Residential Real Estate Administrative Agency Business Organization

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Is the State Holding Your Association’s Money?

Like many other states, Connecticut has appointed itself as the official “lost and found” for all money abandoned within the state’s borders. We’re not talking about coins dropped on a sidewalk. Abandoned money can include...more

Waterfall Distributions for Investors – Bruce E. Methven

Managers who are organizing an investment funds....more

California Corrects Homeowner Bill Of Rights Summary

On January 1, the California Department of Corporations reissued Release No. 65-FS regarding implementation of key parts of the Homeowner Bill of Rights that established new foreclosure requirements. ...more

Sutherland Salt Shaker - Vol. 3, No. 4 - September 2012

In This Issue: - Oregon DOR Out of Luck on SOL - SALT PET OF THE MONTH - To Be or Not to Be ASP: South Carolina’s Treatment of Bundled Services - Administrative Convenience Justifies Inequality in Tax Forgiveness...more

UPDATE: Sifting Through the Ashes: The Demise of Redevelopment Agencies and the Scramble to Figure Out the Next Step By Brian D....

INTRODUCTION - Faced with a multi-billion dollar budget deficit, Governor Jerry Brown targeted the dissolution of redevelopment agencies (“RDAs”) as a means to lower the deficit and redirect RDA assets to other areas of state...more

A New LLC Act for New Miami (and the Rest of Florida)

This is the first in a series of blog posts on the new Florida Limited Liability Company Act. Future posts will discuss issues relating to the Act and its ramifications on Miami (and Florida) businesses. The Need To...more

The Continued Wind Down of Redevelopment: Two Key Opportunities for Public-Private Partnerships

As we previously reported, the Redevelopment Dissolution Act (AB x1 26) dissolved all California redevelopment agencies as of February 1, 2012, and provided a complex scheme to wind down the affairs of the dissolved...more

Tax Changes in the Pennsylvania Budget

The General Assembly recently enacted several laws that make various changes to Pennsylvania taxes. These changes present traps for the unwary as well as planning opportunities for businesses and individuals seeking to reduce...more

Sifting Through The Ashes: Who Owns The Assets Of A Former Redevelopment Agency And Related Title Concerns By Brian D. Shaffer*

I. INTRODUCTION - In California Redevelopment Assn. v. Matosantos, 53 Cal. 4th 231, 135 Cal. Rptr. 3d 683, 267 P.3d 580 (2011) (“Matosantos”), the California Supreme Court confirmed the death of redevelopment agencies...more

Spotlight on Anti-Money Laundering (Part 2 of 3): Establishing an AML Compliance Program at a Non-Bank Residential Mortgage...

As reported in Part 1 of this series, all non-bank residential mortgage lenders and originators (RMLOs) have until August 13, 2012 to establish an Anti-Money Laundering (AML) program as part of the new rule....more

The Rules of Operational Risk

IN THIS ARTICLE Framework Controlling Credit Risk Four Basic Rules Six Even More Basic Rules Articles and Newsletters __________________________________________ Framework First and foremost, compliance decisions...more

Will Demoting the DFI, DOC and DRE Matter?

The Governor’s Reorganization Plan would demote the Department of Corporations and the Department of Financial Institutions to the status of divisions within the new Department of Business Oversight. The new DBO would report...more

Federal Reserve Offers Policy Guidance for REO Rental Programs

On April 5, the FRB released a policy statement that reiterates its general policy that banking organizations should make good faith efforts to dispose of foreclosed properties, also known as REO properties, as soon as...more

Fannie Mae Provides Guidance Regarding Chicago Vacant Property Ordinance and Payment of Homeowners’ Association Dues and Condo...

On April 11, Fannie Mae published Servicing Guide Lender Letter LL-2012-04, which follows up on a previous notice regarding the City of Chicago’s (the City) vacant property ordinance. Effective May 1, 2012, servicers will be...more

Orrick's Financial Industry Week In Review - April 9, 2012

In This Issue: Orrick Alerts on JOBS Act · JOBS Act – Implications for Issuers and Financial Institutions · JOBS Act Eases Restrictions on Rule 144A and Private Offerings – ABS Considerations · JOBS Act –...more

Proposed Changes to the Georgia Land Conservation Tax Credit Act (O.C.G.A. § 48-7-29.12)

In April 2006, the state of Georgia passed the Georgia Land Conservation Tax Credit Act, creating a new state income tax credit (not deduction) for land conservation. The purpose of the law was to provide a financial...more

Virginia Supreme Court Opinion Affecting Local Government Law: March 2, 2012

Today, the Virginia Supreme Court issued one opinion affecting the practice of Virginia local government law.  The following summary comes from the Virginia Supreme Court website: 102409 City of Richmond v....more

Court Rules to Eliminate California Redevelopment Agencies

The Ruling - As 2011 drew to a close, the California Supreme Court struck a fatal blow for California’s redevelopment agencies. In upholding Assembly Bill X1 26 and striking down Assembly Bill X1 27 in California...more

Ally Financial Ready to Fight AGs? Is the Announced Foreclosure Settlement Done or Not?

In today's Housing Wire, there's news that a deal has been reached in the Big Bank - AG Settlement of ForeclosureGate issues and the numbers seem to jive with the earlier reporting in the New York Times by Gretchen Morgenson...more

MoFo New York Tax Insights - Volume 2, Issue 10 - October 2011

In this issue: Peter Madoff Petition Dismissed as Untimely; Update on Partial Relief from Responsible Person Liability; ALJ Finds Audit Unreasonable; Revised Guidance on City Transfer Tax Rates; and Insights in...more

Legislative Update: GSE Reform

Regularly over the course of the last few months, we have been asked by clients to update them on the status of GSE reform, and sometimes asked to predict when we will see significant progress toward GSE reform. As a result,...more

Credit Crunch Digest - February 2011

The subprime lending crisis and ensuing credit crunch have resulted in significant losses and numerous lawsuits involving parties to the mortgage lending and securitization process. This digest collects and summarizes recent...more

Update on San Francisco’s Proposed New Business Tax Scheme

In our Client Alert, dated April 28, 2010, we described two proposals to change the payroll expense tax system in the City and County of San Francisco. The first proposal would replace the current payroll expense tax with a...more

China Update: Real Estate - January 2010

IN THIS ISSUE: 1 Foreign-Invested Partnerships — New Vehicle for Real Estate Investments? 2 Rules Tighten for China Real Estate Please see full newsletter below for more information....more

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