Real Estate & Construction Updates

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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

Why Your Property Management Business Needs a Lawyer

A wise move when performing regular commercial transactions with members of the public is to organize or incorporate that business to limit one’s personal liability in the event problems occur. ...more

Tennessee Court of Appeals Determines Homeowners’ Action Against Contractor Barred by Statute of Repose

In Hayes v. Coopertown’s Mastersweep, Inc. 2015 Tenn. App. LEXIS 2224 (Tenn. Ct. App. 2015), plaintiff homeowners contracted with defendant Mastersweep to inspect the home’s fireplace due to consistent “smoke trouble.”...more

Mortgage Lenders Should Timely Consider Protection Afforded by Closing Protection Letters

Mortgage lenders and servicers frequently consider potential indemnity due under finally issued lender’s title insurance policies and strive to submit timely claims when a covered defect arises. These same parties should also...more

Agencies Issue Final Rule on Minimum Requirements for Appraisal Management Companies

Six federal financial regulatory issued a final rule that implements minimum requirements for state registration and supervision of appraisal management companies, or AMCs. An AMC is an entity that provides appraisal...more

CFPB Issues Final Rule on Homeownership Counseling Requirements

The CFPB has issued a final rule to assist lender compliance with RESPA and TILA homeownership counseling requirements. Under RESPA, a lender must provide applicants for a federally related mortgage loan with a list of...more

Thousands of applicants are willing to accept NYC “Poor Door” building

The Housing Plus Blog has previously reported on the “Poor Door” controversy on August 14, 2014 and September 3, 2014. The New York Times reported on April 20, 2015 that 88,000 people applied for the 55 units located in the...more

HUD Announces Changes to Distressed Asset Stabilization Program

On April 24, the U.S. Department of Housing and Urban Development changed its Distressed Asset Stabilization Program to require loan servicers to wait one-year before initiating a foreclosure action....more

FHFA Announces Fannie and Freddie’s Revised Requirements for Private Mortgage Insurances Companies

On April 17, the FHFA announced that Fannie and Freddie have revised the requirements for private mortgage insurance companies insuring mortgage loans that Fannie and Freddie either own or guarantee. By setting financial and...more

CFPB Remains Noncommittal Regarding Restrained Enforcement Period for TILA/RESPA Integrated Disclosures Rule

The TILA/RESPA integrated disclosures (TRID) rule issued by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect on August 1, 2015. ...more

Illinois Supreme Court Appears Skeptical of Wrongful Death Claim Arising From Suicide

Earlier this month, the Illinois Supreme Court heard oral arguments in Turcios v. The DeBruler Company. Turcios poses a simple question: can a plaintiff state a claim for wrongful death arising from a suicide? Our detailed...more

The Stormwater Mess Continues in Massachusetts: CLF and CRWA Sue EPA

In February, we noted that the Conservation Law Foundation and the Charles River Watershed Association had threatened to sue EPA for failing to require that “commercial, industrial, institutional, and high density residential...more

CFPB issues 2014 fair lending report

The CFPB has issued a fair lending report covering its fair lending activities during 2014. The report states that in 2014, CFPB fair lending supervisory and public enforcement actions required institutions to provide...more

2015 Update of Arizona's Anti-Deficiency Laws

Deadline for seeking deficiency. Section 33-814(A) of the Arizona Revised Statutes allows a foreclosing creditor (the "beneficiary"), within 90 days after the date of a trustee's sale, to commence an action to recover a...more

The Big and Small Implications in Perez v. Mortgage Bankers Association

There are two important takeaways from Perez v. Mortgage Bankers Association, one with a broad scope and the other much narrower. The broader ruling exempts agency interpretations of laws and regulations from any notice and...more

California Supreme Court Hears Oral Argument Over City’s Inclusionary Housing Set-Aside

On April 8, 2015, the California Supreme Court heard oral argument in California Building Industry Association v. City of San Jose (Affordable Housing Network of Santa Clara County et al.), S212072, a case with statewide...more

For Sale: By Owner – What you need to Know about Selling and Purchasing a Home Marketed "By Owner"

With Orlando’s fast-growing economy and projects such as the Creative Village in downtown Orlando and the Medical City in Lake Nona, Orlando has earned the ninth spot on Forbes’ list of “Fastest Growing Cities.” Clearly,...more

Clarifying the Meaning of “Fair Market Value” in Deficiency Suits

Section 51.003 of the Texas Property Code entitles borrowers to an offset against deficiency judgments in the amount the property’s fair market value, if, on the date of foreclosure, the fair market value exceeds the...more

Construction Defect Reform Bill Defeated

Senate Bill 15-177, a bill introduced to reform Colorado’s construction defect litigation process, was defeated in a House of Representatives Committee on April 28, 2015 without being presented for a full vote in the House....more

Smelly Cat – Closely-Divided New Hampshire Supreme Court Addresses Whether Cat Urine Is a Pollutant

Last Friday, New Hampshire’s highest court unanimously held that the pungent aroma of cat urine could constitute physical loss or damage under a property policy. In Mellin v. Northern Security Ins. Co., 2015 WL 1869572, 2015...more

Pros and Cons of Preferred Equity Investments

Real estate owners and developers have been increasingly turning toward preferred equity structures and investments in order to raise much needed capital for the purchase, renovation and development of real property where...more

Foreclosure Sales: When Is the “Deed” Done?

In re Betchan, 524 B.R. 830 (Bankr. E.D. Wash. 2015) – A mortgagee was the highest bidder at a foreclosure sale that took place shortly before the debtor filed bankruptcy. The lender requested relief from the...more

Challenge to Trustee’s Standing to Foreclose Dismissed as Moot after Loan Modification

In Matt v. HSBC Bank USA, N.A., the U.S. Court of Appeals for the First Circuit dismissed as moot a borrower’s claims that HSBC as Trustee for the investor lacked authority to act under the terms of the mortgage....more

2014 Reports Forecast Regulatory Compliance Challenges for Licensed Financial Services Companies

Mortgage companies and other financial services entities should carefully heed messages provided by their regulatory agencies in three recently released reports. Specifically, on April 27, 2015, three working groups comprised...more

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