Finance & Banking Residential Real Estate Insurance

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Real Property, Financial Services & Title Insurance Update: Weeks Ending January 29 & February 5, 2016

Real Property Update - Foreclosure/Standing: filing of original note and mortgage with assignment after complaint filed does not establish standing to sue at inception of suit where endorsement undated and assignment...more

Real Property, Financial Services & Title Insurance Update: Week Ending January 22, 2016

REAL PROPERTY UPDATE - Foreclosure/Condition Precedent: providing a notice of the assignment of mortgage loan, as required by section 559.715, Florida Statutes, is not a condition precedent to filing a mortgage...more

FinCEN Geographic Targeting Order Affects Miami-Dade County Residential Purchases Exceeding $1 Million

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Jan. 13, 2016, issued a Geographic Targeting Order (GTO or the Order) requiring title insurance companies, subsidiaries and agents (each a...more

West Coast Real Estate Update: Jan. 2016 #3

Reporting Leases on the Balance Sheet - The International Accounting Standards Board (IASB) announced on Jan. 13, 2016, a new ­– and materially different – manner of accounting for leases. The new standard, IFRS 16...more

The Federal Housing Finance Agency Releases Final Rule on Federal Home Loan Bank Membership

On January 12, 2016, the Federal Housing Finance Agency (“FHFA”) issued a final rule establishing new requirements for membership in the Federal Home Loan Banks (“FHLBanks”). The FHLBanks are 11 U.S. government-sponsored...more

FHFA Issues Final Rule Amending Regulations Governing Eligibility for FHLBank Membership

On January 12, the FHFA issued a final rule amending membership eligibility in the Federal Home Loan Bank (FHLBank) system. The final rule, which follows the FHFA’s September 2014 proposal to revise the requirements for...more

Real Property, Financial Services & Title Insurance Update: Week Ending January 15, 2016 (and bonus opinion from January 20)

REAL PROPERTY UPDATE - Amendment to Foreclosure Rules and Forms: Florida Supreme Court amended Florida Rule of Civil Procedure 1.115 and Forms 1.944 and 1.996 to conform with § 702.015, Fla. Stat. (2015) and “expedite...more

Insurance Focus (Italy): Investments covering technical provisions

The draft regulations on investments and assets covering technical provisions (consultation document no. 26/2015) were published on the IVASS (Italian Insurance Supervisory Authority) website on 16 December 2015....more

From Park Avenue to Ocean Drive, High End Residential Real Estate Transactions Under the Microscope

The U.S. government’s aggressive push to combat international money laundering is entering a new phase by focusing on real estate investments. On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S....more

U.S. Treasury Seeks to Stanch Flow of Proceeds of Corruption and Other Crimes Into Manhattan and Miami Luxury Real Estate

On January 13, 2016, the U.S. Treasury’s financial intelligence unit, known as the Financial Crimes Enforcement Network (FinCEN), announced the issuance of geographic targeting orders (GTOs) to certain unnamed real estate...more

The Federal Housing Finance Agency Releases Final Rule on Federal Home Loan Bank Membership

On January 12, 2016, the Federal Housing Finance Agency (“FHFA”) issued a final rule establishing new requirements for membership in the Federal Home Loan Banks (“FHLBanks”). The FHLBanks are 11 U.S. government-sponsored...more

FinCEN Targets High-Value Real Estate Transactions in New York and Miami

On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the...more

FinCEN Targets “All Cash” Real Estate Deals in Manhattan and Miami

On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury (Treasury), as part of its continued efforts to combat money laundering, issued its first Geographic...more

U.S. Federal Housing Finance Agency Acts to Prohibit Federal Home Loan Bank Membership by Captive Insurance Companies

The Federal Housing Finance Agency (FHFA or Agency) on January 12, 2016 finalized a portion of the proposed rule that it had issued on September 12, 2014 redrawing the criteria for Federal Home Loan Bank (FHLBank) membership....more

Court Denies Motion To Dismiss By Bank And Its Affiliated Reinsurer In RICO Suit

This dispute involves class action claims under RICO, claims for unjust enrichment and allegations that Bank of America and its affiliate reinsurer engaged in a conspiracy to defraud home mortgage borrowers into funding sham...more

Revisiting 2015's New Flood Regulations

The past few years have brought about a steady stream—if not quite a flood—of changes to the federal mandatory purchase of flood insurance requirements (mandatory purchase requirements). Most recently, on July 21, 2015, the...more

Real Property, Financial Services & Title Insurance Update: Week Ending December 18, 2015

REAL PROPERTY UPDATE - Foreclosure/Standing: because plaintiff was not original lender, plaintiff failed to prove standing to foreclose on mortgage loan where plaintiff failed to submit note with blank or special...more

Rating Agency Developments

On December 9, 2015, Moody’s published its global methodology for rating securities backed by pools of auto loans and auto leases to individuals. On December 8, 2015, Moody’s published its methodology for rating the temporary...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending December 4 & 11, 2015

REAL PROPERTY UPDATE - Foreclosure/Priority: bank entitled to relief from judgment where junior lienholder foreclosed on subject property and Court ordered sale of property free and clear of all claims by bank – Bank of...more

FCA makes new rules

FCA has made various changes to its Handbook following its Board meetings on 25 November and 3 December: - the Individual Accountability (Non-Solvency 2 Firms) Instrument 2015: this takes effect on various dates between...more

Fannie Mae’s Credit-Risk Transfer Initiatives Approach the Half-Trillion-Dollar-Mark, Reducing Taxpayers’ Exposure – But Some Are...

While the FHFA’s conservatorships of Fannie Mae and Freddie Mac are unlikely to end before 2017, the Enterprises continue to transfer more credit risk from their single-family residential mortgages to private insurers. Both...more

PRA update letter on Solvency 2

PRA has written a letter to directors of life and general insurance firms which sets out information on implementation of Solvency 2. It covers: - PRA’s intention to carry out an industry-wide review of equity release...more

Minnesota Harmonizes the Mortgage Clause and the Vacancy Clause

Lat week, Minnesota’s highest court unanimously held that a mortgagee’s recovery for vandalism damage to a vacant building is only barred by the vacancy clause if the insured’s acts caused the vacancy. The decision is ...more

FHA Withdraws Proposed Rule Establishing Insurance Claim Deadline

Recently, the Federal Housing Administration (FHA) withdrew part of a proposed rule that sought to establish a maximum time period within which an FHA approved mortgagee must file a claim with FHA for insurance benefits. The...more

Court Denies Motion For Interlocutory Appeal In Alleged Insurance Kickback Scheme

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

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