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SOTU mentions housing!

President Obama’s State of the Union address touched briefly on housing issues. With a focus on “middle class economics”, it was inevitable that we would hear about homeownership rather than rental housing. He mentioned lower...more

Midconstruction Refinancing: A Plunge Into The Void?

Construction loans typically do not get refinanced before a project is completed. A construction loan is short-term in nature and both the lender and its customer expect that they will stay on the project until the project is...more

TRIA is Renewed, Finally…

In the wake of the tragic September 11th attacks, virtually all commercial reinsurance contracts that renewed by July 2002 included absolute terrorism exclusions. As a result, domestic direct insurers passed these exclusions...more

Title Insurance Regulatory and Legislative Update - January 2015

CONNECTICUT - Own Risk and Solvency Assessment Report:  The Connecticut Department of Insurance issued Bulletin FS-29 which discusses Public Act No.14-107 (the “Act”; effective January 1, 2015).  ...more

Real Estate Tip: Foreclosure Confusion

The financial crisis has taught us a great deal about the mortgage transfer business, secondary markets and loan securitization. In the Spring 2014 issue of the Real Property, Trust & Estate Law Journal, Prof. Dale A. Whitman...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending December 12-26, 2014 & January 2, 2015

REAL PROPERTY UPDATE - - Quiet Title: investor who pooled money with two other entities to purchase property could not quiet title after the two entities recorded second version of deed that omitted investor’s name...more

State Supreme Court Rules on Scope of B&O Tax Mortgage Interest Deduction

In 1980, when extending the business and occupation (B&O) tax to financial institutions, the legislature provided a deduction for “amounts derived from interest received on investments or loans primarily secured by first...more

CFPB Proposes Amendments to Mortgage Servicing Rules

The Consumer Financial Protection Bureau (“CFPB”) has proposed several amendments to the mortgage servicing rules under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) (collectively,...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 28 & December 5, 2014

REAL PROPERTY UPDATE - Contract Interpretation: trial court erred by interpreting declaration in way that rendered provisions meaningless – Bethany Trace Owners’ Association, Inc. v Whispering Lakes I, LLC, et al., No....more

Massachusetts Issues FAQs and Sample Form for Flood Insurance Disclosure

The Massachusetts Division of Banks recently released Frequently Asked Questions (FAQs) to provide guidance on complying with Chapter 177 of the Acts of 2014, “An Act Further Regulating Flood Insurance” (Chapter 177). Chapter...more

Nevada District Court Bars Foreclosure Sale of First Lien HUD-Insured Mortgage

Recently, a federal district court held that a homeowners association (HOA) foreclosure sale is not valid against HUD-insured loans. The District Court noted that the Ninth Circuit has held that federal rather than state law...more

New Requirements Regarding Flood Insurance in Massachusetts

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending October 24, 31 & November 7, 2014

REAL PROPERTY UPDATE - - Commercial Landlord Duty: commercial landlord has no common law duty to provide automatic external defibrillator in its stores for use in medical emergency – Verdugo v. Target Corp., No....more

Amendments Proposed to Flood Insurance Regulations

Federal banking agencies have proposed amendments to flood insurance regulations that will (1) change the requirements for escrowing flood insurance premiums, and (2) incorporate a statutory provision that exempts certain...more

Agencies Propose Flood Insurance Rule

On October 30, five federal agencies – the FCA, FDIC, NCUA, OCC and the Fed – issued a proposed rule regarding flood insurance. The proposed rule will amend regulations relating to loans secured by property located in special...more

CFPB QM cure and other mortgage rule amendments now effective; HUD nixes CFPB cure for FHA QM rule

The CFPB’s final rule amending certain provisions of the 2013 Title XIV final mortgage rules which includes a post-consummation points and fees cure mechanism for qualified mortgage loans, became effective on Monday, November...more

Court Rules Disparate Impact Claims Cannot Be Made Under Fair Housing Act

Earlier this week, a federal district court judge struck down a regulation issued by the U.S. Department of Housing and Urban Development (HUD), which would have allowed for claims of housing discrimination to be based on...more

Agencies Request Comment on Proposed Flood Insurance Rule

Five federal regulatory agencies on October 24 announced the approval of a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property located in special flood hazard areas. The proposed...more

Greenpoint’s Motion to Dismiss Loan Misrepresentation Suit Granted in Part

On October 15, Judge Donovan Frank of the U.S. District Court for the District of Minnesota, granted in part and denied in part Greenpoint Mortgage Funding’s motion to dismiss a lawsuit filed by Residential Funding Co., an...more

Federal Agencies Propose New Flood Insurance Rules

The Federal Deposit Insurance Corporation (FDIC) recently approved proposed regulations related to the mandatory escrow and detached structure requirements for loans secured by property located in special flood hazard areas....more

Government announces initiatives to reduce insurance costs in North Queensland

The Finance Minister, Mathias Cormann, has announced the establishment of a comparison website for home building and home contents insurance products for the North Queensland market. The site is designed for consumers to be...more

Certificates of Insurance: What’s in Your Portfolio?

On September 24, 2014, a New Jersey appellate court decided Selective Ins. Co. v. Hospicomm, Inc., 2014 WL 4722776 (N.J. Super., September 24, 2014). The dispute in that case arose out of a nursing home construction project...more

Real Property, Financial Services & Title Insurance Update: September 2014 #3 & October 2014 #1

REAL PROPERTY UPDATE - - Condominium Association/Injunction: tenants’ act of moving out of condominium unit after condominium association filed action against them for injunctive relief, eviction, and ejectment did...more

The CFPB Weighs in on Marketing Services Agreements

The Consumer Financial Protection Bureau (“CFPB”) has, for the first time, publicly expressed views on marketing services agreements (“MSAs”) under Section 8 of the Real Estate Settlement Procedures Act (“RESPA”). After...more

Reinsurer Not Allowed To Intervene In Action Involving Cedent’s Risk

The United States District Court for the Southern District of New York denied a reinsurer’s motion to intervene in an interpleader action in which Battenkill Insurance Company argued it had an 85% interest in the funds at...more

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