Both the Government Accountability Office and a congressional panel conclude that the Treasury distributed funds to banks from its $700 billion rescue package without any way to monitor their use. [WSJ] Bloomberg orders more budget cuts, this time a 7 percent, or $1.4 billion, trimming to begin July 2010. [City Room] Though delinquencies on commercial mortgages rose 10 points ...

DOB lifts a stop work order and the Hotel Chelsea gets to work renovating (i.e. demolishing) Bob Dylan’s former apartment. [Curbed] A primo Park Slope brownstone goes condo. [Brownstoner via Curbed] Since they work on commission, brokers often stand to lose the most cash when real estate deals for pricey properties fall through at the last moment. Just ...