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A Publication of The Warren Group LENDER SUES CFPB
BEYOND YOGA STUDIOS Demand for original artwork in new luxury apartment complexes is spiking as multifamily developers try to make their projects stand out.
PHH Challenges Constitutionality Of CFPB Structure Experts Concerned Cordray Has Too Much Power BY JIM MORRISON BANKER & TRADESMAN STAFF
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ortgage lending heavyweight PHH has taken on the Consumer Fraud Protection Bureau (CFPB) in a legal battle that is bound to leave one or both of them bruised and battered. New Jersey-based PHH is challenging more than just the $109 million fine that CFPB director Richard Cordray hammered the lender with in 2015; it’s challenging the very constitutionality of the agency’s structure. Currently before the District of Columbia Circuit Court of Appeals, industry insiders think the case will go all the way to the Supreme Court. The CFPB in 2014 found PHH guilty of RESPA violations for referring consumers to its subsidiaries for mortgage insurance, something the agency called “a mortgage kickback scheme” dating back to at least
MULTIFAMILY DEVELOPERS, ART PATRONS SEARCHING FOR IDENTITY, COMPLEXES ADD LOCAL WORKS BY STEVE ADAMS BANKER & TRADESMAN STAFF
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Walsh Under Scrutiny After Alleged Threat Business As Usual In Boston As Feds Examine Union-Developer Relationship BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST
Photos courtesy of Boston Art
hen designing the next wave of multifamily projects, many developers pay as much attention to common areas as the layout of the living units themselves. With thousands of apartments and condos on the market in newly built highrises and more on the way, local developers have been caught up in an amenities arms race. But as roof decks, green walls, yoga studios and game rooms have become standard issue in complexes, it’s not so easy to stand out. Increasingly they’re tapping into the creative energies of the local art community for unique flourishes. At One Canal, a 320-unit apartment complex set to open this month in Boston’s Bulfinch Triangle, developer Trinity Financial will display 152 pieces of original artwork in lobbies and common areas. “No one wants to live in a hotel that has generic art all around,” said Abby Goldenfarb, vice president of development for Trinity Financial. “It makes the building more attractive to residents, and it makes the building more authentic when you can incorporate local art.” The 442-unit Millennium Boston Tower will include an extensive collection of
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hocker! Union bigwigs are playing hardball with developers, even warning they could face “problems” getting permits unless they hire their brethren. Sounds like business as usual in Boston, where battling over development projects has long been a blood sport. Apparently, though, it is news to some, for this is just the sort of thing a shadowy federal investigation into supposed strong-armed union tactics is probing, with Boston Mayor Marty Walsh in the hot seat. Walsh denies that he threatened a developer back in 2012 with permitting problems unless he rethought his stance on union labor. Walsh, who was Continued from Page 3