Real Estate & Construction

Was Chicken Little an Optimist?

by Andrew Caplan, Jonathan Jaffe, Kristie Kully, Eric Mitzenmacher, David Tallman | K&L Gates LLP on 5/24/2013

The Consumer Financial Protection Bureau (“CFPB”) issued a true game changer on January 10, 2013, with its Ability to Repay and Qualified Mortgage Rule (the “Final Rule” or the “Rule”). Some industry observers seem to...more

Stanislaus County Moving Forward with Claribel Road Project

by Bernadette Duran-Brown | Nossaman LLP on 5/24/2013

After two years of negotiating with residential property owners, the Stanislaus County Board of Supervisors approved acquisition of the property by eminent domain. The Modesto Bee reports that the board approved the...more

Real World - May 2013: Residential service charges – mixed news for landlords on statutory consultation

by Scott Curtis | Dechert LLP on 5/24/2013

The decisions in Phillips & Goddard v Francis and Daejan Investments Ltd v Benson cause further uncertainty in already muddied waters for landlords seeking to pass on the cost of works to residential tenants....more

Legal Alert: Holder of Deed Need Not Be Holder of Note to Foreclose, Georgia Supreme Court Rules

by Thomas Byrne, Greg Traylor | Sutherland Asbill & Brennan LLP on 5/24/2013

The Georgia Supreme Court held this week that the holder of a security deed need not also hold the underlying note to exercise the power of sale in accordance with the terms of the security deed. You v. JP Morgan Chase Bank,...more

Illinois Legislature and Court Clarifies Confusion on Mortgage Requirements after In re Crane

by Blake Schulman, Larry Woodard | Miller Canfield on 5/24/2013

A new Illinois law will close a loophole through which some mortgages could be subject to avoidance in bankruptcy. The loophole, created by U.S. Bankruptcy Court’s (C.D. Illinois) 2012 In re Crane opinion, allowed a...more

Real Estate Tip – On-Site Power Generation Part 2: Who Pays Fuel Tax on Your Natural Gas Honda Civic?

by Richard Smith | Bernstein Shur on 5/24/2013

Today’s tip expands the topic of on-site power generation. Instead of “going green” with renewable power, consider installing battery-buffered petroleum generators, natural gas generators or fuel cells to...more

CFPB’s Amendments To The “Escrows Final Rule” Seek To Maintain Consumer Protections Applicable To Higher-Priced Mortgage Loans And...

by Yesenia Garcia Perez | Foley & Lardner LLP on 5/23/2013

The Consumer Financial Protection Bureau (“CFPB”) recently issued a final rule clarifying the 2013 Escrows Final Rule issued by CFPB on January 10, 2013. The CFPB indicates that the clarifying and technical amendments to the...more

Florida Amends Judicial Foreclosure Procedures

by BuckleySandler LLP on 5/23/2013

On May 9, the Supreme Court of Florida adopted amendments to the state’s civil procedure rules governing judicial foreclosures. ...more

FTC Submits Financial Acts Enforcement Letter To CFPB

by BuckleySandler LLP on 5/23/2013

On May 14, the FTC released a letter it sent to the CFPB’s assistant directors for fair lending and supervision examinations describing activities related to the FTC’s administration and enforcement of the regulations...more

Unsuccessful Lawsuit By Condo Owner - The Cost Implications

by Barbara Holmes | Heenan Blaikie LLP on 5/23/2013

In a previous blog, we reported on a case, Harvey v. Elgin Condominium Corporation No. 3, where an unhappy unit owner sued the Corporation for various alleged infractions relating to the replacement of existing wooden decks,...more

CEQA Litigation: The Cost Of Doing Business In California

by Peter Bauman - Senior Associate at Tharpe &... on 5/23/2013

There has been a lot of news lately on the costs of CEQA litigation, as well as the potential for the statute to be used as a tool to stop development, good or bad, or exact concessions or pay-offs. What is CEQA? CEQA, or...more

Financeable Ground Leases – They’re Not Just for Development Sites Anymore

by Marc Intriligator | Cozen O'Connor on 5/23/2013

In years past, ground leases were used primarily as vehicles for the development or redevelopment of “stand alone” real estate. The fee owner – typically an investment group that purchased an income property years ago and now...more

Two Very Good Reasons To Visit The Department’s Website

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/23/2013

When I joined the Department of Corporations, it had no website. I remember reviewing possible designs for a site. Now, it seems hard to imagine that there was a time when state agencies didn’t have websites. Today, the...more

Financial Services Bulletin: Action At The CFPB

by Perkins Coie on 5/23/2013

The CFPB amends its Escrow Requirements Under the Truth in Lending Act Rule - On Thursday, May 16, 2013, the Consumer Financial Protection Bureau (the "CFPB") adopted clarifying and technical amendments to its Escrow...more

Are You Renovating? Then Hold Back 10% of Construction Invoices!

by Matthew J. Wilson | Lerners LLP on 5/22/2013

If you are renovating your existing property, it is important to understand your obligations under the Construction Lien Act. This legislation creates a “pyramid”, with the home-owner at the top. The renovator takes the next...more

TILA Prohibition on Mandatory Arbitration Provisions in Mortgage Agreements Takes Effect June 1, 2013

by Loeb & Loeb LLP on 5/22/2013

The Consumer Financial Protection Bureau has enacted a new rule that will prohibit the inclusion of mandatory arbitration provisions and waivers of federal statutory causes of action in consumer mortgage and home equity loan...more

Five-Day Extension For Mailing Applies To Deadline To File Timely Cost Bill

by David J. McMahon | Barger & Wolen on 5/22/2013

In Nevis Homes LLC v. CW Roofing Inc., 2013 DJDAR 6187(2013) the California Court of Appeal for the Second Appellate District decided a procedural issue pertaining filing a memorandum of costs. The court clarified the rules...more

Florida to Government: Your Lien Doesn't Foreclose This Old Mortgage

by Michael Starks, Sarah-Nell Walsh | Baker, Donelson, Bearman, Caldwell &... on 5/22/2013

The Florida Supreme Court has ruled that cities cannot create ordinances that subject prior recorded mortgages to their subsequently recorded county or governmental liens, because it conflicts with Florida's state statutes on...more

Georgia's Long-Awaited Ruling Finds in Favor of Lenders

by Joseph "Jay" Buller, Jonathan Green, Dylan Howard, Scott Michalove | Baker, Donelson, Bearman, Caldwell &... on 5/22/2013

Today, the Georgia Supreme Court, in You v. JP Morgan Chase Bank, N.A. et al., S13Q0040, held that the assignee of a security deed can conduct a non-judicial foreclosure sale without holding or owning the underlying...more

Commercial and Residential Developers, Builders and Landlords Face New Storm Water Regulations

by Kathryn Horning | Allen Matkins Leck Gamble Mallory & Natsis... on 5/22/2013

On May 8, 2013, the San Diego Regional Water Quality Control Board approved a new municipal separate storm sewer system (MS4) permit that will have far-reaching impacts on both new development projects and existing facilities...more

Trustee Empowered To Void Foreclosure Sale Where Error Discovered Before Delivery Of Trustee’s Deed

by Tara C. Narayanan | Miller Starr Regalia on 5/22/2013

California’s Supreme Court affirmed a trustee’s right to void a non-judicial foreclosure sale based on mistakes in the foreclosure process discovered before delivery of a trustee’s deed to the successful bidder. ...more

Freddie Mac Allows Early Streamlined Modifications; Fannie Mae Issues Streamlined Modification FAQs

by BuckleySandler LLP on 5/22/2013

On May 13, Freddie Mac announced in Bulletin Number 2013-7 that servicers can immediately begin offering modifications under the streamlined modifications initiative announced by the FHFA in March....more

Weekly Law Resume - May 16, 2013: Insurance Coverage – Duty to Defend – Vacant Property

by David L. Blinn | Low, Ball & Lynch on 5/22/2013

Travelers Property Cas. Co. of America v. Superior Court of California, County of Los Angeles - Court of Appeal, Second District (April 17, 2013) - Most insurers do not like to insure empty buildings. Consequently,...more

CFPB settles RESPA enforcement action involving affiliated business arrangements

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 5/21/2013

The CFPB has announced the settlement of an enforcement action in which it was alleged that two affiliated business arrangements (ABAs) violated Section 8 of the Real Estate Settlement Procedures Act....more

CFPB finalizes mortgage escrow rule amendments and list of “rural” or “underserved counties” and issues videos on mortgage rules