Real Estate & Construction Updates

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PA Property Tax Reassessment Update

Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment...more

CFPB Director Cordray Responds to Senator Corker Letter

The Consumer Financial Protection Bureau (CFPB) responded to a letter from Senator Bob Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated...more

Attention Home Improvement Contractors: CA Bill Singles Out Solar Contractors

California Assembly Bill 2699 (Gonzalez) is a bill to watch if you are a home improvement contractor that solarinstalls solar energy systems or, for that matter, a contractor in California. AB 2699 would, among other things,...more

El cielo es el límite

El cambiante paisaje urbano de Miami se prepara para su mayor mejora hasta el momento. Con la última decisión de la Administración Federal de Aviación de EE. UU. de permitir que los edificios alcancen una altura de 320 metros...more

Special Alert: CFPB Plans to Propose TRID Amendments in July

Director Cordray announced yesterday in a letter to industry trade groups that the CFPB has "begun drafting a Notice of Proposed Rulemaking (NPRM) on the Know Before You Owe Rule.” However, contrary to some reports, the...more

When is a Wrongful Foreclosure Case a “SLAPP”?

California’s anti-SLAPP statute (Code of Civil Procedure section 425.16) arms a defendant with an early method to challenge a lawsuit known as a “SLAPP” — a Strategic Lawsuit Against Public Participation. SLAPPs are...more

Industry trade groups’ renewed challenge to HUD disparate impact rule could yield helpful precedent for ECOA cases

The D.C. district court recently granted two industry trade associations whose members sell homeowners insurance leave to file an amended complaint in their lawsuit challenging the Fair Housing Act (FHA) disparate impact rule...more

Florida Regulators Approve Policy Language Aimed at Limiting “Assignments of Benefits” Claim Practice

Insurance companies that write property risks in Florida are getting in line to request approval from the Office of Insurance Regulation (OIR) for two key policy revisions intended to control losses from a water damage...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

Homeowners Cannot Recover for Blocked Views of Hollywood Sign

One of the most valuable assets many homeowners enjoy is their property’s view. If the government undertakes an activity that eliminates or obstructs that view, is an owner entitled to relief? In Boxer v. City of Beverly...more

CFPB To Reopen TRID Rulemaking

In a letter dated April 28, 2016, addressed to Industry Trades and their Members and signed by Director Cordray, the CFPB announced its intention to reopen the rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule....more

“Production in Paying Quantities”: Louisiana Appellate Court Decides When and What Should be Considered in Determination

The Louisiana Second Circuit Court of Appeal, in Middleton, et al. v. EP Energy E&P Company, L.P., et al., concluded that, in considering whether mineral leases terminated for failure to produce in paying quantities, a fact...more

Tax and Non-Tax Reasons to be Cautious about “Bad Boy Nonrecourse Carve-out Guarantees” - IRS Backtracks on Recent Conclusion that...

On April 15, 2016 the IRS reversed its controversial position that bad boy guarantees may convert nonrecourse debt into recourse debt. General Legal Advice Memorandum Number AM2016-001 released April 15, 2016 effectively...more

CFPB Reopens Comment Period on Proposed Amendments to Servicing Rules

On April 21, 2016, the CFPB reopened the comment period on a narrow portion of its December 15, 2014 notice of proposed rulemaking (the “NPR”), which would amend the mortgage servicing rules in Regulation X and Regulation Z....more

Developer Control of Homeowner Associations Could Diminish in South Carolina

State Committee at work; legislation pending - The South Carolina 2015-2016 Appropriation Act established the "South Carolina Committee on Homeowners Associations." Thirteen individuals, consisting of lawmakers,...more

Are long-term leases that are not in registrable form in breach of the Planning Act (cap 232)? - A case study of Golden Village...

Under the Planning Act (Cap 232), leases of certain tenure (taking into consideration their renewal terms, if any) may constitute a subdivision for which subdivision permission is required. This issue was considered and...more

CFPB April 2016 complaint report highlights mortgage complaints, complaints from California consumers

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011....more

Top 10 Financial Institution Considerations for 2016: #7 – Loan Originator Compensation

In our initial article announcing our top 10 considerations for financial institutions in 2016, our seventh consideration was loan originator compensation. This is just one of a few areas the CFPB has specifically identified...more

CFPB Director Cordray Responds to Senator Corker Letter

The CFPB responded to a letter from Senator Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated Disclosure (TRID) rule and possible...more

Real Property & Title Insurance Update: Weeks Ending April 15 & 22, 2016

REAL PROPERTY UPDATE - - Foreclosure/Standing: original allonge is part of original note and must be filed to prove standing; assignment of mortgage that did not assign note insufficient to establish standing to...more

Eleventh Circuit Affirms Jury Verdict Against Mortgage Servicer for Extreme and Outrageous Conduct

Following the Eleventh Circuit’s decision last month in McGinnis v. American Home Mortgage Servicing, Inc., No. 14-13404, mortgage servicers should be aware that failing to recognize and correct miscalculations of a...more

AOL, Dropbox and the Big “uh-oh”

A New York couple brought suit against their former law firm because it used an America Online account to transact firm business. If you are my age you probably remember that AOL and “You’ve got mail!” were the future—back...more

Professional negligence: conveyancers on both sides of a property purchase found liable to a defrauded buyer

In Purrunsing v. A'Court & Co (a firm) and House Owners Conveyancers Limited (2016) EWHC 789 (Ch) Judge Pelling QC in the Chancery Division of the High Court held that both the buyer's and seller's conveyancing solicitors...more

Illinois AG Settles with New York Investment Bank Over RMBS Practices

Last week, Illinois AG Madigan announced a $41 million settlement with a New York-based investment bank for its alleged misconduct in connection with the marketing and selling of at risk residential mortgage-backed securities...more

Colorado Court Decision Creates Uncertainty for Development Using Metro District Public Financing

On April 21, 2016, the Colorado Court of Appeals issued a decision related to the Landmark project in Greenwood Village (Landmark Towers Association v. UMB Bank, hereinafter “Marin”). The decision calls into question the...more

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