Finance & Banking Residential Real Estate Civil Remedies

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Maryland Changes Rules for Enforcement of Rights and Remedies Under Loan Documents Secured by Residential Property

The Maryland General Assembly has enacted legislation (House Bill 274/Senate Bill 708) that significantly impacts secured lenders’ rights to enforce financing documents secured by residential property. The legislation --...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

An Exception to the Fair Market Value Rule: Use the Foreclosure Sales Price for a Deficiency after a Third Party Purchaser

If the value of a foreclosed property is less than the loan amount, lenders may seek a deficiency judgment from borrowers and guarantors after the foreclosure sale. In most cases, the lender is the sole bidder at the sale and...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

Lender’s Title Insurance: When Should Courts Measure the Fair Market Value of Property Affected by a Title Defect?*

Title insurance is designed to pay for damages caused by any defects to title that the title company should have discovered but did not. Lender’s title insurance protects lenders who lose money due to a title defect, which...more

Mortgage Fraud Whistleblower Receives $64 Million Award

On March 7, the U.S. District Court for the Southern District of New York approved a stipulation and order awarding nearly $64 million to the relator in a mortgage fraud case recently settled by the federal government....more

The SCRA can be a Minefield: Recent Ninth Circuit Opinion Addresses Foreclosure Protection

On February 7, the U.S. Ninth Circuit Court of Appeals issued its opinion in Brewster v. Sun Trust Mortgage, Inc. The decision stands as a stark reminder to mortgage lenders and servicers of the importance of verifying a...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

Nonprofit Seeks to Enjoin DOJ Settlement with JP Morgan

On February 10, non-profit corporation Better Markets, Inc., filed a complaint in the United States District Court for the District of Columbia against the United States Department of Justice and the Attorney General of the...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending February 14, 2014

I. FLORIDA STATE CASES – SARA WITMEYER - Arbitration/Waiver: defendant waived right to arbitration by defending against claim of replevin in court litigation for two years – Gen. Elec. Capital Corp. v. Bio-Mass Tech,...more

Nevada Judge Sanctions State AG In Robosigning Suit

On January 30, Nevada’s Clark County District Court ordered the State AG to pay attorneys’ fees in connection with a mortgage servicing vendor’s attempts to obtain discovery in the state’s case alleging the company...more

Enforcing “Bad Boy” Guaranties When The Borrower Files For Bankruptcy Protection

Have you ever gone through an entire foreclosure action only to have the borrower, usually a special purpose entity, file for bankruptcy protection on the eve of sale? If you have - and what lender hasn’t? - you know how...more

Connecticut District Court and Bankruptcy Court Differ on Extent to Which the Automatic Stay Automatically Terminates Upon Second...

Under §362(c)(3)(A), when a debtor files a second bankruptcy case within one year after the first case, the automatic stay in the second case will automatically terminate “with respect to the debtor” on the 30th day of the...more

Federal Government Seeks Higher Penalties In GSE Fraud Case

On January 29, the DOJ filed a supplemental brief in support of its claim for civil penalties following a jury verdict it obtained last October in the first case alleging violations of FIRREA in connection with loans sold to...more

Arizona Court of Appeals Holds That Certain Residential Developers Are Not Protected By The Anti-Deficiency Statute After...

Nearly three years ago, in M&I Marshall & Isley Bank v. Mueller, the Arizona Court of Appeals held that the Arizona anti-deficiency statute protects a borrower who started, but never completed, construction of a single-family...more

Bah-Humbug: The JPMorgan Settlement & Cy Pres Remedies

Maybe I’m just getting a head start on my “bah humbug” mood for the holidays, I don’t know. Did it strike anyone else as discordant that almost a third of the record-setting JPMorgan RMBS settlement was ear-marked to fund...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

CFPB files second amicus brief in First American RESPA case

Last year, many observers were disappointed when the U.S. Supreme Court dismissed the appeal in First American Financial Corp. v. Edwards, the case that presented the issue of whether a plaintiff who brings a RESPA claim has...more

Tennessee’s Deficiency Statute and Out-of-State Deficiency Judgments

We've previously written about Tenn. Code Ann. § 35-5-118, which governs deficiency suits in Tennessee. As explained in that post, a lender is typically entitled to recover its full deficiency unless the foreclosure sales...more

Deutsche Bank Settles Nevada AG’s RMBS Probe for $11.5 Million

On October 17, the Nevada Attorney General filed court documents disclosing a $11.5 million settlement with DB Structured Products, Inc., a unit of Deutsche Bank AG. The Nevada AG had investigated DB Structured Products’...more

Henning vs Wachovia Mortgage FSB aka Wells Fargo Bank N.A.

Federal Judge William Young in Massachusetts Orders Wells Fargo and a majority of its board to approve a corporate resolution...

Federal Judge William Young in Massachusetts is making an unusual request of Wells Fargo in a Sept. 17 ruling in which he's requiring the bank's president and a majority of its board to approve a corporate resolution stating...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

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

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