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Lending Industry Take Note: Federal Fair Housing Act Provides For Disparate-Impact Liability

The status quo stands, to a degree. By a 5-4 vote, the United States Supreme Court has concluded that the federal Fair Housing Act (“FHA”) authorizes lawsuits not just for intentional discrimination, but for conduct taken...more

Banks’ Motion to Dismiss Commerzbank RMBS Fraud Claims Granted

On June 18, 2015, Justice Marcy Friedman of the New York Supreme Court dismissed RMBS fraud claims brought by Commerzbank AG London Branch (“Commerzbank”) against UBS, Nomura Holdings Inc., Barclays Bank PLC, Citigroup and...more

New York Court of Appeals Provides Guidance on Deficiency Judgments

The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may seek a deficiency...more

U.S. Supreme Court Holds Disparate Impact Claims Can Be Brought under Fair Housing Act

In Texas Dept. of Housing and Community Affairs v. Inclusive Communities Project, Inc., decided on June 25, 2015, the United States Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act....more

Supreme Court Upholds Disparate Impact: What are the Practical Consequences for Mortgage Lenders?

The Supreme Court has held that disparate impact claims are valid under the federal Fair Housing Act (the “FHA”). In essence, this means that liability under the FHA can be proven by showing discriminatory effects of...more

Fair Housing Disparate Impact Claims Survive SCOTUS Challenge

The U.S. Supreme Court has decided, 5 - 4, that the Fair Housing Act (FHA) permits the use of a major antidiscrimination tool, the legal theory of disparate impact. Texas Department of Housing and Community Affairs v. The...more

Special Alert: Disparate Impact Under the Equal Credit Opportunity Act After Inclusive Communities

On June 25, the Supreme Court in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. held that disparate-impact claims are cognizable under the Fair Housing Act (FHA). The Court, in a 5-4...more

Disparate Impact Doctrine Survives Supreme Court Review

After years of debate and false starts, the Supreme Court has held that the Fair Housing Act (“FHA”) permits disparate impact claims. In Texas Department of Housing and Community Affairs v. Inclusive Communities Project,...more

Nevada HOA Foreclosures Cannot Extinguish Deeds of Trust Held by Fannie Mae, Holds U.S. District Court

Yesterday, the U.S. District Court for the District of Nevada issued an important ruling concerning the litigation over whether homeowners’ association foreclosures under Nevada’s super-priority lien statute (NRS 116.3116)...more

Housing Discrimination Claims Given Boost By Supreme Court

Today, by a 5-4 vote, the U.S. Supreme Court held that the federal Fair Housing Act (FHA) encompasses claims of disparate-impact discrimination. This decision, which marks the first time that the Supreme Court addressed this...more

Fair Housing Act Prohibits Policies and Practices Causing a Disparate Impact - Housing Policies and Practices Must Be "Necessary...

On June 25, 2015, the U.S. Supreme Court held that individuals and groups can challenge housing policies or practices that have a disproportionate adverse effect on protected classes (i.e., a disparate impact) – even if there...more

Supreme Court upholds ‘disparate impact’ under the FHA but emphasizes that claims cannot rely on statistics alone

In a much-anticipated decision, the U.S. Supreme Court held in Texas Department of Housing and Community Affairs v. Inclusive Communities Project (“Inclusive Communities”) that claims of disparate impact discrimination are...more

Supreme Court Decides Texas Department of Housing & Community Affairs v. The Inclusive Communities Project, Inc.

On June 25, 2015, the U.S. Supreme Court decided Texas Department of Housing & Community Affairs v. The Inclusive Communities Project, Inc., No. 13-1371, holding that a disparate-impact claim is cognizable under the Fair...more

Supreme Court Upholds Use of Disparate Impact in FHA Claims

In a decision certain to have major repercussions for the banking industry, the Supreme Court on Thursday upheld the use of disparate impact theories of liability – that is, suits that claim a law or practice has a...more

US Supreme Court Upholds Use of Disparate Impact Claims in Fair Lending Enforcement

The US Supreme Court finally weighed in today on whether the disparate impact theory may be used to prove housing discrimination and ruled that such claims are viable under the Fair Housing Act (FHA), 42 U.S.C. §§ 3601 et...more

Eleventh Circuit Upholds Wire Fraud Conviction of Defendant Who Did Not Participate in Sending the Fraudulent Representations

On June 9, the US Court of Appeals for the Eleventh Circuit affirmed a Florida district court’s refusal to acquit Linda Deavers, an Indianapolis real estate broker, of four counts of wire fraud. In doing so, the Eleventh...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 19, 2015

REAL PROPERTY UPDATE: Tax Deed Sale/Due Process: after certified letter notifying property owner of tax deed sale returned unopened and unclaimed, due process required clerk of court take reasonable steps to notify...more

Admissibility of Prior Servicer Business Records

In Sas v. Federal National Mortgage Ass’n., No. 2D14-1003, 2015 WL 3609508 (Fla. 2d DCA June 10, 2015) the appellate court was faced with the issue of whether there was a requirement that the records custodian of the current...more

District Court Rejects Lender’s Motion to Dismiss in Ongoing Litigation with CFPB

On June 12, the United States District Court for the Eastern District of California denied Castle & Cooke Mortgage’s motion to dismiss in a putative class action brought by affected borrowers stemming from Castle and Cooke’s...more

Recording Errors: A Typo Is Not Always Fatal

Deirdra Renee Gause v. Citifinancial Services, Inc. (In re Deirdra Renee Gause), 525 B.R. 35 (Bankr. M.D. N.C. 2014) – A chapter 13 debtor sought a court determination that a mortgage loan was unsecured because there was...more

Guarantors Can Waive Anti-Deficiency Protections

In Arizona, guarantors can now be held liable for deficiencies even where borrowers avoid liability due to Arizona’s anti-deficiency statute. Arizona courts have been active in the last few years in addressing the law...more

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

New York’s Highest Court Clarifies Judicial Foreclosure Standing Requirements

The New York Court of Appeals has clarified the requirements for showing standing to pursue judicial foreclosures in New York state courts after borrowers default on payment obligations, in a ruling that could resolve...more

Illinois AG Madigan Announces $1 Million Settlement Regarding Company’s Management of Foreclosed Properties

On June 3, Illinois AG Madigan announced a $1 million settlement with an Ohio-based company that mortgage lenders hire to manage properties throughout the foreclosure process and ensure that the properties retain their value....more

New York Court of Appeals Rules Possession of Note, Rather than Mortgage, Conveys Standing to Commence Foreclosure Action

On June 11, the New York Court of Appeals held that a loan servicer who holds the note has standing to commence a mortgage foreclosure action against a borrower even if the servicer cannot show that it also holds the...more

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