in-the-right-direction/#respond Mon, 13 Sep 2021 19:00:06 +0000 https://himspairport.com/the-business-roundtable-statement-goes-in-the-right-direction/ The 2019 Business Roundtable statement was a welcome departure from the stance taken by the nation’s top business CEOs in 1997, when the BRT pledged to prioritize achieving the highest returns for their shareholders. This in itself will not induce companies to behave in the public interest, but it does help eliminate an excuse they […]]]>

The 2019 Business Roundtable statement was a welcome departure from the stance taken by the nation’s top business CEOs in 1997, when the BRT pledged to prioritize achieving the highest returns for their shareholders. This in itself will not induce companies to behave in the public interest, but it does help eliminate an excuse they have had over the past decades for behaving badly.


Two tumultuous years have passed since the CEOs of 184 of America’s largest companies signed the last declaration of the Business Roundtable on the object of the company. The new statement grabbed the headlines at the time, as BRT executives committed to running their companies in a way that served the interests of all of their stakeholders. This was a sharp departure from the position taken by BRT in 1997, when the country’s most prominent CEOs is committed to prioritizing to obtain the best returns for their shareholders.

The contrast between these two BRT statements highlights a debate over the appropriate role of business that has taken various forms and has upset CEOs and corporate directors for at least seven or eight decades. Broadly speaking, the public view towards corporations in the post-WWII period until at least the 1970s was that large corporations have responsibilities to the public as well as to their shareholders. . Large American corporations were expected to lead the world in developing new technologies, providing safe and useful products and services to consumers, good, stable jobs and benefits for their workers, and reliable tax revenues for consumers. communities where they operate, while keeping skies and waterways pollution-free.

Not all companies have succeeded in doing this, but the idea that they should enjoyed strong public support. CEOs of that time also generally supported the idea that a broad social agenda was the appropriate goal of publicly traded companies – after all, they wanted to be seen as civic leaders, as well as successful businessmen. American industrial might had been essential in winning the war and was seen as equally essential in fueling the long period of post-war economic growth, both in the country and in the developed and developing world.

This attitude began to change in the 1970s, when economic growth slowed, Japanese and German companies began to make better products at lower prices, inflation became a problem and the stock market suffered a long and slow slump. In the 1980s, interest rates skyrocketed, so lower risk bonds provided investors with higher returns than corporate stocks. Financial markets rushed for higher returns and grabbed a new tool, the hostile takeover bid, to try to extract higher returns from companies. For the new generation of financial buccaneers (CEOs quickly called them “looters”), financial returns mattered most, and they didn’t hesitate to shut down factories, outsource production, cut expenses. of R&D and to divert assets from employee pension funds to earn higher profits and drive up company stock prices.

The hostile takeovers and the hyper-emphasis on shareholder returns have been supported by two parallel academic schools of thought: Financial theorists proclaimed in the 1970s that financial markets were “efficient” and that, therefore, the trading price of a stock was the best estimate of its true underlying value. And corporate law scholars have embraced the idea that corporate executives should be viewed as “agents” of shareholders, with shareholders being viewed as the “agents” of shareholders. real “owners” companies. Thus, according to legal experts, company directors have a duty of loyalty to shareholders, and this duty should not be diluted by concern for other stakeholders. In addition, this obligation required officers and directors to try to maximize the value of the stock at all times. Economist Milton Friedman paved the way for this set of ideas in his 1970 book New York Times trial “The social responsibility of the company is to increase its profits. “In the 1980s, business theorists and academics in corporate law began to actively defend this philosophy of corporate management, which has been referred to as ‘shareholder primacy’.

Initially, the Business Roundtable did not subscribe to this corporate vision. But during the 1980s and in the early 1990s, its various statements on the purpose of corporations shifted towards shareholder primacy, and in 1997, the BRT’s position was unequivocal: its official statement on the purpose of corporations issued that year – It said: management and boards of directors is up to the shareholders of the company. The interests of other stakeholders are relevant as derivatives of the duty to shareholders.

BRT’s new statement in 2019 was the culmination of years of behind-the-scenes business meetings and negotiations at high-level venues like Davos, Switzerland, as well as increasing public pressure for business leaders are mobilizing and taking action. their part to respond to a series of worsening social problems. It is important to note that large institutional investors, who had become the major shareholders of companies, began to worry about the global consequences of major social and climate issues, in particular global warming, and the growing gap between income and wealth of developed countries.

“The rhetoric is important because it exposes the signatories of the BRT declaration to shame if they do not follow through.”

BRT’s new statement couldn’t have come at a better time: the Covid-19 pandemic in 2020 highlighted the huge inequalities between the wealthy and working classes, with the former actually getting richer in 2020, while front line workers in hospitals, clinics, meat packing plants, warehouses, grocery stores and delivery trucks struggled to pay their rent and often had no health insurance or even paid sick leave, when they fell with Covid – which they did, in large numbers. Lean supply chain models that increased profits in the corporate sector failed as factories, trains and freighters were shut down around the world. Large parts of the corporate sector, it became clear, had operated on fumes. After removing the slack in previous years to increase profitability, many companies found themselves lacking resilience.

The damage caused by the pandemic has been extremely unevenly distributed. The travel, entertainment and hospitality and department store sectors – the main employers of low-skilled workers – have been wiped out, for example, while a few tech companies, such as Zoom, Netflix, Apple and Microsoft, which typically does not hire large numbers of low-skilled workers, have seen their businesses take off. Executives of tech companies, most of whom were successful, were more likely to be paid in stocks and stock options (this approach to executive compensation was preferred by advocates of shareholder primacy because it is self-binding. – saying top pay for shareholder returns.) So the pandemic has made these executives and investors much richer.

The huge social and economic inequalities in the economy laid bare by the pandemic are, of course, compounded by systemic racism, and this dimension of the problem exploded into the nation’s consciousness when the 9-minute video of the murder of George Floyd at the knee of a Minneapolis cop has gone viral on the internet.

Meanwhile, massive heat waves, forest fires and flooding around the world are making global warming a woefully urgent problem.

Big business, of course, is not the only one responsible for all of these problems, but they are hardly innocent. And, no matter who is at fault, these social problems cannot be fixed without meaningful corporate engagement. Pharmaceutical companies (with some financial backing and guidance from government agencies), for example, have almost miraculously succeeded in mobilizing resources to develop, test, manufacture and distribute entirely new vaccines in 2020 to fight the coronavirus. State agencies in China and Russia also developed vaccines, but when those vaccines ran into problems, there was no alternative. In the United States and Europe, meanwhile, competition between pharmaceutical companies helped ensure the vaccine’s success, and private sector manufacturing and distribution know-how was essential to overcome 5 billion hits in arms around the world within 20 months of the start of the pandemic.

Other businesses must also be part of the solutions to other social problems. Oil companies, for example, need to move away from carbon intensive activities. Utilities need to restructure to use renewable energy sources. Real estate developers need to do better to provide low-rental housing. Food companies need to rethink their models to reduce dependence on animal protein. And businesses of all types, and at all levels, must pay their workers decent wages and end racial, ethnic and gender discrimination in their hiring, promotion, and the way they market their products.

Shareholder primacy may have contributed to the high returns that corporate equity investors have enjoyed over the past decades. But thirteen years ago, a jumble of financial firms in the United States and Europe to maximize shareholder value by negotiating subprime mortgages nearly plunged the world economy into a deep depression. While businesses must find ways to generate profit, they cannot continue to do so at the expense of society as a whole. BRT’s latest statement on corporate purpose alone will not encourage companies to behave in the public interest. But I believe the rhetoric is important because it exposes the signatories of the BRT declaration to shame if they don’t follow through. At the very least, it helps eliminate an excuse they’ve had over the past few decades for behaving badly.


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Strong multi-family investment environment continues as Freddie Mac’s AIMI rebounds in Q2 https://himspairport.com/strong-multi-family-investment-environment-continues-as-freddie-macs-aimi-rebounds-in-q2/ https://himspairport.com/strong-multi-family-investment-environment-continues-as-freddie-macs-aimi-rebounds-in-q2/#respond Mon, 13 Sep 2021 18:16:02 +0000 https://himspairport.com/strong-multi-family-investment-environment-continues-as-freddie-macs-aimi-rebounds-in-q2/ MCLEAN, Virginia, September 13, 2021 (GLOBE NEWSWIRE) – The Freddie mac (OTCQB: FMCC) Multifamily apartment investment market index® (AIMI®) turned positive in the second quarter of 2021 as growth in net operating income (NOI) and low interest rates strengthened the investment environment for multi-family properties. Overall, the index is up 0.7% per quarter and 2.6% […]]]>

MCLEAN, Virginia, September 13, 2021 (GLOBE NEWSWIRE) – The Freddie mac (OTCQB: FMCC) Multifamily apartment investment market index® (AIMI®) turned positive in the second quarter of 2021 as growth in net operating income (NOI) and low interest rates strengthened the investment environment for multi-family properties. Overall, the index is up 0.7% per quarter and 2.6% per year after a slight decline in the first quarter, with most markets in positive territory. Multi-family mortgage rates rose 5 basis points in the quarter, the first quarterly increase since the fourth quarter of 2018, but are still down 37 basis points per year.

“This quarter’s AIMI shows a positive environment for multi-family investors in most markets, including those hit hard by the pandemic,” said Steve Guggenmos, vice president of Freddie Mac Multifamily Research & Modeling. “The low interest rate environment and strong net operating results offset a slight increase in mortgage rates, indicating a healthy market heading into the second half of 2021.”

During the quarter, AIMI increased in the country and in 22 of the 25 markets tracked by the index. The only markets not experiencing growth are Jacksonville, Minneapolis and Phoenix.

  • NOI’s growth has been universally positive for the markets and the nation. The NOI grew the fastest in Orlando and Phoenix at 8.3% and 8.5%, respectively. Even the slowest growing subways, Minneapolis and New York, posted strong growth of 2.6%.
  • Real estate prices have increased in the country and in 24 of the 25 markets. New York was the only subway to experience a drop of -1.5%.
  • Mortgage rates rose 5 basis points – the first quarterly increase since the fourth quarter of 2018.

During the year, AIMI increased in the country and in 20 markets, while five markets saw AIMI decline.

  • NOI increased in the country and in 17 markets. Like last quarter, New York and San Francisco posted double-digit NOI declines (-13.0% and -15.1%, respectively), which is very rare for any market on a year-over-year basis. . Six other markets posted annual NOI losses.
  • The country and 22 markets saw real estate price growth, while only two subways (New York and San Francisco) saw a contraction. One subway (Oakland) has not experienced growth or contraction.

In addition to national and local values, a sensitivity table is available which captures how the index value adjusts for changes in certain underlying variables. Additional information on AIMI is on the Freddie Mac Multifamily website, including Faq and one video.

AIMI is an analytical tool that combines growth in multi-family rental income, growth in property prices and mortgage rates to provide a single index that measures investment conditions in the multi-family market. A quarter-over-quarter rise in AIMI implies an increasingly favorable environment for multi-family investment opportunities, while a decline suggests that attractive investment opportunities are becoming harder to find compared to the previous period.

Freddie Mac Multifamily helps ensure a plentiful supply of affordable rental housing by purchasing and securitizing mortgages on apartment buildings nationwide. About 90% of mortgages purchased support rental housing for households earning 120% of the region’s median income or less. Freddie Mac securitizes around 90% of the multi-family loans he purchases, thereby shifting the majority of the credit risk expected from taxpayers to private investors.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our inception by Congress in 1970, we’ve made housing more accessible and affordable for buyers and renters in communities across the country. We are building a better housing finance system for buyers, tenants, lenders and taxpayers. Learn more about FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

MEDIA CONTACTS:
Mike Morosi
(703) 918-5851
Michael_Morosi@FreddieMac.com
Erin Mancini
(703) 903-1530
Erin_Mancini@FreddieMac.com

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Reviews | It’s time to dismantle America’s residential caste system https://himspairport.com/reviews-its-time-to-dismantle-americas-residential-caste-system/ https://himspairport.com/reviews-its-time-to-dismantle-americas-residential-caste-system/#respond Sun, 12 Sep 2021 07:00:00 +0000 https://himspairport.com/reviews-its-time-to-dismantle-americas-residential-caste-system/ Another function of the anti-black police is economic plunder. In 2014 alone, New York City received nearly $ 32 million in costs, fines and surcharges paid to criminal courts by people facing misdemeanors, subpoenas or other minor offenses. Researchers have estimated that, over two decades, the city’s take of its “zero tolerance” police force has […]]]>

Another function of the anti-black police is economic plunder. In 2014 alone, New York City received nearly $ 32 million in costs, fines and surcharges paid to criminal courts by people facing misdemeanors, subpoenas or other minor offenses. Researchers have estimated that, over two decades, the city’s take of its “zero tolerance” police force has exceeded half a billion dollars. They concluded that most of this income was “taken from relatively poor segments of the population, who live in heavily guarded neighborhoods.”

While aggressive policing generates revenue for local governments while harming black citizens, it also generates responsibilities that harm all taxpayers. A UCLA law professor looked at payments made by major cities to victims of police misconduct over five years and found that they totaled nearly three-quarters of a trillion dollars. The only beneficiaries of the systemic anti-black policing may be the owners and shareholders of companies that profit from mass incarceration. In Chicago, there are 851 blocks in which taxpayers spend over $ 1 million per block to incarcerate the residents who live there. These blocks are concentrated on the west and south sides, in the “hoods that Chicago built to contain the descendants.”

Children are also dragged into the prison state. As with segregated neighborhoods, segregated schools facilitate a totally different relationship between police and young citizens. A lawyer has found that the percentage of minority and poor students in a school is a good predictor of the use of strict security measures, even after controlling for actual levels of crime and disorder at school. In New York City, 5,200 full-time police officers patrolled public schools in 2017, while schools employed only about 3,000 guidance counselors.

Then there are the ways the state encourages private surveillance of black Americans by self-proclaimed citizen patrols. Barbeque by a lake in Oakland. Walk into his own gourmet lemonade business in San Francisco. A guest checked in at a Portland, Oregon hotel takes a call from his mom in the lobby. A child mows lawns for candy money in a Cleveland suburb. These and other “living black” acts led to calls to the police. This is what living in a white space can do to some people. Those who are used to being dominant, or who are not used to seeing dark bodies, are wary of blacks who do very ordinary things.

As with slavery, as with Jim Crow, law and social practice continue to allow non-black people to monitor and control black bodies. The worst of these social practices is violent vigilantism. Ahmaud Arbery. Trayvon Martin. Emmett Till. The killers of Arbery were charged and prosecuted. But the state of Georgia has allowed their self-defense behavior through permissive laws that make it easier to obtain a firearm and encourage, rather than discourage, its use. Georgia, like nearly three-quarters of US states, has a “stand up to your feet” law that eliminates any retreat requirements and allows gun owners to use force when they “reasonably believe” it. is necessary to defend oneself or to defend others.

Other laws quietly allow black surveillance to protect white space. It is estimated that 2,000 communities in 48 states have adopted “crime-free housing” or chronic nuisance ordinances that hold landlords accountable for the actions or non-actions of their tenants. Such ordinances are often adopted following an influx of racial diversity. They explode the range of activities that could lead to eviction and, depending on Professor of Law Deborah Archer, they are disproportionately enforced against black tenants.

When a tenant tries to seek state protection, by calling 911, for example, to control an abusive partner, in places with chronic nuisance orders, she may be evicted if she calls two or three times. . Faribault, Minnesota, for example, passed one of the toughest ordinances in the country. The ordinance prohibits disorderly conduct by tenants or their guests and gives Faribault police the power to order an eviction without arrest or conviction for any crime.

Descendants cannot win. They are watched, over-policed ​​and under-protected.

Heal a nation that started with it, and still suffers from it, white supremacy demands the abolition of residential caste and reparation processes in poor black neighborhoods. The state has an obligation to repair what it has set in motion and continues to reify.

But understanding and recognizing the role of geographic lines in structuring racial inequalities presents an opportunity – a targeted mechanism of transformation. My theory of redress is that those most traumatized by residential caste processes most deserve care, as well as the chance to be agents of their own liberation. This means that the government can and should prioritize neighborhoods that are at the center of the anti-black residential caste in America.

To begin with, the state should dismantle and overthrow running anti-black residential caste processes – through investments in black neighborhoods, rather than redlining and economic predation; inclusion rather than maintaining boundaries; fair public funding, rather than overinvestment and hoarding for places with high potential; humanization and care, rather than surveillance and stereotypes.

I suggest three essential pillars to guide government action. First, we need to change the state’s relationship with descendants from punitive to benevolent. Second, the state should view descendants as potential assets and empower them to be agents of change. Finally, the government must invest resources and transfer assets to support descendants and respected community institutions in black neighborhoods.

Among the new processes that could be implemented would be a regular neighborhood scan that critically examines all of the money a state spends in all neighborhoods, with a constant assessment of racial equity. Seattle, Minneapolis, and a few other cities officially require racial equity analysis in budgeting. Baltimore recently amended its city charter – through a ballot initiative – to establish a permanent fund to advance racial equity in housing, education and capital spending.

Applying a human perspective to descendants frees policymakers to innovate and focus on evidence-based strategies that could be cheaper and certainly more effective than punitive strategies based on racial dogma. Researchers at the University of Chicago Crime Lab and the University of Pennsylvania found that a program that provided summer employment for black teens in high-violence neighborhoods and an adult mentor reduced felony arrests by 43% violent. Independent peer-reviewed study found that a ‘pacification scholarship’ to support young men most vulnerable to violence in Richmond, California was associated with a 55% annual reduction in gun deaths . The organization Advancing Peace helps other cities to replicate the program. Other approaches, such as a Universal Basic Income pilot program in Stockton, California, have shown promising results. And several cities are responding to activists’ demands for collective ownership strategies to combat the displacement of communities of color and create sustainable affordable housing.


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Why the developers cry to “end exclusion zoning” is a hoax https://himspairport.com/why-the-developers-cry-to-end-exclusion-zoning-is-a-hoax/ https://himspairport.com/why-the-developers-cry-to-end-exclusion-zoning-is-a-hoax/#respond Thu, 09 Sep 2021 21:45:09 +0000 https://himspairport.com/why-the-developers-cry-to-end-exclusion-zoning-is-a-hoax/ PLANNING WATCH – The new mantra of infill property speculators and their lawyers is end exclusion zoning. They say such zoning changes would promote racial equity, transit use, climate change mitigation, and intergenerational wealth transfer among minority families. On the other hand, I say that these are transparent covers, and the real reason they use […]]]>

They say such zoning changes would promote racial equity, transit use, climate change mitigation, and intergenerational wealth transfer among minority families. On the other hand, I say that these are transparent covers, and the real reason they use the term exclusion zoning is that the existing zoning limits their ability to maximize profits.

This mantra now resonates through the White House, Congresses, state capitols, town halls and editorial pages, with little thought on the long-term consequences. Through exclusion zoning the developers and their allies are focusing on residential zoning laws whose hidden agenda was, they say, the exclusion of minorities by demanding large lots and setbacks. These zoning laws were then bolstered by five other processes, four of which were expressly prohibited by the Supreme Court or Congress.

  • Racial and religious restriction alliances that housing sales prohibited to specific groups were prohibited by the Supreme Court in 1948 and the Federal Fair Housing Act of 1968.
  • Redlining by credit institutions, which would grant mortgages only to specific racial groups in specific neighborhoods, ended in 1968 by the Federal Fair Housing Act.
  • Federal government housing programs that discriminate against minorities were banned in 1988.
  • Discrimination by sellers that directed potential buyers to specific neighborhoods based on race or religion has been banned in California in 1959 and nationally in 1968.
  • Police harassment of blacks and whites that crossed the geographic color line was common practice, including by the LAPD in Los Angeles. Despite mass movements, such as protests in all 50 states against the police murder of George Floyd in Minneapolis, police violence against minorities has evidently continued. Studies reveal it is more common in border areas between predominantly black and predominantly white neighborhoods.

Apart from police violence, these practices are strictly prohibited and rarely appear. The lingering question, then, is what impact do old zoning laws and practices have on the current demographic makeup of neighborhoods in an ethnically diverse city, like Los Angeles, in which city ​​council passed most zoning laws 75 to 90 years ago.

Advocates of up-zoning say, axiomatically, that historic zoning laws are responsible for current racial and ethnic patterns. They also claim that the zoning of single-family lots automatically allows apartments, which will reverse the lingering effects of historic zoning laws. They also claim that overzoning promotes equity and the intergenerational transfer of wealth in minority families.

There are a lot of issues with this story. A closer look reveals that zoning, whether enforced by the Biden administration, the California state legislature, or the Los Angeles City Council, does not reverse racism. In fact, if overzoning laws were monitored, the data would reveal that overzoning increases economic and racial inequalities. That is why:

  1. The zoning increase has not increased and will not increase the supply of low cost housing or increase transit ridership. Indeed, overzoning allows more land uses on existing sites, as well as larger, taller and denser buildings. As a result, property values ​​rise, enriching existing owners when they turn over or redevelop their plots. Additionally, infill residential buildings require the demolition of existing homes and small apartment buildings, eliminating existing low-cost housing and their long-term carbon. When new McMansions and apartment buildings at market rates finally hit the market, few who can afford to rent or buy them use public transportation. Therefore, expensive housing drives up the price of existing housing and eliminates low-cost housing.
  1. A recent study by the Brookings Institute looked at neighborhoods in Los Angeles that were originally marked in red to contain African-American communities. In LA, these historic black neighborhoods now lodge 40,000 residents who are black and 580,000 who are not. These huge changes include the movement of blacks to white neighborhoods and Latinos to once segregated black neighborhoods, who are now 70% Latinos. More importantly, these major demographic changes have taken place in Los Angeles without any changes to zoning laws.
  1. The exclusion zoning mantra distorts zoning laws because all zoning is exclusive. The online Los Angeles Zoning Code Summary makes it obvious. Los Angeles is now divided into 46 zones. Each zone restricts lot size, land use, building and / or storey heights, and yard requirements. Accordingly, the City of Los Angeles legally excludes specific uses, buildings that are on specific heights / floors, and buildings that do not provide specific front, back and side yards throughout its 469 square miles. Even “inclusive” zoning, which does not exist in Los Angeles, follows these rules. Inclusion zoning automatically requires low-cost housing in new apartment buildings, but within legal requirements for lot size, heights / storeys, density, and courtyards.
  1. There is no evidence of supply and demand for overzoning. There is no evidence to support the claim of upper-zone residents that building more housing on the market (eventually) creates more low-cost housing. It is easy to over-build expensive apartments and create a housing glut. It takes place in downtown Los Angeles, Koreatown, Miracle Mile, Hollywood, and Warner Center. But this expensive housing boom hasn’t lowered house prices. After a year and a half of the pandemic and the departure of 100,000 Angelenos over the past four years, houses and apartments are still overpriced. If we go back to expensive housing now for over 25 years, it’s the same story. It’s still expensive.

Even though the case for overzoning collapses when scrutinized, it hasn’t slowed the efforts of elected officials to deregulate zoning, building and environmental laws. Freed from facts and surveillance programs that would reveal their overzoning programs to be a hoax, they rush forward. If they are lucky, the consequences of their madness will become undeniable once they are exposed. Otherwise, the spinmeisters will have to burn the midnight oil to explain why their bosses’ best intentions have gone wrong.

(Dick Platkin is a former Los Angeles city planner who reports on local planning issues for CityWatch. He is a board member of United Neighborhoods for Los Angeles. (UN4LA) and co-chairs the Greater Fairfax Residents Association. Previous Planning watch columns are available at CityWatchLA Archives. Please send your questions and corrections to [email protected].). Image: Jason Ford


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