Finance & Mortgage

Empire State Building Owner Files for IPO

The new company, Empire State Realty Trust, is seeking up to $1 billion in funding for control of a dozen office buildings, including the Empire State Building, totaling 7.7 million square feet. It will trade under the symbol "ESB" and offer Class A common stock to the public. It will also have Class B stock with 50 votes per share. Anthony Malkin, scion of the real estate family, will be chairman and CEO of the new company.

Fourth Quarter Metro Area Home Prices Boost Affordability, Sales Improving

Housing affordability conditions improved in most metropolitan areas from softer existing-home prices and record-low mortgage interest rates in the fourth quarter, with rising sales and lower inventory creating more balanced conditions, according to the latest quarterly report by the National Association of Realtors®.

Mortgage Settlement: Details May Not Yet Be Finalized, Says American Banker

A source has told American Banker that the terms of this week's massive national mortgage servicing settlement have not been finalized, and that politics drove Thursday's announcement
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