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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

NM Court Challenges Bank Foreclosure Practice

In February, the New Mexico Supreme Court rejected the practices widely used to pursue mortgage foreclosure in New Mexico. In two opinions, Bank of New York v. Romero and Bank of America v. Quintana, the Court threw out...more

Round Two – Ground Rent Holders vs. Legislature – Goes to…

In a case decided February 26, 2014, State of Maryland v. Stanley Goldberg, et al., No. 8, September Term, 2013, the Maryland Court of Appeals found that legislation that replaced the remedy of ejectment with a...more

U.S. Supreme Court denies certiorari in EFTA standing case

We have previously written about Charvat v. Mutual First Federal Credit Union, the case in which the Eighth Circuit held last year that denial of a statutory right is a sufficient injury to confer standing, even if the injury...more

MoFo New York Tax Insights - Volume 5, Issue 3 - March 2014

In This Issue: Court of Appeals Reverses Gaied “Permanent Place of Abode” Decision; ALJ Holds That Certain Data Processing Services Furnished to Broker-Dealers Are Not the Licensing of Software; Trial Court Allows...more

New Mexico Supreme Court Analyzes State’s Foreclosure Standing Requirements, Ability To Repay Standard

On February 13, the New Mexico Supreme Court held that a borrower’s ability to repay a home mortgage loan is one of the “borrower’s circumstances” that lenders and courts must consider in determining compliance with the New...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

Sixth Circuit in Carter Refuses to Defer to HUD’s RESPA Guidelines

In a decision two years in the making, on Wednesday, November 27, 2013, the Sixth Circuit Court of Appeals brought some clarity to the use of affiliated business arrangements (“ABAs”) under Real Estate Settlement Procedures...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

Bank of New York Mellon Corp. Sues to Block City of Richmond’s Condemnation of Home Loans

The Bank of New York Mellon Corporation (BNY) is seeking an injunction to prevent the City of Richmond, California from using eminent domain powers to seize and refinance more than 600 home loans with outstanding balances...more

First Circuit: Does a Local Government Have Authority To Regulate Foreclosures?

Many cities have struggled with the effects of foreclosures. But given the complex mix of state laws that often governs the issue, how much authority do local governments have in this area? A First Circuit case,...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

Federal Court Dismisses Second Challenge To California City’s Eminent Domain Plan

On November 6, the U.S. District Court for the Northern District of California dismissed without prejudice as not yet ripe for determination a suit by investors seeking to preempt a California city’s plan to use its eminent...more

New Jersey Homeowners Now Using Quiet Title Actions to Affirmatively Challenge a Party’s Standing to Foreclose

On November 4, 2013, the New Jersey Appellate Division in Suser v. Wachovia Mortgage, FSB, et al. affirmed a homeowner’s right to file a prospective quiet title action to affirmatively challenge a bank’s standing to foreclose...more

CFPB Files Brief In Long-Running RESPA Case

On October 30, the CFPB filed an amicus brief in Edwards v. First American, a long-running case concerning the anti-kickback provisions of the Real Estate Settlement Procedures Act (RESPA) that is currently pending in the...more

City of Richmond, California Backs Plan to Use Eminent Domain to Seize Bad Mortgages

Richmond, California’s leaders approved a controversial plan earlier this month to become the first municipality in the nation to use eminent domain to rid itself of underwater mortgages. The plan was approved by the Richmond...more

Alabama Supreme Court Issues Three Significant Decisions Concerning Law Of Foreclosure And Ejectment

On Friday, September 13, the Alabama Supreme Court issued three significant opinions concerning Alabama’s law of foreclosure and ejectment. Although those decisions put to rest some of the uncertainty concerning the...more

Federal Court Dismisses Challenge To California City’s Eminent Domain Plan

On September 16, the U.S. District Court for the Northern District of California dismissed one of two suits filed recently by investors to preempt a California city’s plan to seize certain mortgages using the government’s...more

Condeming Underwater Mortgages: Another Look at the Legality of it

OK, I'll admit it. A year ago I thought this whole condemnation-of-underwater-mortgages thing would die off pretty quickly. I predicted we'd never see any large-scale condemnation effort. So far, I've missed badly on the...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 Municipality Approves Mortgage Seizure Plan

The City Council of Richmond, California recently approved a plan that would allow the city to seize mortgages in which the remaining mortgage balance exceeds the property value by using eminent domain, making it the first...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

Federal Court Halts Lender Underwater Mortgages Lawsuit Against Richmond

On September 12, the City of Richmond caught a small reprieve with respect to its plan to condemn underwater mortgages. As reported by Reuters, the federal district court ruled that the lawsuit filed by lenders Wells Fargo,...more

Condemnation of Property in California Can Get Messy: BB&K Attorney James Wyman Details Ways Public Agencies Can Ensure a Clean...

Condemning property for public projects in California is a hard reality for both government officials and the owners of property that is in the path of a new road, freeway expansion or mass transit project. There is often...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

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