Real Estate & Construction Updates

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Payments to Investors in a Securitization Structure Protected from Avoidance

In what appears to be a matter of first impression, the U.S. Bankruptcy Court for the Northern District of Illinois recently held that payments made to investors in a two tiered securitization structure commonly employed in...more

New Jersey Court Applies Continuous Trigger Theory and Finds That No Coverage Is Available Because Damage Manifested Prior to...

In Cypress Point Condo. Ass’n. v. Selective Way Ins. Co., 2015 N.J. Super. Unpub. LEXIS 721 (March 30, 2015), the New Jersey Law Division dismissed a declaratory judgment action filed against an insurer for a framing...more

Supreme Court of Texas Examines an Anti-Concurrent Causation Clause for the First Time

In JAW The Pointe, L.L.C. v. Lexington Ins. Co., 2015 Tex. LEXIS 343 (Tex. Apr. 24, 2015), the Supreme Court of Texas had occasion to consider an insurance clause that federal courts and lower courts of appeals have...more

Insurance – Property Casualty – Vandalism Exclusion

Hung Van Ong v. Fire Insurance Exchange - Court of Appeal, Second Appellate District (April 3, 2015) - California’s standard form for fire insurance policies (Insurance Code section 2071) requires coverage for...more

In case you missed it … Recent HUD notices

Over the past month, HUD has published a number of administrative notices that cover a variety of matters for housing providers, particular for PHAs and others who administer project-based Section 8 assistance. Below is a...more

It Ain’t Over Till it’s Over. Why Project Completion in California Isn’t as Straightforward as You Think

Why “Completion” is Important in California - In California, project “completion,” is important not only for getting paid, but for also understanding the deadlines associated with California’s statutory construction...more

Foreclosure Attempt Blocked? What You Should Know Before the Clock Hits Zero

Just when you thought we were out of the housing crisis weeds of ’07—think again.  Apparently when an abundance of people buy homes they can’t afford and predictably fall behind on their payments, the judicial foreclosure...more

June Expiration of Select New York City Residential and Commercial Incentive Programs

Four major New York City based incentives programs for residential and commercial property owners and tenants are scheduled to sunset in June. Depending on individual circumstances, there may be an opportunity to vest...more

Construction Defects – Settlement Agreement Bars a Later Suit for Latent Defects

David Belasco v. Gary Loren Wells, et al. - Court of Appeal, Second Appellate District (February 17, 2015) - In 2004, David Belasco (“Belasco”) bought a home from general contractor/builder Gary Wells (“Wells”)....more

NY Proposes New Title Insurance Regulations To Help Reduce Closing Costs

On April 29, New York Governor Andrew Cuomo unveiled new title insurance regulations aimed at reducing title insurance closing costs of up to 20 percent for new homebuyers by eliminating kickbacks and other improper...more

New REIT Bill Coming?

In late April, Senator Orrin Hatch introduced Senate bill 915, the Real Estate Investment and Jobs Act of 2015. When a foreign person invests in property in the U.S., that person is subject to U.S. tax when he/she/it...more

FHA Revises Single-Family Housing Policy HandBook, Extends Effective Dates

On April 30, the FHA announced revisions to its Single Family Housing Policy HandBook (HandBook) and extended the effective date for various policies contained within from June 15 to September 14, 2015....more

CFPB Ups the Ante in RESPA Crackdowns

On April 29, 2015, the CFPB, in conjunction with the Maryland Attorney General, filed six proposed consent orders—five of which are against individual defendants—in its latest RESPA enforcement action. The Bureau alleges that...more

CFPB Goes Public and Steps Up Enforcement Activity

The Consumer Financial Protection Bureau (CFPB) recently announced what may be its boldest move yet: a $63 million enforcement action in coordination with the Federal Trade Commission (FTC) against Minnesota-based mortgage...more

New York City Building Owners Granted One-Time Amnesty of Façade Inspection Safety Program

Under Local Law 11 (LL11), the New York City Department of Buildings requires owners of buildings that are six stories or greater to have exterior walls inspected once every five years. Commonly referred to as FISP (Façade...more

Nevada Supreme Court holds that Voluntary Payment Doctrine Prohibits a Party from Recovering Amounts Wrongly Paid to Homeowner’s...

On September 30,2014, we posted “Lenders Beware: the Nevada Supreme Court Holds that Foreclosures of Homeowner’s Association Liens May Extinguish First Priority Deeds of Trust” which discussed the recent decision of SFR...more

Proposed MLA expansion cleared to move forward

Last week, the House Armed Services Committee removed language from the draft Fiscal Year 2016 National Defense Authorization Act that would have delayed the finalization of rules proposed by the Department of Defense that...more

CFPB and FTC Announce Settlement with National Mortgage Servicing Company

On April 21, the CFPB and the FTC announced a joint enforcement action against a national mortgage servicing company, ordering the company to pay roughly $63 million in relief and penalties for allegedly mishandling home...more

Don’t Forget Your Corporate Formalities … It’ll Cost You

Many individuals believe that it is easy to protect themselves in starting a business by simply setting up a new corporation or LLC. But it is important that shareholders or members abide by corporate formalities. Even the...more

Servicer Foreclosing in Own Name Must Establish Standing and Ratification by Real Party in Interest

In Russell v. Aurora Loan Services, LLC, 40 Fla. L. Weekly D967a (Fla. 2d DCA Apr. 24, 2015), Florida’s Second District Court of Appeal added to the emerging line of case law regarding the proof required to establish standing...more

The District of Columbia Adopts the NMLS Uniform Authorized Agent Reporting (UAAR)

The District of Columbia Department of Insurance, Securities and Banking has begun using the Uniform Authorized Agent Reporting (UAAR) process of the Nationwide Mortgage Licensing System & Registry (NMLS) to satisfy agent...more

FHFA: G-Fees to Remain at Current Levels

On April 17, FHFA released the results of its Fannie Mae and Freddie Mac Guarantee Fee Review. The FHFA’s review considered the public responses to its June 2014 request for input, and according to the agency’s fact sheet,...more

Seventh Circuit Clarifies “Date of Receipt” of Online Mortgage Payment

In a recent putative class action by borrowers against a mortgage servicer alleging violations of the Truth in Lending Act (“TILA”), the Seventh Circuit Court of Appeals found that mortgage servicers must credit electronic...more

California Court Explains the Interrelationship Between the Resolution of Necessity and Project in the Manner Proposed in an...

One of the issues often disputed between public agencies and property owners in eminent domain actions is the assessment of severance damages, and in particular, whether damages should be based upon (i) the terms of the...more

Gavel to Gavel: Creative Compliance

The Dodd-Frank Wall Street Reform and Consumer Protection Act, together with subsequent Consumer Financial Protection Bureau regulations, has established a responsibility for lenders to determine and document a borrower’s...more

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