Real Estate & Construction Updates

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California Legislature Takes Another Pass at Regulating Drone Operators

As part of our continuing California drone law coverage, today we report on the latest attempt by the California legislature to regulate unmanned aerial vehicles. Introduced yesterday by California State Senator Hannah Beth...more

HUD issues notice on processing RAD applications

HUD issued a notice in today’s Federal Register on the process it will follow in processing applications for first component Rental Assistance Demonstration conversions that are on HUD’s waiting list. The original...more

Borrowers Need Not File Suit to Rescind Mortgage Loan Under TILA, U.S. Supreme Court Holds

Why it matters - In a victory for consumers, the U.S. Supreme Court unanimously ruled that the Truth in Lending Act (TILA) does not require borrowers to file suit to rescind a mortgage loan transaction within the...more

FHFA Director testifies in front of the U.S. House of Representative Committee on Financial Services

On January 27, 2015 the  FHFA Director, Melvin L. Watt, testified in front of the U.S. House of Representatives Committee on Financial Services. Director Watt’s testimony provided...more

Late Notice Held to Bar a $6,000,000 Hurricane Wilma Claim in Florida

In The Yacht Club on the Intracoastal Condo. Ass’n. v. Lexington Ins. Co., – Fed.Appx. –, 2015 WL 106862, 2015 U.S. App. LEXIS 293 (11h Cir., Jan. 8, 2015), a unanimous panel of the Eleventh Circuit recently held that a...more

Weathering Winter Storm Juno With Roof Collapse Coverage

For most of the Northeast, this winter was off to a slow start in terms of snowfall. That was, however, until winter storm Juno paralyzed much of the Eastern Corridor and resulted in eye-popping, 3-foot-plus snow totals in...more

Fairfax Circuit Court Limits Homeowners’ Ability to Challenge Zoning Administrator

Contentious land use approvals often result in lawsuits, which, even when unsuccessful, can lead to costly delays for developers. In the recent case styled In Re: November 20, 2013 Decision of the Board of Zoning Appeals of...more

Supreme Court Rules Written Notice Is Sufficient to Rescind under TILA

Action Item: In light of the United States Supreme Court’s decision in Jesinoski, lenders should be aware that written notice provided by the borrower, within three years of the loan consummation, is sufficient to exercise...more

U.S. Supreme Court hears disparate impact case

Last week, the U.S. Supreme Court heard oral argument in a case which questioned whether the Fair Housing Act (FHA) allows for a disparate impact theory of liability. The disparate impact theory of liability is one in which a...more

Third Time Is the Charm: U.S. Supreme Court Hears Argument in Disparate Impact Case

The U.S. Supreme Court recently heard oral argument in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc.—the case presenting the issue of whether disparate impact claims are...more

Michigan Exempts Loss Mitigation Specialists from MLO Licensing

Michigan has updated its mortgage loan originator (MLO) licensing provisions to expressly exempt from licensure certain individuals involved in loss mitigation and modification services. The revision makes Michigan law...more

U.S. Supreme Court Addresses Disparate Impact Liability Under the Fair Housing Act

On January 21, 2015, the U.S. Supreme Court heard oral argument in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Docket No. 13-1371, a case that focuses on whether claims based on...more

FHFA Director Set to Testify At First Committee Hearing

On January 27, FHFA Director Mel Watt is scheduled to testify before the House Committee on Financial Services. ...more

The Risk Retention Rules: A Victory for Securitizations Involving Residential Mortgage-Backed Securities?

When Congress passed the Dodd-Frank Act, it mandated the creation of risk retention rules in an effort to align the incentives of sponsors of asset-backed securities (ABS) with the interests of investors and to improve the...more

CMBS – it’s time to dance to the beat!

During the European Autumn CREFC conference, a panel of leading CMBS participants were posed the question of whether European CMBS was stuck at the bar while the market danced. The general consensus of the panel was that...more

HUD RAD team conducts focus group sessions with stakeholders

Today, HUD hosted a focus group of nearly a dozen key stakeholders to gain insights about the RAD process. I had the opportunity to participate in the sessions along with housing authority representatives, lenders, investors,...more

NY Attorney General Announces Agreement To End Bank’s Alleged Mortgage Redlining

On January 19, the New York Attorney General (AG) announced an agreement with a New York-based community bank that the AG alleged had excluded predominantly minority neighborhoods from its mortgage lending business. ...more

Update on state AGs/regulator lawsuits using Dodd-Frank authority

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

California Insurance Law - 2014 Year in Review

Introduction - The California appellate courts issued an unusual number and variety of insurance-related opinions in 2014. The California Supreme Court issued an important and highly anticipated ruling on the scope of...more

Florida Ad Valorem Property Tax Refund Interest

The Florida Legislature, in its continuing attempt to level the property tax playing field, provided that interest be paid on taxes collected above the tax ultimately warranted by the property assessment. ...more

Second Circuit Notes Split with Ninth Circuit Over Whether Failure to Make Adequate Disclosures Under Item 303 of Regulation S-K...

In Stratte-McClure v. Morgan Stanley, No. 13-0627-cv, 2015 WL 136213 (2d Cir. Jan. 12, 2015), the United States Court of Appeals for the Second Circuit affirmed the dismissal of securities fraud claims against Morgan Stanley...more

Newly Amended Dual Agency Disclosure Law: Much Ado About Nothing

As of January 1, 2015, the duty of a real estate agent to disclose in writing his or her representation of a buyer, seller, tenant and/or landlord, including any dual agency relationship, in residential real property...more

Real Estate Cases: Bad Faith Filing Does Not Necessarily Mean That You Are A Bad Person

In re Sterling Bluff Investors, LLC, 515 B.R. 902 (Bankr. S.D. Ga. 2014) – A mortgagee moved to dismiss a real estate debtor’s chapter 11 case, or in the alternative for relief from the automatic stay. It contended...more

SEC & AGs Fine & Suspended S&P for MBS Rating Violations

The SEC and the Attorneys General of New York and Massachusetts this week fined Standard & Poor’s almost $77 million, suspended S&P from conduit-fusion CMBS ratings work for a year and imposed other undertakings, for...more

Large National Bank Faces Class Action Suit Over Alleged SCRA Violations

On January 15, an Army Reserve sergeant filed a class action suit against a large national bank for allegedly violating the SCRA limitation on a lender’s ability to foreclose on an active duty service member’s property. ...more

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