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December 21, 2023

Feds Sue Houston-Area Developer For Alleged Mortgage Lending Scam Targeting Spanish Speakers

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In the first predatory mortgage lending case ever brought by the U.S. Department of Justice, a Houston-area subdivision developer is accused of misleading tens of thousands of mainly Latino borrowers into taking out loans they could not afford to buy barely livable properties, then profiting from their foreclosures.

Feds Sue Houston-Area Developer For Alleged Mortgage Lending Scam Targeting Spanish Speakers

Colony Ridge Development LLC is accused of operating a “one-stop shop for discriminatory lending,” violating the Fair Housing Act and Equal Credit Opportunity Act, according to a DOJ press release. The lawsuit was filed by the DOJ and the Consumer Financial Protection Bureau.The DOJ alleges Colony Ridge steered Spanish-speaking borrowers into…

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Bisnow started off the year with a prediction that “ you’re probably going to lose money in 2023,” and, well, much of the commercial real estate industry is probably quite happy to put the year in the rearview mirror. From bank failures and layoffs to foreclosures, interest rate…

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Silver Star REIT Files $50M Suit Against Founder Allen Hartman

Silver Star REIT Files $50M Suit Against Founder Allen Hartman  

Silver Star Properties REIT is suing its former CEO and founder, Al Hartman, for estimated damages of $50M, accusing him of fraud, breach of fiduciary duty and illegal meddling in the attempted sale of Silver Star’s assets.

The suit, filed Dec. 14 in Harris County, includes many of the claims of mismanagement  previously detailed by Gerald Haddock, executive chairman of the board and  now co-CEO of the company, in a video released to shareholders last month. The transcript of the video…

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Editors Choice: The Very Best Bisnow Stories Of 2023

Editors Choice: The Very Best Bisnow Stories Of 2023  

The weather has cooled. The stockings are hung and menorahs are lit. Meetings are on hiatus, and deal flow has finally tapered. After a whirlwind fourth quarter, we can all take a breath and slow down a bit — at least until the family descends for the holidays.  At Bisnow, that pause…

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