Cambridge Massachusetts Building Expert Directory

Banks Loosening U.S. Mortgage Standards: Chart of the Day

August 13, 2014 — Jody Shenn – Bloomberg
Perhaps more U.S. banks than at any time in two decades are making it easier to qualify for a mortgage. The CHART OF THE DAY shows the net share of banks telling the Federal Reserve that they’re tightening standards in the home-loan market. In the central bank’s July survey of senior loan officers released last week, the net percentage for prime mortgages was negative 18.3 percent, by far the most loosening since it started asking the question by loan-quality category in 2007. It was also greater than the highest net share of banks easing in “all” mortgages in the 1990s or 2000s. Still, lenders have a long way to go before they unwind the restrictions they imposed in the wake of the global financial crisis that risky home loans helped to create. The current trend is mainly about “small tweaks around the edges,” according to JPMorgan Chase & Co. mortgage-bond analysts. Read the court decision
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Reprinted courtesy of Jody Shenn, Bloomberg
Ms. Shenn may be contacted at jshenn@bloomberg.net

Home Building Mergers and Acquisitions 2014 Predictions

March 19, 2014 — Beverley BevenFlorez-CDJ STAFF
John McManus, writing for Big Builder, discusses the various predictions for mergers and acquisitions in the home building field for 2014. While predictions vary between individuals, it seems to hover between 15 and 30. McManus lists several home building seller motivations, such as a “[n]eed for cash infusion to buy and develop new lot pipeline” and “[s]uccession planning.” Finally, McManus points out that not every merger and acquisition discussion will lead to a deal: “We've recently seen a combination or three flounder on the issue of price. This occurs partly as the home builder buyer community becomes more discriminating as to what truly fits their program, and partly as smaller builders attain options as regional and national lenders awaken and look to reenter project financing in a bigger way.” Read the court decision
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AGC’s 2024 Construction Outlook. Infrastructure is Bright but Office-Geddon is Not

February 12, 2024 — Garret Murai - California Construction Law Blog
The Associated General Contractors of America has issued its 2024 Construction Outlook. According to its survey of construction contractors throughout the United States, contractors have a mixed outlook for 2024 with firms predicting transitions in the demand for projects, the types of challenges they will face and technologies they plan on embracing. According to the survey, contractors continue to cope with significant labor shortages, the impact of higher interest rates and input costs and a supply chain which, while better than in past few years, is still far from normal. Of the 17 categories of construction types included in the survey, respondents expected a net positive growth in 14 of those categories, with infrastructure projects leading the net positive readings following the passage of the Infrastructure Bill in 2021, and commercial retail and office leading the net negative readings as a result of the continuing office-geddon: Read the court decision
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Reprinted courtesy of Garret Murai, Nomos LLP
Mr. Murai may be contacted at gmurai@nomosllp.com

ARUP, Rethinking Green Infrastructure

April 08, 2014 — Beverley BevenFlorez-CDJ STAFF
ARUP claims to have rethought green infrastructure, according to their website. Their Cities Alive project “shows how the creation of a linked ‘city ecosystem’ that encompasses parks and open spaces; urban trees, streets, squares; woodland and waterways can help create healthier, safer and more prosperous cities.” “[G]reen is the new gold,” Garrett Marai said on his California Construction Law blog post that discussed the Cities Alive project. “As well as LEED bronze, silver and platinum.” ARUP is “an independent firm of designers, planners, engineers, consultants and technical specialists.” Read the full story, ARUP Cities Alive... Read the full story, CA Construction Law Blog... Read the court decision
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Brazil Congress Chiefs Deny Wrongdoing in Petrobras Scandal

March 12, 2015 — Raymond Colitt, Anna Edgerton and Sabrina Valle – Bloomberg
(Bloomberg) -- Brazil’s congressional heads denied involvement in the country’s largest corruption scandal after being named among dozens of politicians for investigation. Renan Calheiros and Eduardo Cunha, the heads of the Senate and lower house respectively, and Rio de Janeiro Senator Lindbergh Farias all rejected allegations of graft in the kickback scheme dubbed Carwash. Farias told the Folha de Sao Paulo newspaper in an interview published Sunday that while he may have acted improperly, his actions weren’t illegal. The senator said he took a 2 million real-donation ($650,000) from Andrade Gutierrez SA, a Rio-based construction company. Reprinted courtesy of Bloomberg reporters Raymond Colitt, Anna Edgerton and Sabrina Valle Mr. Colitt may be contacted at rcolitt@bloomberg.net Ms. Edgerton may be contacted at aedgerton@bloomberg.net Ms. Valle may be contacted at svalle@bloomberg.net Read the court decision
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Suing the Lowest Bidder on Public Construction Projects

September 17, 2015 — Craig Martin – Construction Contractor Advisor
The California Court of Appeals has allowed the second lowest bidders on public construction projects to sue the lowest bidder where it appears that the lowest bidder was only the lowest because it paid its employees less than the established prevailing wage. This is a novel theory for recovery, but may provide for an opportunity to challenge improperly low bids. Background Between 2009 and 2012, American Asphalt outbid two asphalt companies on 23 public works projects, totaling nearly $15 million. The two asphalt companies sued American Asphalt alleging that they were the second lowest bidder all 23 construction projects and they would have been the lowest had American Asphalt paid its employees the required prevailing wage. Importantly, the municipality awarding the contracts was not sued by the second lowest bidders. Instead, the second lowest bidders alleged that American Asphalt intentionally interfered with a business expectancy and sought damages from American Asphalt, specifically the profit that they lost by not performing these contracts. Read the court decision
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Reprinted courtesy of Craig Martin, Lamson, Dugan and Murray, LLP
Mr. Martin may be contacted at cmartin@ldmlaw.com

Kushner Company Files Suit Against Jersey City Over Delays to Planned Towers

July 10, 2018 — Associated Press - Engineering News-Record
JERSEY CITY, N.J. (AP) — Jared Kushner's family company has filed a lawsuit against a New Jersey city, saying it forced the delay of a major twin-tower project due to "political animus" toward President Donald Trump. Read the court decision
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Reprinted courtesy of Engineering News-Record
ENR staff may be contacted at ENR.com@bnpmedia.com

Beam Cracks Cause Closure of San Francisco’s New $2B Transit Center

October 09, 2018 — David Suggs – Bert L. Howe & Associates, Inc.
After two billion dollars and two decades, San Francisco’s newest transportation hub opened on August 11th of this year only to be closed a month later, on September 25th, after a cracked beam was discovered, according to The Real Deal. Later, workers found an additional, though smaller, crack in another beam parallel to the first. The Real Deal described the crack in the first beam: “The Transbay Joint Powers Authority (TJPA) – which built and now operates the center – said the tear was 2.5 feet long and 4.5 inches deep on a 60-foot beam that holds a 5.4-acre rooftop park above a bus deck.” Steel supports are now being installed to reduce the pressure on the beams. While officials have not discovered the cause of the problem, The Real Deal reported several possibilities, including “fabrication problems, installation error, too much weight, or an issue in the initial design.” Read the court decision
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CAMBRIDGE MASSACHUSETTS BUILDING EXPERT DIRECTORY AND CAPABILITIES