Real Estate & Construction Updates

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CFPB Report Addresses Need for a Compliance Management System

The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices. HIGHLIGHTS: - The Consumer Financial Protection Bureau (CFPB) issued...more

The U.S. Supreme Court’s Decision in Texas Department of Housing & Community Affairs v. Inclusive Communities Project, Inc.

In Texas Department of Housing & Community Affairs v. Inclusive Communities Project, Inc., 576 U.S. ___, 2015 WL 2473449 (Jun. 25, 2015), the U.S. Supreme Court, in a 5-4 decision, held that disparate impact discrimination...more

Banks’ Motion to Dismiss Commerzbank RMBS Fraud Claims Granted

On June 18, 2015, Justice Marcy Friedman of the New York Supreme Court dismissed RMBS fraud claims brought by Commerzbank AG London Branch (“Commerzbank”) against UBS, Nomura Holdings Inc., Barclays Bank PLC, Citigroup and...more

New York Court of Appeals Provides Guidance on Deficiency Judgments

The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may seek a deficiency...more

Missouri Court: “Equivalent” Requires that Replacement Siding be Both Equal in Value and Virtually Identical

In December, we published a post about a Minnesota Supreme Court case that held that under a replacement cost policy, the phrase “comparable material and quality” meant that all of the siding on 20 buildings had to be...more

Deadlines for Pennsylvania Real Property Tax Appeals

In view of market conditions, now is a good time to review your company’s real estate portfolio to consider assessment appeals for tax year 2016. Deadlines for appeal in certain Pennsylvania counties follow:...more

Stripping Off Junior Mortgages Now Barred in Chapter 7 Bankruptcy Cases

The Supreme Court has unanimously decided that debtors are prohibited from stripping off junior mortgage liens in Chapter 7 bankruptcy cases. Lien stripping is where a bankruptcy court relieves a debtor of his second mortgage...more

Divided U.S. Supreme Court Holds Disparate Impact Claims Cognizable Under FHA, but Subject to Safeguards Against Abusive Disparate...

A sharply divided U.S. Supreme Court announced its decision in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc., on June 25, 2015, holding that disparate impact claims are...more

NY State Estate Tax of Nonresident's LLC Determined by Entity Classification

The New York State Department of Taxation and Finance (the department) recently opined that a membership interest in a single-member LLC (SMLLC) owning a New York condominium is real property subject to New York State "estate...more

U.S. Supreme Court Finds Disparate Impact Claims Cognizable Under FHA

This case arose from a dispute regarding where housing for low-income persons should be constructed in Dallas, Texas—that is, whether low-income housing projects that received government tax credits should be built in the...more

An Air of Cooperation: The Residential Zero Net Energy Action Plan and its Implications for Local Governments and Agencies

The California Energy Efficiency Strategic Plan, first published by the California Public Utilities Commission in 2008 and updated in 2011, outlines California’s strategic goals to increase energy efficiency across myriad...more

CFPB Delays Implementation of TRID

On June 24, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to delay the effective date of the TILA-RESPA Integrated Disclosure Act, also known as the Know Before You Owe mortgage disclosure rule,...more

Supervisory Haiku-lights, Summer 2015

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer...more

Federal Agencies Finalize Flood Insurance Rules

Federal regulators have finalized a joint rule that amends regulations relating to loans secured by properties in special flood hazard areas. The final rule implements changes to the Flood Disaster Protection Act of 1973...more

Supreme Court Update: Texas Department Of Housing And Community Affairs V. The Inclusive Communities Project (13-1371) And Johnson...

A few hours ago, the gavel banged a close to October Term 2014, after the release of the final three decisions of the term—Glossip v. Gross (14-7955), holding that the use of a particular drug in a three-drug execution...more

Virginia Commercial Real Estate Bills – Effective July 1, 2015

Sands Anderson’s Commercial Real Estate Team followed the 2015 Virginia legislative session for bills related to the real estate industry. Below is our selection of the top five we felt you would find most relevant to your...more

Questions and Answers About Nonconforming Uses Under Pennsylvania Zoning Law

A nonconforming use may continue, and a nonconforming structure may stand, despite their current status of being in violation of a zoning ordinance. What is a nonconforming use? A nonconforming use is a land use...more

U.S. Supreme Court Decides Fair Housing Act Allows Disparate-Impact Claims

On June 25th, the U.S. Supreme Court issued its opinion in Texas Department of Housing and Community Affairs, et al. v. Inclusive Communities Project, Inc., et al., holding that disparate-impact claims are cognizable under...more

U.S. Supreme Court Holds Disparate Impact Claims Can Be Brought under Fair Housing Act

In Texas Dept. of Housing and Community Affairs v. Inclusive Communities Project, Inc., decided on June 25, 2015, the United States Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act....more

Supreme Court Upholds Disparate Impact: What are the Practical Consequences for Mortgage Lenders?

The Supreme Court has held that disparate impact claims are valid under the federal Fair Housing Act (the “FHA”). In essence, this means that liability under the FHA can be proven by showing discriminatory effects of...more

CFPB Publishes Eighth Edition of Supervisory Highlights

On June 23, the CFPB published its eighth edition of Supervisory Highlights, covering supervisory activities from January 2015 through April 2015. The latest edition identifies issues with dual-tracking at mortgage servicers...more

Fair Housing Disparate Impact Claims Survive SCOTUS Challenge

The U.S. Supreme Court has decided, 5 - 4, that the Fair Housing Act (FHA) permits the use of a major antidiscrimination tool, the legal theory of disparate impact. Texas Department of Housing and Community Affairs v. The...more

More Stringent "Significant Environmental Hazard" Reporting Requirements to Take Effect July 1, 2015

Despite recent lobbying by industry and other stakeholders for a postponement of its effective date, a law passed in 2013 (Public Act 13-308) will take effect on July 1, 2015 amending existing reporting requirements for...more

The Supreme Court Recognizes but Limits Disparate Impact in its Fair Housing Act Decision

On June 25, 2015, the Supreme Court, by a 5-4 margin, upheld the application of disparate impact under the Fair Housing Act (“FHA”) in Texas Department of Housing & Community Affairs v. The Inclusive Communities Project, Inc....more

Special Alert: Disparate Impact Under the Equal Credit Opportunity Act After Inclusive Communities

On June 25, the Supreme Court in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. held that disparate-impact claims are cognizable under the Fair Housing Act (FHA). The Court, in a 5-4...more

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