Industry News
Torrington Savings Bank Hires Carolina Vera
September 22, 2022 | ReprintsTorrington Savings Bank has hired Carolina Vera as vice president and commercial loan officer.
Housing Heading for a Tough 2023, Fannie Mae Says
By James Sanna | September 22, 2022 | ReprintsFannie Mae’s top economic minds issued a depressing prognosis for the nation’s housing sector as mortgage rates took another big jump and Fed Chair Jerome Powell said housing needs “a correction.”
Powell: Inflation Fight May Cause Recession
By Christopher Rugaber | The Associated Press | September 22, 2022 | Reprints | Unlock Link
Intensifying its fight against chronically high inflation, the Federal Reserve raised its key interest rate Wednesday by a substantial three-quarters of a point for a third straight time, an aggressive pace that is heightening the risk of an eventual recession.
Bringing Shakespeare and Services to the Office Park
By Steve Adams | Commercial Record Staff | September 22, 2022 | Reprints | Unlock LinkIn stark contrast to many of the larger corporate landlords in Fairfield County, R.D. Scinto Inc. and its founder, Bob Scinto, maintain a distinctly personal approach to operations of its commercial portfolio.
How to Exit a Sales Contract
By Lew Sichelman | September 22, 2022 | Reprints | Unlock LinkThere are a bunch of ways to get out of your contract if you get cold feet. But failing to show up at the scheduled closing is not one of them. It’s wrong, and you could open yourself up to lawsuits.
Norcom Opens Mystic Branch
September 21, 2022 | ReprintsAvon-based Norcom Mortgage has opened a new branch in Mystic.
Homebuilder Confidence Keeps Slipping Despite Housing Starts Bounce
By James Sanna | September 21, 2022 | ReprintsA bump in construction of new single-family homes last month didn’t help homebuilders feel any better about their business prospects.
FDIC Data Shows Loss in Former People’s United Deposit Share
By Diane McLaughlin | September 20, 2022 | ReprintsWhile the total deposits at Connecticut banks remained steady during the 12-month period ending in June, FDIC data shows that the share of deposits once held by People’s United Bank has declined.
How Much ‘Pain’ Will the Fed Try to Cause?
By Christopher Rugaber | The Associated Press | September 20, 2022 | ReprintsOn Wednesday, Americans may get a better sense of how much could be in store, with economists predicting the Fed’s main interest rate could rise another full percentage point by year’s end.
MBA: Ginnie Mae Forbearances Increased in August
September 20, 2022 | Reprints | Unlock LinkWhile the number of homeowners in forbearance continued to decline last month, the forbearance rate for Ginnie Mae loans increased for the first time since 2020, according to the Mortgage Bankers Association.
Hartford Stays Competitive Even as Listings Dry Up
By James Sanna | September 19, 2022 | ReprintsNew data from brokerage and online listings portal Redfin suggests Hartford’s housing market is staying competitive, even as for-sale listings are shrinking.
Former CT Attorney Sentenced for Fraud Scheme
September 19, 2022 | ReprintsA former attorney has been sentenced to more than three years in prison for his role in a fraud scheme involving mortgage investments.
Treasury Recommends Exploring Creation of a Digital Dollar
By Fatima Hussein | The Associated Press | September 19, 2022 | ReprintsThe Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.
Renewable Energy Microgrid Launches at New Britain Property
September 16, 2022 | ReprintsA green energy microgrid developed through the Connecticut Green Bank’s program for commercial properties has launched, providing power to four community facilities at the Daughters of Mary of the Immaculate Conception’s New Britain campus.
New Britain Developer Secures City Lot for 100-Unit Project
By James Sanna | September 16, 2022 | ReprintsNew Britain-based Jasko Development has secured officials’ approval for the land that will hold its latest large apartment building in downtown New Britain.
State’s Realtors Endorse Lamont
By James Sanna | September 16, 2022 | ReprintsThe state’s real estate professionals have picked their man in this fall’s election.
Windsor Locks Breaks Ground on Key Project: a New Train Station
By The Associated Press | September 15, 2022 | ReprintsGov. Ned Lamont was on hand Wednesday to kick off construction on a project Windsor Locks officials hope will spur more development in their town: a new train station.
CT AG ‘Wants Answers’ from M&T Over Rocky People’s United Switch-Over
September 15, 2022 | Reprints | Unlock LinkConnecticut’s attorney general says he’s “outraged” at the problems M&T Bank customers encountered when the bank merged its systems and those of newly-acquired People’s United Bank last week.
Mortgage Rates Pass 6 Percent, First Time Since 2008 Crash
By Matt Ott | The Associated Press | September 15, 2022 | ReprintsAverage long-term U.S. mortgage rates climbed even higher this week, threatening to sideline even more homebuyers from a rapidly cooling housing market.
HELOCs Step into Gap Left by Refis
By Diane McLaughlin | September 15, 2022 | Reprints | Unlock LinkHomeowners have seen the equity in their homes reach historic levels this year, but rising interest rates have put a serious dent in cash-out refinance volumes
