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The Nevada U.S. District Court Narrowly Interprets Sandpointe Apartments when Ruling in Favor of Entity that Acquired Loan Before...

On June 10, 2011, Nevada enacted Assembly Bill 273 (AB 273). As codified at NRS 40.459(1)(c), AB 273 limits the ability of a loan purchaser to collect a deficiency on the note and guarantees by basing the deficiency...more

Federal Preemption Does Not Preclude State Law Claim Based on Alleged HAMP Violations, Minnesota Supreme Court Holds

The Supreme Court of Minnesota last week reversed the dismissal of a borrower’s action against a loan servicer arising out of the servicer’s alleged breach of its Servicer Participation Agreement (SPA) with Fannie Mae under...more

CFPB and FTC Representatives Speak at Symposium on Fine Print

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”...more

Deviation From Statutory Scheme In Sale Of Receivership Property

The sale of real and personal property in a receivership estate is governed by 28 U.S.C. §§ 2001 and 2004, and both contain procedures for both a public and private auction of property. Regarding personal property, § 2004...more

C.D. Cal. Court Holds Overnight Delivery Companies Covered By RESPA

On March 21, in a suit brought by borrowers who had paid overnight delivery fees at closing, the U.S. District Court for the Central District of California held that the overnight delivery services provided by certain...more

Virginia Enacts Transitional Mortgage Licensing Bill

On March 24, Virginia Governor Terry McAuliffe signed SB 118, which, effective July 1, 2014, will permit transitional licensing of mortgage loan originators (MLO). The bill grants the State Corporation Commission (SCC)...more

Taxing Non-Residents on Capital Gains from UK Residential Property – UK Government Consults on New Rules

The UK does not generally impose tax on capital gains of non-UK residents in relation to real estate properties in the UK. However, the Government has announced that tax will be imposed on future capital gains made by non-UK...more

Federal Regulators Propose Framework for State Supervision of Appraisal Management Companies

On March 24, the Federal Reserve Board, the OCC, the FDIC, the CFPB, the FHFA, and the NCUA proposed a rule to implement the Dodd-Frank Act’s minimum requirements for registration and supervision of Appraisal Management...more

Exercising Contractual Rights Can be Risky if it is for an Ulterior Purpose

As I discussed in “Be Cautions When Tempted to Leverage Another into an Agreement,” exerting leverage to force a business partner into settling a dispute could constitute deceptive or unfair acts or practices in violation of...more

2014 CREFC High Yield Distressed Debt Summit

Earlier this month, I and a few of my colleagues here at Dechert attended CREFC’s 2014 High Yield Distressed Realty Assets Summit. The general sentiment of optimism and exuberance for 2014 felt in Miami was not as palpable at...more

Mortgage Recording Tax Implications for Mortgages Securing Revolving Credit Lines

In New York, a mortgage recording tax must be paid when a mortgage is recorded. The amount of the mortgage tax is equal to a percentage of the principal amount of the indebtedness secured by, or which may be secured by, the...more

UK Budget 2014: corporate, finance and real estate tax highlights

We set out below a summary of key items of interest announced by the UK’s Chancellor in the Budget on 19 March 2014 relating to businesses, corporate and finance taxation and real estate taxation. Much of what was announced...more

5 Things Every CMBA Member Should Know

A Loan Policy Of Title Insurance. It is required as part of every loan originated by members of the California Mortgage Bankers Association – or at least it should be. Title insurance is supposed to protect lenders and...more

HUD Guidance Addresses Housing Choice Voucher Funding Shortfalls, Tenant Protection Vouchers

The U.S. Department of Housing and Urban Development (HUD) recently issued guidance for implementing its fiscal year (FY) 2014 budget for Housing Choice Vouchers (HCV), including requirements for obtaining additional HCV...more

UK Budget Speech - Key Points

The UK's Chancellor of the Exchequer, George Osborne, delivered his annual Budget Speech on 19 March 2014. More details of measures announced will be known when a new draft of the Finance Bill 2014 is published on 27 March. A...more

MBA: Virginia Governor Should Sign Transitional MLO Licensing Bill

As we previously reported, the Virginia Senate and House recently unanimously passed legislation that would authorize the Virginia State Corporation Commission to issue transitional MLO licenses. ...more

Ohio Supreme Court Holds Statute of Frauds Applies To Defenses, Too

On March 6, 2014, the Supreme Court of Ohio held that the statute of frauds barred a group of guarantors from raising, as a defense to a collection suit, a claim that the bank’s right to enforce the guaranties was barred by...more

2014 U.K. Budget: Impact on Alternative Asset Managers

Chancellor George Osborne delivered his fifth coalition Budget today. In a wide-ranging statement, there are a significant number of tax-focused proposals that will make changes across the U.K. tax system. Some of these...more

Chairman Camp’s Tax Proposals Would Affect REITs and Real Estate

Chairman David Camp (R-MI) of the U.S. House Ways and Means Committee recently issued a discussion draft of a comprehensive tax reform proposal which would materially modify the taxation of REITs and real estate related...more

First Horizon Reaches Mortgage Loan Settlement With Freddie Mac

There is now yet another settlement in the mortgage loan industry to report. First Horizon National Corp. announced last week that it has entered into a definitive resolution agreement with Freddie Mac regarding loan...more

IRS Changes Course And Provides Safe Harbor For "Real Estate Professionals" In Net Investment Tax Final Regulations

Section 1411 of the Patient Protection and Affordable Care Act (the "ACA") levies a new 3.8% tax on "net investment income" (the "NII Tax"). Among other things, the net investment income subject to the NII Tax includes...more

Italy Real Estate Update - February 2014

NEW RULES ON THE PAYMENT OF PURCHASE PRICES IN REAL ESTATE ASSET DEALS - Paragraphs 63 through 67 of section 1 of the Law no. 147 of 27 December 2013 (the so-called “Stability Law”), introduced certain new provisions...more

Motion to Dismiss Granted in Part in Repurchase Suit Against BofA, Countrywide

On February 13, Justice Eileen Bransten of the Supreme Court of the State of New York dismissed in part a second amended complaint filed by U.S. Bank as trustee for HarborView Mortgage Loan Trust, Series 2005-10. As in its...more

Proceed with Caution When Foreclosing in Washington State: Split Decisions Regarding Deficiency Claims

Last week, the Washington Court of Appeals, Division One, ruled that, notwithstanding the anti-deficiency provision in the state's Deeds of Trust Act, a lender can pursue a deficiency judgment against a guarantor following a...more

Courts Tackle Meaning of “May” Under the Finance Lenders Law

Section 22340(a) of the California Financial Code provides that a licensee “may sell promissory notes . . . to institutional investors.” Does this mean that a licensee may only sell promissory notes to institutional...more

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