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the
financial
www.bankerandtradesman.com
WEEK OF MONDAY, NOVEMBER 16, 2015
services
and
real
estate
weekly
for
massachusetts
A Publication of The Warren Group SECOND WAVE
BY LAURA ALIX | BANKER & TRADESMAN STAFF
Q3 Q1
T
Act to Protect and Preserve Homeownership passed Nov. 2007
Q2 Q3 Q4 Q1
2007
Q2 Q3 Q4 Q1
2008
he cost of compliance may be driving merger activity among credit unions today, but acquiring institutions say those deals you see in the headlines are less about acquisitive strategy and more about perpetuating a 100-year-old philosophy. Webster First Federal Credit Union in Worcester in May joined forces with Bostonbased Industrial Credit Union. Its acquisition of ICU gives Webster a solid foothold in the city of Boston and bumps it up to around $821 million in assets. Or consider the $1.5 billion Metro Credit Union’s acquisition of Malden City Employees Credit Union last month. That deal Continued on Page 8
= Auctions
= Petitions
Q2 Q4
2006
Industry Losing 300 Institutions Per Year
Q1
2005
Regs, Compliance Costs Drive CU M&A Activity
TRACKING A CRISIS
Q2 Q3
1,904
Q4
90-Day Right to Cure, May 2008
4,916
Majority Of New Foreclosures At Least Five Years Delinquent
Q1
Transit Drives Apartment Boom
BY JIM MORRISON BANKER & TRADESMAN STAFF
Q2
4,871
Q3 Q4 Ibañez ruling Jan. 2011
Q1
2011
C
Q3 Q1
BY STEVE ADAMS | BANKER & TRADESMAN STAFF
Q2
1,649
Q3
Bevilacqua ruling Oct. 2011
Q4 Q1
2012
Q2
3,400
Q3 Q4 Q1
2013
abot, Cabot & Forbes CEO Jay Doherty saw an opportunity to build a southern bookend to the 428-unit Atmark luxury apartment complex that his development company completed in 2013 near the MBTA’s Alewife station. This time Doherty focused on an industrial parcel across the street from Quincy Adams, the next-to-last station on the opposite end of the Red Line. Boston-based CC&F is building 180 apartments designed to appeal to young professionals with lower rents than downtown Boston and prime public transit access. Same strategy, different stop. “When I entered the business, Route 128 was America’s technology highway,” Doherty said. “Now it’s the Red Line.” Doherty and other multifamily developContinued on Page 9
Q2 Q4
2010
Developers Follow Red Line To Quincy
2009
CAR-FREE COMMUTES
Q2 Q3
Eaton ruling June 2012
Q4 CONTENTS By The Numbers ������������������������������������������������������� 6 In Person ������������������������������������������������������������������ 7
Q1
2014
Points ����������������������������������������������������������������������� 4
Residential ������������������������������������������������������������ 10 Classified Sections ������������������������������������������������� 13 Records Section ������������������������������������������������������ B1
2015
Commercial & Industrial ������������������������������������������ 9
Q2 Pinti ruling July 2015
Q3 Q4
Banking & Lending �������������������������������������������������� 8
MASS. FORECLOSURES CONTINUE TO CLIMB AS WINTER CLOSES IN
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D
espite a nationwide drop in foreclosures, Massachusetts’ rate continues double-digit growth, according to data from The Warren Group, publisher of Banker & Tradesman. Foreclosure attorneys blame the government, the government blames the banks and the banks blame mortgage companies – and while there’s no resolution on who is responsible, there may soon be a remedy for some of the titles caught in the fallout. Once upon a time – before the crash – a foreclosure in Massachusetts took about six months to move from petition to auction. In the midst of the crash, an Act to Protect and Preserve Homeownership was passed. One key provision of it – the 90-Day Right to Cure – took effect in May 2008. That and other factors caused the timeline for the first two steps in the state’s foreclosure process to balloon to more than two years. Post-crisis came a wave of case law and legislation; while the numbers of petitions filed declined sharply in 2012, by 2013, lenders sat out of the game almost entirely, waiting for resolution and guidance. That resolution occurred last year and this year, and the numbers of petitions are climbing again – but the process still takes about 15 months. The second quarter 2015 spike will come to auction just in time for next year’s spring market. Mark V. Cirignano of Resilient Investments buys, sells and rents foreclosed-upon properties and said the spike in foreclosures comes at a time of year he normally sees foreclosure activity slow down. He thinks recent court decisions like Pinti v. Emigrant Mortgage and others, which made it easier for homeowners to seek the reversal of their foreclosures, is making banks want to get those properties off Continued on Page 9
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