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Texas Supreme Court Argument Preview (9/14)

13-0080, RSUI Indemnity Co. v. The Lynd Co. - The primary issue in this insurance coverage case is how the policy limits of an excess property insurance policy should be calculated. The policy at issue covers multiple...more

Southeast State & Local Tax: Important Developments - August 2014

The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of important tax developments around the Southeast....more

Motions in Limine May be Used in Eminent Domain Proceedings to Determine Party's Interest in Property

"Motions in limine" are motions made shortly before trial, and they're typically filed in an attempt to limit the introduction of evidence to the jury. They are a powerful tool in eminent domain proceedings, and can be used...more

Directors’ Alleged Breach Of Fiduciary Duty Not Subject To Anti-SLAPP Statute

A SLAPP is a strategic lawsuit against public participation. California enacted Code of Civil Procedure Section 425.16 as an antidote to SLAPP suits. In general, a SLAPP is subject to a special motion to strike unless the...more

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

Minnesota Supreme Court Recognizes New Private Right Of Action Against Residential Mortgage Loan Servicers

On April 2, 2014, the Minnesota Supreme Court in Gretsch v. Vantium Capital, Inc. recognized a new private right of action against residential mortgage loan servicers who breach their servicer participation agreements with...more

Texas Reverse Mortgage Constitutional Amendment Takes Effect

On November 22, an amendment to the Texas constitution took effect to permit the use of a reverse mortgage for the purchase of a homestead property. The amendment was approved by Texas voters on November 5. ...more

Standing qua Mortgagee: Challenging the Assignment of a Mortgage in Federal Court

Mortgages are big business. When mortgages are assigned, however, the mortgagor often is a non-party to the assignment. Thus, within certain jurisdictions, mortgagors have historically lacked the requisite standing to...more

Creditors’ Deficiency Rights Impacted by Recent Nevada Supreme Court Opinion in Sandpointe Apartments, LLC v. Eighth Judicial...

On November 14, 2013, in Sandpointe Apartments, LLC v. Eighth Judicial District Court, 129 Nev. Adv. Op. 87 (Nov. 14, 2013), and in Branch Banking and Trust Co. v. Neilson, (Nov. 14, 2013) (unpublished), the Nevada Supreme...more

CC&Rs Remain Subject to Statutory Modification

Future legislation may impact current CC&R obligations. In an important decision for all communities, homeowner associations, builders, and developers, the Arizona Court of Appeals recently held that new laws may apply...more

First Circuit Rules Constitution's Appropriations Clause Quashes Flood Policy Claim Lacking Proof-Of-Loss

You know it is not going well when the court cites the Constitution at you in a breach of contract case. But so it went in DeCosta v. Allstate Insurance Co., where the First Circuit last Friday reversed the trial court and...more

Mortgage Banking Industry Fights Use of Eminent Domain To Seize Underwater Mortgage Loans

In the aftermath of the foreclosure crisis, a number of local governments are weighing whether to use the power of eminent domain to assist homeowners struggling with underwater mortgages held by lenders who have issued...more

California City Votes To Pursue Eminent Domain Plan, Legal Challenge Found Not Ripe For Injunction

On September 11, the California city of Richmond reportedly voted to proceed with a plan to employ its eminent domain authority to seize certain mortgages. As previously described, the city recently demanded that owners and...more

Showdown in the Richmond: The City of Richmond Threatens Eminent Domain on Underwater Loans

BREAKING NEWS: In a contentious 4-3 decision and amid more than 300 community members on both sides of the issue, the City Council for the City of Richmond voted to continue pursuing its eminent domain plan in the early...more

New Filings Reinforce the Need to Stop Eminent Domain Mortgage Seizure Scheme in Richmond, CA

Materials illustrate the damage the scheme would inflict on millions of savers and retirees and the Richmond and U.S. housing markets - San Francisco, CA – Important new documents were filed today in the lawsuit to...more

City attempting to seize underwater mortgages via eminent domain: constitutional objections, potential investor losses

The City of Richmond, California has commenced the process for taking by eminent domain hundreds of notes secured by mortgages on underwater residential properties owned by investors through residential mortgage backed...more

Investors Sue To Preempt Locality’s Planned Seizure Of Mortgages Using Eminent Domain; FHFA Outlines Potential Responses

On August 7, trustees representing the interests of investors in mortgage backed securities filed two separate suits to halt the planned use of eminent domain by the city of Richmond, California to seize a group of mortgages....more

Lenders React to Richmond's Plan to Condemn Mortgages by Filing Suit

We all knew this was coming (see my post from July 23). If you poke a sleeping giant, it's going to file a lawsuit against you in federal court. Yesterday, in response to the City of Richmond's preliminary actions to...more

California City Sets Ultimatum For Eminent Domain Action

On July 29, the California city of Richmond reportedly sent letters to the owners and servicers of the mortgages on 626 homes in the city, informing those entities that if they do not accept the city’s offer to purchase the...more

Bibbidi Bobbidi Boo: Eminent Domain Needs More Than a Magic Wand to Overcome Title Defects

Oh, if it only were that easy. A city seizes “underwater” residential mortgage loans through eminent domain, waves its magic wand, says Abracadabra or Bibbidi Bobbidi Boo, and then the mortgage lien of the prior loan holder...more

Update: Condemnation of Underwater Mortgages Closer to Reality

It's been a while since we focused on the whole condemnation of underwater mortgages scheme but that doesn't mean the idea has died off. To the contrary, apparently at least four California cities have now signed advisory...more

Recent, Significant Changes in Florida's Law of Foreclosure

On June 7, 2013, Florida Governor Rick Scott signed into law House Bill 87, now known as Chapter 2013-137, which provides for substantial changes in mortgage foreclosures filed in Florida....more

Rogers Towers: Managing Litigation Cost: Pre-Lawsuit File Review

In today’s environment, clients are more cost-conscious than ever and this is in direct conflict with the ever-increasing cost of litigation. There are, however, some common sense ways in which a case can be managed in order...more

Texas Supreme Court Issues Decision in Home Equity Case: Next Steps

In 2003, the Texas Constitution was amended to permit the issuance of interpretations relating to the home equity provisions of the Constitution. A lender acting in compliance with these interpretations would have a defense...more

Texas Supreme Court Issues Long-Awaited Ruling on Home Equity Lending

Due to the complexity of home equity laws in Texas, including the potential forfeiture of principal and interest for even an innocent violation, lenders have always needed to proceed with caution when making home equity loans...more

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