Real Estate & Construction Updates

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Indiana Property Tax Rulings: Charitable Purpose Exemption For Rented Home And Duplex; Taxpayers Prevail With USPAP Appraisal,...

The following summaries of final determinations by the Indiana Board of Tax Review from the first half of 2014 were prepared by Noeli E. Serna, a 2014 summer associate at Faegre Baker Daniels who will be entering her second...more

Freddie Mac Implements FinCEN AML Rules, Updates Other Selling And Servicing Policies

On August 14, Freddie Mac issued Bulletin 2014-15, which reminds seller/servicers subject to the AML requirements of the BSA that they are expected to maintain an AML compliance program and are required to report to Freddie...more

HUD Notice has potential to encourage broad PHA renewable energy rollout

Housing authorities that are seeking alternate energy sources or new funding streams will be particularly interested in HUD’s latest PIH notice. It ushers in a number of programmatic changes in an effort to increase the use...more

Infobytes Special Alert: CFPB Bulletin Re-Emphasizes Focus On Mortgage Servicing Transfers

On August 19, 2014, the CFPB issued Bulletin 2014-01 to address “potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.” The bulletin, which is the latest in a...more

A New Case On Standing to Foreclose

Legal standing to foreclose a note and mortgage continues to be an issue that frustrates plaintiffs and delights defense counsel. Florida courts have consistently held that standing must exist when the lawsuit is filed and...more

Are Airbnb Hosts Regulated by the CPSC? Short-Term Rental Properties May Require Compliance with Pool & Spa Safety Laws

In the wake of the tragic drowning of Virginia Graeme Baker, granddaughter of former Secretary of State James Baker, Congress passed and President Bush signed into law the Virginia Graeme Baker Pool and Spa Safety Act. The...more

New retainage law goes into effect November 6

Massachusetts enacted a new retainage law that will require owners, prime contractors and subcontractors to pay retainage according to the law’s terms on a construction contract if... ...more

A Little Bit Country: Road Access and Cottage Ownership

Cottage ownership is a dream for many Canadians. The idea of a remote getaway where one can leave behind the stresses of the work week for a quiet, peaceful weekend with the family appeals greatly to many. However, reaching...more

CFPB Revises Mortgage Servicing Transfer Guidance

The CFPB believes there are potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB has stated its concern in this area remains heightened due to the...more

Texas Federal Court Upholds HUD’s Suspension Of Mortgagee

On August 5, the U.S. District Court for the Southern District of Texas held that HUD’s decisions to immediately suspend a HUD mortgagee and its CEO were not “arbitrary and capricious” and did not violate due process. Allied...more

Are we seeing the return of Single-Family Tax-Exempt Bond Financing?

Prior to 2009, housing finance agencies (HFAs) financed nearly all of their single-family mortgage loans with tax-exempt bond financings. Over the past five years as rates on conventional mortgage loans fell and remained at...more

Class Action Alleging Mortgage Kickback Captive Reinsurance Survives Dismissal Pending Discovery On Tolling Of Limitations

A court denied dismissal of a putative class action involving claims against Suntrust Bank subsidiaries and a captive reinsurer for an alleged illegal kickback scheme arising out of captive reinsurance covering Suntrust’s...more

Real Property, Financial Services & Title Insurance Update: August 2014 #1

Trial court erred in granting lender’s motion to vacate an order dismissing its foreclosure complaint for lack of prosecution without first giving borrower an opportunity to be heard at an evidentiary hearing. – Arcila v. BAC...more

HUD Notice Has Potential To Encourage Broad PHA Renewable Energy Rollout

In an effort to support President Obama's July 2013 Climate Action Plan, the U.S. Department of Housing and Urban Development (HUD) has issued Notice PIH-2014-18 (HA). The notice offers guidance on federal incentives for...more

What Happens if a Sheriff’s Deed is Transferred? Who Pays Association Assessments?

In a recent, unpublished opinion, the Michigan Court of Appeals held that the transfer of a purchaser's interest in property that was acquired through a sheriff's sale is not governed by Section 111 of the Condominium Act...more

Vermont: There is No Cause of Action for Negligence in Adjusting a Property Loss

Last week, the Vermont Supreme Court firmly rejected the notion that an insured can bring a cognizable claim for negligence against his or her carrier in connection with the inspection and handling of a first-party property...more

The Meth Business is Dangerous; (En)trust No One

For a landlord, it’s a bad day when your tenant gets busted for operating a meth lab, and the local authorities condemn your house because it’s contaminated with the byproducts of his business. It’s even worse when you learn...more

Caveat Venditor (Let the Seller Beware):Consumer Protection Laws Can Have Significant Implications

A decision by the District of Columbia Court of Appeals emphasizes the need for real estate developers to proceed with caution when making representations to potential home buyers in jurisdictions with consumer protection...more

Fair Housing Group Issues Annual Report

On August 13, the National Fair Housing Alliance (NFHA) published its annual fair housing report titled “Expanding Opportunity: Systemic Approaches to Fair Housing.” The paper summarizes 2013 fair housing enforcement actions...more

Bad Faith and the Costs of Ignoring a Court Order

You may recall from previous blog posts that the directors of an Ottawa condo corporation were held in contempt of court for violating a court order to restore landscaping to its original state following a construction...more

No RESPA Respite - Continued

The CFPB continues to crack down on basic RESPA violations. On August 12, 2014, the CFPB announced yet another Consent Order with alleged violations of RESPA. In this case, an on-line retail mortgage company, the company’s...more

Mortgage Enforcement: Dot Those “i”s and Cross Those “t”s – Or Else

A chapter 13 debtor objected to the portion of a mortgagee’s claim consisting of expenses related to foreclosure of its mortgage. She argued that since the mortgagee failed to comply with notice requirements under the...more

Fifth Circuit Holding Breathes Life Back Into the Contractual Liability Exclusion

Liability insurance policies typically exclude coverage for obligations arising out of the insured’s “assumption of liability in a contract or agreement.” Earlier this year, the Texas Supreme Court took a narrow view of this...more

Foreign Investors Still Stimulating Miami’s Real Estate Boom

Miami, once the poster child for the recent housing bubble and subsequent crash, now has the strongest housing market in the U.S. and is one of the exclusive high-end real estate “export” economies in the world. This...more

HUD Announces Disability Income Fair Housing Conciliation Agreement

On August 13, HUD announced that a nonbank mortgage lender agreed to pay $104,000 to resolve allegations that the lender’s underwriting practices resulted in discrimination against mortgage applicants who rely on disability...more

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