New York

A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York’s Upper West Side and Harlem filed for bankruptcy.

Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.

Gov. Andrew M. Cuomo on Monday announced he will extend the eviction moratorium — set to expire Oct. 1 — to next year, continuing protections for tenants as well as homeowners who have been unable to pay rent and mortgage during the public health crisis.

Brookfield Property Partners, in a JV with Qatar's sovereign wealth fund, is securitizing a commercial mortgage for the newly constructed, 70-story tower near New York's revitalized Hudson Yards district.

One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners.

An indefinite closure of New York retail businesses during the COVID-19 pandemic added credit pressure on revenue bonds issued for the state’s largest mall.

The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

State and federal authorities say the network of firms in upstate New York sought debts that consumers weren't obligated to pay and impersonated government officials, among other things.

The Department of Financial Services has created a statewide financial protection division focused on corporate compliance and consumer issues, in line with steps taken by New Jersey and Pennsylvania.