MBA elects new chairperson
Robert Story, Jr., has been elected the new chairperson for the Mortgage Bankers Association, according to an MBA release sent today. Story, who serves as the president and CEO of the Seattle Financial Group, reportedly plans to focus on the group’s regulatory goals, encouraging a uniform national lending standard to “eliminate the patchwork of state and local laws,” the release said. Story will serve for the 2009-2010 membership year. Michael Young, chairperson of the board at Cenlar FSB, was named MBA’s new vice chairman.
Development group closes Union City purchase
Real estate development and investment group Vanick Hudson has closed its purchase of 3411 Park Avenue in Union City, NJ. The purchase was part of a three-deal package, according to a press release sent from the group today, including retail, warehouse and residential properties. Vanick Hudson plans to build 176 condo units in the space.