It sure looked like a good deal at the time. A nonprofit developer promised to spend millions renovating three rotting apartment complexes in some of the most blighted neighborhoods of Southeast Washington. It would be one of the largest redevelopment projects in years east of the Anacostia River, helping dozens of low-income renters suffering through roof leaks and winters without heat. In late 2007, then-Mayor Adrian Fenty sent a letter to the D.C. Council touting the developer’s experience, construction team and financing. The council swiftly approved the deal, lending $3.5 million in federal funds to help pay for the renovation of 98 units priced for the poor. Read full article > >

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Speculators score, District loses in affordable-housing deal

Swiss banking giant UBS says it is being investigated by US regulators for allegedly manipulating the interbank lending rate Libor.

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UBS investigated by US regulators

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