adplus-dvertising
Connect with us

Real eState

Justice Clarence Thomas failed to disclose 2014 real estate deal with GOP megadonor, ProPublica report finds

Published

 on

CNN

Justice Clarence Thomas failed to disclose a 2014 real estate deal he made with a GOP megadonor, according to a ProPublica report published Thursday.

The deal involved the sale of three properties in Savannah, Georgia, that were owned by Thomas and his relatives to the megadonor, Harlan Crow, according to ProPublica, which said that tax and property records showed that Crow made the purchases through one of his companies for a total of $133,363.

But Thomas “never disclosed his sale of the Savannah properties,” the report said, noting that ethics law experts told the outlet that his failure to report it “appears to be a violation of the law.”

300x250x1

“The transaction marks the first known instance of money flowing from the Republican megadonor to the Supreme Court justice,” ProPublica said in its report.

Thursday’s report comes on the heels of a bombshell investigation published last week by ProPublica that detailed Thomas and his wife’s luxury travel with the Crows, which included trips on the donor’s yacht and private jet. The justice also did not disclose that travel, and he later defended the decision not to, saying in a rare statement last week that he was advised at the time that he did not have to report it.

CNN has reached out for comment from the Supreme Court and Thomas.

Crow said in a statement to CNN that he purchased the properties to “one day create a public museum at the Thomas home dedicated to telling the story of our nation’s second black Supreme Court Justice.”

He added that he made the purchases at “market rate based on many factors including the size, quality, and livability of the dwellings.”

Though two of the properties were later sold by Crow, according to his statement, the real estate magnate still owns the property on which Thomas’ elderly mother lives. Citing county tax records, ProPublica said one of Crow’s companies pays the “roughly $1,500 in annual property taxes on Thomas’ mother’s house,” which had previously been paid by the justice and his wife, Ginni.

Experts told ProPublica that Thomas’ failure to disclose the 2014 deal raises more questions about his relationship with Crow.

“He needed to report his interest in the sale,” Virginia Canter, a former government ethics lawyer who now works for Citizens for Responsibility and Ethics in Washington (CREW), told the outlet. “Given the role Crow has played in subsidizing the lifestyle of Thomas and his wife, you have to wonder if this was an effort to put cash in their pockets.”

The report has already prompted the watchdog group to call for an investigation into Thomas’ decision not to disclose the real estate deal and the various trips and gifts.

In a letter sent Friday to Chief Justice John Roberts and Attorney General Merrick Garland, CREW said that Thomas may have violated the Ethics in Government Act. The group said Roberts also should investigate whether Thomas violated his “ethical obligations” under Judicial Conference regulations.

In the wake of last week’s revelations, congressional Democrats have also called for an investigation into the matter and for a stronger ethics code for the justices, and some federal judges have also spoken out.

Earlier this week, the Senate Judiciary Committee announced it plans to hold a hearing “on the need to restore confidence in the Supreme Court’s ethical standards,” and at least one watchdog group has urged lawmakers to call Thomas as a witness in the upcoming hearing.

This story has been updated with additional details Friday.

CNN’s Tierney Sneed and Ariane de Vogue contributed to this report.

 

728x90x4

Source link

Continue Reading

Real eState

Treasury Secretary Yellen warns of commercial real estate 'issues' that could strain banks – MarketWatch

Published

 on

By


“I do think that there will be issues with respect to commercial real estate.”


— Treasury Secretary Janet Yellen, in an interview Wednesday with CNBC’s “Squawk Box.”

300x250x1

Treasury Secretary Janet Yellen, in her first interview since the U.S. debt-ceiling was lifted last week by Congress, warned on Wednesday about the potential for banks to feel strain from their exposure to weakening commercial real estate valuations.

Yellen was asked by CNBC “Squawk Box” host Andrew Ross Sorkin about if she’s worried about the state of estimated $20.7 trillion commercial real-estate market, particularly the office, and if weakness in the sector could potentially spark more bank failures.

“Well, I do think that there will be issues with respect to commercial real estate,” Yellen said. “Certainly, the demand for office space since we’ve seen such a big change in attitudes and behavior toward remote work has changed and especially in an environment of higher interest rates.”

Major landlords from Blackstone Inc.
BX,
-0.97%

to Brookfield Corp.
BN,
-1.75%

have been bracing for a significant drop in office property values, as the Federal Reserve’s inflation fight puts an end to an era of abundant and cheap debt.

While the final word on wobbling property prices won’t be known for some time, PGIM Fixed Income, a key investor in commercial property debt, recently said they expect office values to fall 20%-50% from peak levels, while multifamily values could drop as much as 22.5%, in part because financing has become more expensive and scarce.

See: Commercial real estate’s debt machine is broken down

Office property woes and the ‘doom loop’

Researchers at the NYU Stern School of Business and Columbia Business School recently estimated there has been a $506.3 billion decline in office values from 2019 to 2022 nationally in the wake of the pandemic which could feed a “doom loop” in some big cities.

They estimate banks own 61% of U.S. commercial property debt. They also see potential for the value of New York City’s office stock to drop 44% from 2019 to 2029 due to stress in the sector from flexible work arrangements.

“I think banks are broadly preparing for some restructuring and difficulties going ahead,” Yellen said, adding that the overall level of liquidity at banks looks strong and that stress tests of the largest banks show they have adequate capital to withstand fallout from the commercial property market.

She also said banking supervisors will continue to closely monitor “a range of banks to make sure that they are adequately prepared to deal with it.”

Yellen also said that, “while there will be some pain associated with this, that banks should be able to handle the strain.”

Related: Blackstone wrote down its stake in this Chicago office building to $0. Now it’s talking with lenders on the debt coming due.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Real eState

South Okanagan residential real estate market sales picking up speed – Penticton News – Castanet.net

Published

 on

By


[embedded content]

Casey Richardson

Buyer activity and real estate listing activity are gaining momentum again in the South Okanagan, as residents have adjusted to the current late spring market.

“The market is doing really well,” Association of Interior Realtors Past President Lyndi Cruickshank said.

300x250x1

“I think a lot of people felt really shell shocked when the interest rates started to rise, understandably so, as we often feel that resistance when there’s a dramatic change in our lives. And is often the case, people settle into what our new reality is, and our interest rates are certainly significantly higher than they were. But people are finding ways to manage.”

There has been a bit of a decline in the average home price, which is helping buyers. And as more homes come on the market, it ultimately helps the consumers looking to purchase.

“I talked to so many people last year that really wanted to be able to sell their home, but there was such a fear as to where they were going to go. So now that we have seen the inventory start to open up quite a bit. It’s allowing them more choice.”

Home inventory has increased by 38 per cent in active listings.

In the South Okanagan, the benchmark price for a single-family dwelling dipped 6.6 per cent, to $772,200. Townhouses ($558,100) and condominiums ($427,700) also dropped in May compared to this same time period last year.

“We’re certainly more into a buyer’s market than we have been over the last year. Previously, we were very predominantly held by a sellers market. And we’re seeing a lot more strength on the buying side now,” Cruickshank said.

She added that this is typically the time of year that people start to look for homes and that people really traditionally look to put their homes on the market.

“That plays a big role, obviously, in that increase in activity that we’re experiencing right now.”

The more balanced market will give buyers more of an opportunity to do their due diligence before purchasing.

“We’ve got a long way to go. We came from such an extreme market this time last year. And then we had that real hit with interest rates and things really slowed down very dramatically. So it’s really nice to see things starting to just move forward in a more normalized way again.

Still, finding homes in the South Okanagan remains to be a challenge as vacancy rates remain low, even as developments continue to grow.

“It’s going to take years, years before we’re ever at a place where our inventory is going to meet demand unless we see something really dramatic. And that’s right across the country when we look at what the demand is, and the current supply. So I don’t see that changing.”

Advice for first-time home buyers remains the same: finding a realtor and figuring out what time to buy is best for you.

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Real eState

Real Estate Builder Backed by Ackman Says Lenders Rejecting New Apartment Deals – Bloomberg

Published

 on

By


[unable to retrieve full-text content]

Real Estate Builder Backed by Ackman Says Lenders Rejecting New Apartment Deals  Bloomberg

728x90x4

Source link

Continue Reading

Trending