Commercial Law & Contracts, Residential Real Estate

Southern District Of New York Judge Dismisses False Claims Counts, Allows FIRREA Claims To Proceed In Major Mortgage Fraud Case

by BuckleySandler LLP on 5/20/2013

On May 8, the U.S. District Court for the Southern District of New York dismissed claims for damages and civil penalties under the False Claims Act (FCA) brought by the federal government against a mortgage lender alleged to...more

Second Circuit Sides With CFPB In ILSFDA Case While Applying Auer Deference

by BuckleySandler LLP on 5/20/2013

On May 6, the U.S. Court of Appeals for the Second Circuit agreed with the CFPB in holding that a single-story unit in a multi-story condominium is a “lot,” as that term is used in the Interstate Land Sales Full Disclosure...more

April Housing Scorecard

by Orrick - Structured Finance Group on 5/20/2013

On May 10, Treasury and HUD released the April 2013 housing scorecard,which provides information on the housing market and the Obama Administration’s foreclosure prevention programs....more

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

by BuckleySandler LLP on 5/20/2013

On May 1, the Supreme Court of the State of New York, Appellate Division, overturned a lower court’s order requiring a lender to modify a borrower’s loan agreement under the terms employed in the trial period as the penalty...more

Loan Modification and the Failure to Mitigate Damages

by Anthony Narula, Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 5/20/2013

Freddie Mac has announced the immediate implementation of its Streamlined Modification program, a no-document modification program offered to severely delinquent borrowers. The implementation of the program, originally set to...more

Assignees Not Liable for Lender Violations of Maryland Secondary Mortgage Loan Law, Appeals Court Holds

by Steven D. Burt, Sarah Reise, Robert Scott | Ballard Spahr LLP on 5/20/2013

In a decision that narrows the scope of potential liability for assignees of second mortgage loans secured by Maryland properties, the state’s intermediate appellate court recently rejected an attempt by borrowers to hold an...more

Subletting & Assigning Rental Property

by Matthew J. Wilson | Lerners LLP on 5/20/2013

Did you know that as a tenant, you are not able to simply walk away from your lease? There are protections in place for both the tenant and the landlord under the Residential Tenancies Act, which means you may end up owing...more

What Factors Establish The Lien Priority Of A Refinanced Loan?

by Valerie Marciano | Jaburg Wilk on 5/17/2013

The legal doctrine of "equitable subrogation" has recently become familiar to lenders who refinanced or will be refinancing existing loans secured by real property....more

CFPB Releases Plain Language Video Guides for New Mortgage Rules

by F. Wendell Allen, Jason Bushby, Christy Hancock, Jonathan Kolodziej, Robert Maddox, D. Brian O'Dell, David Roth | Bradley Arant Boult Cummings LLP on 5/17/2013

In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a series of new rules affecting the mortgage industry. These rules touch upon a wide variety of areas, including originations, appraisals, and servicing....more

TILA Ban on Mandatory Arbitration in Mortgage Loans Takes Effect June 1

by Richard J. Andreano, Jr., Alan S. Kaplinsky, Mark J. Levin, Jeremy T. Rosenblum | Ballard Spahr LLP on 5/17/2013

The Truth in Lending Act (TILA) ban on mandatory arbitration provisions in certain mortgage loans becomes effective on June 1, 2013. Lenders now using mortgage loan documentation containing such provisions should take steps...more

Maryland Removes Potential Barrier To Refinance Transactions

by BuckleySandler LLP on 5/16/2013

On May 2, Maryland enacted SB 199, which authorizes a mortgagor to refinance the full balance of a loan secured by a first mortgage or deed of trust without the permission of the holder of a junior lien if (i) the principal...more

Magistrates to Handle Florida Residential Foreclosure Actions – Florida Supreme Court Amends Rule 1.490 and Significantly Changes...

by Scott St. Amand, Douglas L. Waldorf, Jr. | Rogers Towers on 5/16/2013

It is no secret that Florida consistently ranks among the worst states in the union in regards to the mire of the residential mortgage foreclosure case backlog. From 2007 to 2013, approximately 1.5 million foreclosure cases...more

Keys To A Successful Luxury Real Estate Transaction: Part I

by Schecter Law on 5/16/2013

Part I: Have an Experienced Real Estate Attorney Review the Contract Mistakes in real estate contracts can cause major issues....more

Indiana Eliminates Provisions Binding Interested Parties Not Named In Foreclosure Actions

by BuckleySandler LLP on 5/16/2013

On May 7, Indiana enacted SB 279 to (i) eliminate a provision in current law that binds certain omitted parties...more

Federal Housing Finance Agency Proposes New Rules on Lender-Placed Insurance

by Robert Wallan | Pillsbury Winthrop Shaw Pittman LLP on 5/16/2013

On March 29, the Federal Housing Finance Agency (FHFA) proposed consideration of new regulation on lender-placed insurance. The FHFA specifically requested public input concerning sales commissions and reinsurance activities,...more

Consultants On Home Improvement Projects May Now Need A Contractor's License

by Hopkins & Carley on 5/16/2013

It is common in the construction industry for residential owners to use consultants, including construction managers, to oversee and manage work performed by the direct contractor, subcontractors and material suppliers. The...more

Court Explicates Scope of Usury Exemption For Real Estate Brokers

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/16/2013

Artistotle didn’t think much of the idea of paying interest: (“As this is so, usury is most reasonably hated, because its gain comes from money itself and not from that for the sake of which money was invented. For...more

FINRA Provides Guidance on Communications with the Public Concerning Unlisted Real Estate Investment Programs

by Janet M. Angstadt, Avi Badash | Katten Muchin Rosenman LLP on 5/15/2013

The Financial Industry Regulatory Authority (FINRA) has issued Regulatory Notice 13-18 (Regulatory Notice) to provide guidance to member firms on communications with the public concerning real estate investment programs that...more

Former Owner Cannot Challenge Foreclosure Procedure In Forcible Detainer Action

by David Johnson | Winstead PC on 5/15/2013

In McDaniel v. HSBC Bank USA, NA, McDaniel appealed a trial court's granting a bank possession of real property purchased at a foreclosure sale. No. 05-11-00238-CV, 2013 Tex. App. LEXIS 1079 (Tex. App.—Dallas February 6,...more

D.C. Seeks to Finalize Rules Aimed at Preventing and Eliminating Lead Hazards

by Amy L. Edwards | Holland & Knight LLP on 5/15/2013

For several years, the District of Columbia has been working toward regulations designed to prevent and eliminate lead hazards. It came one step closer on April 26, 2013, when the District's Department of the Environment...more

New York AG Plans Suit Over Alleged Violations Of National Servicer Settlement

by BuckleySandler LLP on 5/15/2013

On May 6, New York Attorney General Eric Schneiderman announced his intent to sue two of the five mortgage servicers that entered the National Mortgage Settlement with 49 state attorneys general, the U.S. Department of...more

FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgages

by Orrick - Structured Finance Group on 5/14/2013

On May 6, the FHFA announced that it is directing Fannie Mae and Freddie Mac to limit future mortgage acquisitions to loans that fall under the requirements for a qualified mortgage. Starting on January 10, 2014, Fannie and...more

Fannie Mae, Freddie Mac Directed To Purchase Only QM Loans

by BuckleySandler LLP on 5/14/2013

On May 6, the FHFA announced that Fannie Mae and Freddie Mac must limit their future mortgage acquisitions to loans that meet the requirements for qualified mortgages under the CFPB’s January 2013 ability-to-repay/qualified...more

Real World - Spring 2013: Damages include fall in market

by Sophie Ogilvie | Dechert LLP on 5/14/2013

Two recent cases have highlighted circumstances in which damages for breach of contract may include loss caused by a fall in market values....more

Unsuccessful Law Suit By Condo Owner

by Barbara Holmes | Heenan Blaikie LLP on 5/14/2013

In the case of Harvey v. Elgin Condominium Corporation No. 3 an unhappy condo owner sued the condominium corporation, claiming that the corporation undertook work that constituted a substantial change without proper...more

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Commercial Law & Contracts › Residential Real Estate

Southern District Of New York Judge Dismisses False Claims Counts, Allows FIRREA Claims To Proceed In Major Mortgage Fraud Case

Second Circuit Sides With CFPB In ILSFDA Case While Applying Auer Deference

April Housing Scorecard

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

Loan Modification and the Failure to Mitigate Damages

Assignees Not Liable for Lender Violations of Maryland Secondary Mortgage Loan Law, Appeals Court Holds

Subletting & Assigning Rental Property

What Factors Establish The Lien Priority Of A Refinanced Loan?

CFPB Releases Plain Language Video Guides for New Mortgage Rules

TILA Ban on Mandatory Arbitration in Mortgage Loans Takes Effect June 1

Maryland Removes Potential Barrier To Refinance Transactions

Magistrates to Handle Florida Residential Foreclosure Actions – Florida Supreme Court Amends Rule 1.490 and Significantly Changes...

Keys To A Successful Luxury Real Estate Transaction: Part I

Indiana Eliminates Provisions Binding Interested Parties Not Named In Foreclosure Actions

Federal Housing Finance Agency Proposes New Rules on Lender-Placed Insurance

Consultants On Home Improvement Projects May Now Need A Contractor's License

Court Explicates Scope of Usury Exemption For Real Estate Brokers

FINRA Provides Guidance on Communications with the Public Concerning Unlisted Real Estate Investment Programs

Former Owner Cannot Challenge Foreclosure Procedure In Forcible Detainer Action

D.C. Seeks to Finalize Rules Aimed at Preventing and Eliminating Lead Hazards

New York AG Plans Suit Over Alleged Violations Of National Servicer Settlement

FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgages

Fannie Mae, Freddie Mac Directed To Purchase Only QM Loans

Real World - Spring 2013: Damages include fall in market

Unsuccessful Law Suit By Condo Owner

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