Residential Real Estate Updates

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CFPB Releases Spring 2016 Rulemaking Agenda

The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

Advertising Law - May 2016 #4

NAD Vacuums Up Preference Claims - In a challenge brought by a competing vacuum manufacturer, the National Advertising Division recommended that SharkNinja discontinue a claim that "Americans now choose Shark 2-to-1 over...more

Financial Services Weekly News - May 2016 #4

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

CFPB May 2016 complaint report highlights credit reporting complaints, complaints from New Mexico consumers

The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting  and complaints from consumers in New Mexico and the Albuquerque metro area.  The CFPB began taking complaints about credit...more

Real Property & Title Insurance Update: Weeks Ending May 13 & May 20, 2016

REAL PROPERTY UPDATE - Contracts/Personal Liability: official title of “President” underneath signor’s signature on contract did not shield individual from personal liability because contract language reflected...more

I Meant it at the Time: Second Circuit Reverses $1.2BN FIRREA Judgment

It’s hornbook law that a later intentional breach of contract, alone, doesn’t equal promissory fraud. Holding it therefore cannot establish mail or wire fraud, the Second Circuit reversed the Government’s $1.2 Billion FIRREA...more

Development – the clash of covenants

The recent High Court decision in Timothy Taylor Ltd v. Mayfair House Corporation and another [2016] EWHC 1075 (Ch) illustrates a point made in our recent article "Upward development – the extra layer", that landlords...more

Real Estate Gazette: Focus on development, planning and infrastructure Issue 24

A very warm welcome to Issue 24 of DLA Piper’s Real Estate Gazette, in which we focus on a significant part of our real estate practice: development, planning and infrastructure. One of the most fascinating aspects of...more

Mortgage Lenders Entitled to the Benefit of Their Bargain: Fourth Circuit Applies Default Interest Rate to Mortgage Payments Made...

Good news for residential mortgage lenders: the Fourth Circuit recently held that post-petition mortgage payments under a Chapter 13 “maintenance and cure” bankruptcy plan should be calculated using the default interest rate...more

Sustainable Development Update - May 2016 #3

Sustainable Development Focus - Energy efficiency is a must for California buildings moving forward - Los Angeles Daily News - May 14 - Energy efficient homes like those at Skylar at Playa Vista in Los...more

CSBS and Multi-State Mortgage Committee Report on 2015 Supervisory Efforts

The Conference of State Bank Supervisors (CSBS) and the Multi-State Mortgage Committee (MMC) issued a report to state regulators regarding its 2015 review of the supervisory structure around examination and risk assessment of...more

Your daily dose of financial news The Brief – 5.26.16

The SEC has opened an inquiry into Alibaba’s accounting related to affiliated companies and related-party transactions, a big deal for a company “long seen as a symbol of China’s growing technological might”...more

Proposed Riverfront Interim Planning Overlay District to Provide Additional Zoning Regulations in Pittsburgh

On Tuesday, May 24, 2016, Pittsburgh City Council passed an ordinance creating a new Interim Planning Overlay District (IPOD) along all of Pittsburgh’s nearly 35 miles of riverfront. The IPOD legislation was initiated by the...more

Maryland Court of Appeals OKs Circumstantial Causation Evidence in Lead Paint Cases

In a case that may make it easier to prove causation in Maryland lead paint cases, the Maryland Court of Appeals held that neither direct evidence of the source of lead nor expert testimony was necessary when a trier of fact...more

Update: New Legislation Creates Land Banks

Valuable Tool for Municipalities Seeking to Redevelop Brownfield Sites - On May 4, the General Assembly passed Public Act 16-115, An Act Concerning The Creation Of Connecticut Brownfield Land Banks, Certain Lender...more

Case Reminds Insurance Agents to Review Process of Receiving Approval from Insureds Before Submitting Applications to Carriers

Schmidt v. Indiana Insurance Co., No. 22S01-1507-PL-412, Supreme Court of Indiana, December 2, 2015 - Plaintiff was the owner of a house in which he allowed his cousin to live from 2007 to 2009. When the cousin moved...more

North Carolina General Assembly Makes Public-Private Development Agreements More Available And Attractive

Before 2005, North Carolina's laws on vested rights offered developers some protection, but not enough, for the large, multi-phased, multi-year, mixed use developments that are becoming the norm. Developers and their lenders...more

In a Major FIRREA Victory for the Banks, the Second Circuit Overturns $1.27 Billion Jury Verdict

On Monday, the Second Circuit overturned a jury verdict and $1.27 billion penalty against Bank of America imposed under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), 12 U.S.C. § 1833a....more

Lead Paint and Drinking Water in Maine – Now Under Even More Scrutiny: Important news for owners of residential and child care...

Lead paint is a well-known problem for older homes, and lead in residential drinking water from historic plumbing is also a recognized issue in Maine. Lead can be a serious problem if children or pregnant women are exposed at...more

Special Alert: Second Circuit Reverses SDNY Judgment; Rules Fraud Claim Based on Contractual Promise Cannot Support FIRREA...

On May 23, in an opinion delivered by Circuit Judge Richard Wesley, the Second Circuit Court of Appeals reversed the District Court for the Southern District of New York’s (SDNY) July 30, 2014 judgment ordering a bank and its...more

Mortgagees take note: the Law Commission thinks you might be special

The Law Commission recently published its consultation paper on updating the Land Registration Act 2002 (the Paper). Among the numerous proposals is one that will be of particular interest to mortgagees: views are invited on...more

Colorado Governor Signs Bill Allowing District Activity to Proceed

Yesterday, Colorado Gov. John Hickenlooper signed into law SB 16-211, which protects the most common tool for financing and constructing improvements necessary to serve new and existing development – districts formed under...more

An Englishman’s Home is His Castle – Just!

Since the Land Registration Act 1925 the register of land in England and Wales has been interested only in legal title. All this is set to change. The Prime Minister announced on 12 May 2016 that any foreign company looking...more

What Constitutes an Unequivocal Denial of Coverage? New Jersey District Court Provides Some Guidance

Like most jurisdictions, New Jersey allows parties to an insurance contract to shorten the six-year statute of limitations for contract actions. See N.J.S.A. 2A:14-1 (“Every action at law . . . for recovery upon a...more

New York Court of Appeals Rules on Lien Priority in Consolidated Mortgages Case

On May 10, the New York Court of Appeals affirmed the lower court’s decision that consolidated mortgages qualify as the first mortgage of record under Real Property Law article 9-B (the Condominium Act) when the mortgages...more

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