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The Federal Housing Administration raised the premiums it charges for insuring that mortgages will be repaid to 1.75% of the loan amount.
Fannie Mae shook up its top ranks, announcing its chief business officer and two others are leaving as it moves to save capital. Shares surged 15%.
More investors seeking financing to acquire office towers, retail stores and hotels are left with little choice but to turn to so-called hard-money lenders, lightly regulated businesses that charge high interest rates for short-term loans. Among the biggest players in the hard-money arena are hedge funds.
Rebuilding Ground Zero is arguably the greatest political and bureaucratic fiasco in the history of the world. Planner Edward J. Logue would have provided the leadership that the 9/11 site needed desperately and never had.