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CHPC New York

Category listing for Overmortgaged Buildings

HPD Subpoenas Milbank Servicer

HPD has issued a subpoena to LNR Partners LLC the Special Servicer of the Milbank portfolio in the Bronx. As recommended by CHPC in Debt Threat, HPD seeks information concerning LNR’s plans for sale and how those plans affect the continuing maintenance of the 10 properties in the portfolio.

Debt Threat Report

In 2009, CHPC released a report that spearheaded the debate around multi-family buildings that were going into foreclosure. It described the problems associated with over mortgaged multifamily rental proper ties in New York City, and the wider implications of over mortgaging across the country. If offered analysis of data on properties secured through CMBS activity between 2004 and 2007, as well as more recent anecdotal examples of impacted residential properties in NYC. And finally, and most importantly, it put forward public policy recommendations at the federal, state, and local level.

Debt Threat: Saving Multifamily Rental Housing From Zombie Mortgages

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