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NYC Police Commissioner Edward Caban will step down, source says
NEW YORK — New York City Police Commissioner Edward Caban will step down Thursday after federal agents raided the homes of Mayor Eric Adams’ inner circle last week, a highly placed police source tells CBS News New York’s Marcia Kramer.
City Hall officials are expected to hold a briefing at 12 p.m. Watch it live on CBS News New York.
The news comes less than a week after U.S. attorneys seized cellphones from the police commissioner and his twin brother, as well as the schools chancellor and two deputy mayors.
A Bronx night club owned by Caban’s twin, James Caban, was also closed by city marshals. Sources say James Caban allegedly worked as a “fixer” for restaurants and nightclubs, smoothing things over between police and popular establishments around noise complaints and other violations.
Edward Caban was sworn in as New York City’s 46th police commissioner in July 2023. He took over for Keechant Sewell and became the first Latino to lead the department.
Earlier this week, the commissioner denied reports he would step down, and the mayor was grilled by reporters about his future with the department.
“Whatever new changes in the administration that will be made, when they come about, we will announce them,” Adams said Tuesday. “At this time, we’re going to continue to do the job that we’re doing in the New York City Police Department. No one does it better.”
Feds raid NYC Mayor Eric Adams’ inner circle
Sources tell CBS News New York in addition to the U.S. attorney issuing search warrants for cellphones belonging to Caban and other NYPD top brass, the feds also sent the department an evidence preservation letter, ordering it not to destroy any electronic files.
While that is typical protocol for investigations, sources say additional electronics were removed from the Verizon building near One Police Plaza, which houses the office of Deputy Mayor Philip Banks, one of several members of the mayor’s administration whose homes were raided last week.
Adams said he was not aware of any misdoings by the staff members, including Schools Chancellor David Banks and his fiancé, First Deputy Mayor Sheena Wright, as well as mayoral advisor Timothy Pearson.
Philip and David Banks are brothers, and their other brother, Terence, also had his home searched, his attorney told The Associated Press.
At this point, no one has been charged, and it’s still a mystery what exactly the feds are looking for.
The FBI and U.S. attorney have declined comment.
contributed to this report.
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Best mortgages for first-time homebuyers
Rising home prices and high mortgage rates haven’t made buying a home easy these last few years. In fact, with affordability such a challenge, it’s only made shopping around for a lender that much more important.
It’s true: Comparing lenders can make a big difference when it comes to price. According to Freddie Mac, getting just four different mortgage rate quotes can save you about $1,200 per year.
But rates aren’t the only thing you should think about when choosing a lender. Want to make sure you pick the best mortgage company for your needs? See below for some of the best lenders for first-time homebuyers currently on the market.
Lock in a low mortgage interest rate here today.
Best mortgages for first-time homebuyers
Here are the best mortgage lenders for first-time homebuyers, broken down into six categories:
Best for low down payments: Veterans United
Veterans United exclusively offers VA home loans — which means all its loans require zero down payment. Though you’re welcome to put some money down, VA loans are one of the few mortgage options with no down payment requirement.
There is a catch, though: You’ll need to be a current military member, veteran, or spouse of one to qualify. Certain service requirements must be met as well. If you can do it, though, you’ll save yourself money both upfront (on the down payment) and in the long haul, as VA loans tend to have lower interest rates than other loan options.
Learn more about Veterans United here now.
Best for good credit: US Bank
If you have decent credit, US Bank might be a good option for your mortgage. The lender offers conventional, FHA and VA loans, and its rates are some of the lowest of lenders we analyzed. You can also apply fully online and get valuable closing cost discounts if you use other US Bank services.
Best for low credit: Cardinal Financial
Cardinal Financial is a good option if your credit score is on the lower end. The lender allows for scores as low as 620 on conventional loans and 580 on FHA, VA, and USDA loans. There are also jumbo loans — if you’re buying in a high-priced market or eyeing a more expensive property — and construction loans for buyers looking to build their own homes from the ground up.
Best for no lender fees: Better.com
Most lenders charge a variety of fees for processing your mortgage. These might include an origination fee, application fee, underwriting fee, and more. With Better.com mortgages, you won’t see any of these charges. The online lender charges no lender-side fees for underwriting, servicing, or originating its mortgages. There are other typical closing costs, though.
Best for online borrowing: First Mortgage Direct
First Mortgage Direct is a fully digital mortgage lender that lets you manage your mortgage process from start to finish all on the web. You can get a rate quote online, fill out an application, submit your documentation, and even close digitally, too. The lender also offers many online resources to help you along the way — things like informative videos, calculators, articles and more.
Best overall: New American Funding
New American Funding has something for everyone: conventional loans, government-backed loans, jumbo loans, construction loans, non-QM loans and more. There are even loans with customizable terms and options that can turn you into an all-cash buyer to make you more competitive. The lender also has a 4.1-star rating with the Better Business Bureau and a 4.6-star rating on Trustpilot.
Always shop around
Whether you’re buying your first home or your fifth, shopping around for your mortgage is important. If you need help doing so, consider enlisting a mortgage broker. These professionals can shop around on your behalf, help you compare lenders and loan options and ensure you get the best rate.