Residential Real Estate Finance & Banking

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Supreme Court Eases Requirements for Homeowners Rescinding Mortgages

The U.S. Supreme Court recently held in Jesinoski v. Countrywide Home Loans, Inc. that borrowers exercising their right to rescind mortgages under the Truth in Lending Act (“TILA”) only need to provide written notice to...more

Post-Confirmation: Ignoring Court Orders Is Not A Good Idea

In re Castle Home Builders, Inc., 520 B.R. 98 (Bankr. N.D. Ill. 2014) – The debtors obtained confirmation of plans of reorganization that restructured prepetition mortgage loans.  When the servicer for some of the...more

The CFPB & UDAAP: A “Know It When You See It” Standard?

The Consumer Financial Protection Bureau’s (CFPB) continued and expanded reliance on its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial...more

State AGs Take Sides as U.S. Supreme Court Hears Housing Discrimination Case

On January 21, 2015, the U.S. Supreme Court will hear argument in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, on the question of whether disparate impact claims for discrimination are...more

Special Alert: CFPB Finalizes Amendments to TILA-RESPA Integrated Mortgage Disclosures

On January 20, 2015, the CFPB finalized amendments to the TILA-RESPA Integrated Disclosure (“TRID”) rule that make a number of amendments, clarifications, and corrections, including...more

A New Year and a New Arizona Anti-Deficiency Statute

In 2014, the Arizona Legislature enacted significant changes to the anti-deficiency statutes, which protect certain residential borrowers from a deficiency judgment following foreclosure. These statutory changes, which apply...more

SOTU mentions housing!

President Obama’s State of the Union address touched briefly on housing issues. With a focus on “middle class economics”, it was inevitable that we would hear about homeownership rather than rental housing. He mentioned lower...more

Chapter 13 Debtors Choosing to Retain Residential Property and Not Claim Homestead Are Not Entitled to Wildcard Exemption

In Florida, it is well settled that a Chapter 7 debtor who does not claim or receive the benefit of the homestead exemption on his bankruptcy schedules is entitled to claim the “wildcard” exemption pursuant to Fla. Stat. §...more

Special Alert: Supreme Court Hears Oral Arguments on Fair Housing Act Disparate Impact Case

Yesterday, the Supreme Court heard oral arguments in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, in which Texas challenged the disparate impact theory of discrimination under the...more

No Lawsuit Required to Rescind: U.S. Supreme Court Clarifies Mortgage Rescission Notification Requirements for Borrowers under...

Background of Notice versus Lawsuit Issue - The Truth in Lending Act (“TILA”), as implemented by Regulation Z, provides borrowers with a powerful tool: the right to rescind certain mortgage loan transactions. This...more

Four Key Voices in Washington’s Housing Finance Reform Debate

The 113th Congress adjourned on Dec. 16, 2014. Among its legislative shortcomings, including the last-minute failure to extend the Terrorism Risk Insurance Act (‘‘TRIA’’), was the inability to produce any meaningful reform to...more

Residential Development in California: New Density Bonus Law Makes New Affordable Housing Difficult to Build

Governor Brown signed into law on September 27, 2014, AB2222, which amends the State's Density Bonus Law ("DBL"), Gov't Code §§ 65915, et seq. to establish significant constraints upon the use of the incentives provided by...more

High Court Clarifies TILA Rescission Procedure

In Jesinoski v. Countrywide Home Loans, et al. (No. 13-684), the U.S. Supreme Court has eased the process by which a borrower may seek to walk away from his home mortgages, holding that the borrower, in order to avail himself...more

Delaware Chancery Court Revives Repurchase Litigation

On January 12, 2015, Vice Chancellor Laster of the Delaware Chancery Court granted the plaintiff’s motion for reargument and revived the breach of contract claims that the court had previously held to be untimely in Bear...more

HUD awards Choice Neighborhood Planning Grants in six cities

On Friday, January 16, 2015, HUD announced the Choice Neighborhood Planning Grant awards. HUD is awarding $3.2 million in Choice Neighborhood Planning Grants to the following recipients...more

JP Morgan Reaches Agreement in Principle to Settle Dispute Over $17.6B in MBS

On January 8, 2015, plaintiffs in a class action lawsuit against JP Morgan Chase informed the court that the parties had an agreement in principle to settle the case. The suit was initially commenced against Bear Stearns in...more

Real Estate Joint Venture Tips

A recent New York Times article described the increased presence of New York developers in the South Florida condominium market. The fact is that Miami real estate market has always been a seductive one for out of state...more

Foreclosing Lender Forced to File a Separate Action on Association Assessments

Foreclosing mortgagees often wait until after a foreclosure judgment and certificate of title are issued to determine the extent of liability to a homeowners or condominium association for past due assessments. But what if...more

Ballard Spahr submits amicus brief in Inclusive Communities

The U.S. Supreme Court is scheduled to hear oral argument tomorrow, January 21st, in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc., the case presenting the issue whether...more

Software Company Releases New E-Signature Product

On January 8, Kofax Limited, a California-based software company, released SignDoc Enterprise, a product that allows lenders to capture and process electronic signatures. The software gives consumers the ability to sign and...more

FHFA Issues 2015 Scorecard for Fannie, Freddie and Common Securitization Solutions

On January 14, FHFA released the 2015 Scorecard? outlining specific priorities for Fannie Mae, Freddie Mac and their joint venture, Common Securitization Solutions, LLC. The Scorecard assesses Fannie and Freddie’s performance...more

FHA Reduces Annual Insurance Premiums

On January 8, HUD announced that the Federal Housing Administration (FHA) will reduce the annual insurance premiums new borrowers pay by 50 basis points....more

The Status of Lien Waivers in Utah Remains Cloudy

On December 19, 2014, the Utah Supreme Court issued its opinion in Lane Myers Construction, LLC v. National City Bank, et al. 2014 UT 58 (UT 2014). In this case, a total of nine Utah jurists considered the question of whether...more

Supreme Court Unanimously Resolves Circuit Split Regarding Notice Requirement for Truth in Lending Act Right of Rescission

In Jesinoski v. Countrywide Home Loans, Inc., decided January 13, 2015, the United States Supreme Court resolved a circuit split and clarified that borrowers need not file a complaint in order to invoke their right to rescind...more

CFPB report explores consumers’ mortgage shopping experience

In a report released on January 13, 2015, the CFPB announced that nearly half of consumers do not shop among multiple lenders before applying for a mortgage loan. Even fewer—about one of every four—submit multiple...more

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