Residential Real Estate Finance & Banking

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Increased costs and potential decrease in private investment: Ballard Spahr’s thoughts on the public housing...

Since HUD issued its proposed rule for the demolition and disposition of public housing in October of this year, Ballard Spahr has thoroughly examined the regulation and has now provided to HUD comments on the potentially...more

The Economic Development Toolbox: “The Clean-Up Hitters” – Enterprise Zone and Community Reinvestment Area Property Tax Exemptions

Capital investment projects often involve tight margins, and every single dollar counts to ensure that the project is a success. For that reason, property tax exemptions are key components of any economic development...more

Mortgage Recording Requirements: Tiny Technical Defect Strikes Again

Rogan v. U.S. Bank, N.A. (In re Partin), 517 B.R. 770 (Bankr. E.D. Ky. 2014) – A chapter 7 trustee sought to avoid mortgages on three properties using his “strong arm” powers, arguing that they were improperly recorded...more

Bankruptcy Court Finds Debtor Entitled to a "Free House" Because Mortgage Foreclosure Complaint Barred by New Jersey Statute of...

Mortgage lenders should be aware of the New Jersey statute of limitations on mortgage foreclosure complaints. In In re Washington, 2014 Bankr. LEXIS 4649 (Bankr. D.N.J. Nov. 5, 2014), the United States Bankruptcy Court for...more

ABA Requests Guidance On SCRA Notice Form Expiration

On December 3, the ABA sent a letter to HUD’s General Deputy Assistant Secretary for the Office of Housing requesting guidance on the use of form HUD-92070 under the Servicemembers Civil Relief Act. HUD Form 92070 relates to...more

One small step for FHFA, one giant step for affordable housing and community reinvestment across the country

In what may be one of the longest tests of perseverance and intestinal fortitude in the history of legislative advocacy for affordable housing, supporters of the National Housing Trust Fund (NHTF) finally saw their proposal...more

How to Aggressively Defend Against Lender Liability Lawsuits

Introduction - Following an economic downturn, lenders are inundated with lender liability suits typically based on purported promises to extend the maturity dates of loans, alter the terms of loan agreements, or to...more

Equitable Redemption: California Legislature Breathes New Life Into an Old Doctrine

A revision to the California Enforcement of Judgments Law (EJL) this year resurrected the judicial doctrine of equitable redemption and almost went unnoticed. It is a significant remedy for former real property owners who...more

California Public Utilities Commission to Approve Grant Program to Promote Broadband Internet for Public Housing

Application Submission Scheduled for Mid-December Through Mid-January - The California Public Utilities Commission is scheduled to approve the California Advanced Services Fund Public Housing Broadband Grant Guidelines...more

Financial Services Bulletin: Action at Federal Agencies

The Federal Reserve Board Issues Financial Sector Concentration Limit Rule - On Wednesday, November 5, 2014, the Federal Reserve Board (the "Board") issued a final rule that establishes a financial sector concentration...more

Unofficial Transcript of CFPB’s November 18 Webinar on Completing the Closing Disclosure Form

On November 18, the CFPB presented Part 4 in its series of webinars (hosted by the Federal Reserve) addressing frequently asked questions regarding the TILA-RESPA Integrated Disclosure (“TRID”) rule. In this session, the CFPB...more

Amicus Curiae Oppose Disparate-Impact Liability

Recently, following the U.S. Supreme Court's grant of certiorari, more than a dozen organizations, groups, and associations filed separate amicus curiae briefs in support of the notion that the Fair Housing Act (FHA) does not...more

Draft Finance Bill 2015: Key Implications for U.K.-Based Alternative Asset Managers and Their Funds

Following not quite so hotly on the heels of the Autumn Statement as some would like, the U.K. government has now published draft legislation for inclusion in next year’s Finance Bill. ...more

Responding to Frivolous Notices

I love the internet and the convenience of quickly searching through my friend, Google. You have probably done this too. You are out with friends and someone questions who won the World Series in 2001. It is fun to be able to...more

In House, proposed spending bill lifts the RAD Cap

House and Senate leaders have come to an agreement on a spending bill that contains a major win for the U.S. Department of Housing and Urban Development: the expansion of the Rental Assistance Demonstration, allowing for the...more

Treasury and HUD Announce Changes to Making Home Affordable Program

On December 4, Treasury and HUD announced changes to Making Home Affordable (MHA) to better assist struggling homeowners. The changes are designed to motivate homeowners in MHA to continue making timely mortgage payments. The...more

How Borrower Got 'Free House' In NJ Bankruptcy Case

The United States Bankruptcy Court for the District of New Jersey recently held in In re Washington, No. 14-14573-TBA, (Bankr. D.N.J. Nov. 5, 2014) that the mortgagee and mortgage servicer (“the creditors”) are time-barred...more

UDAAP Council Weekly UDAAP Standards Report - 12/10/2014

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more

RAD Expansion to 185,000 Units Likely: House Spending Bill Proffers Additional Authorization, Funding Changes

U.S. House and Senate leaders have come to an agreement on a spending bill that contains a major win for the U.S. Department of Housing and Urban Development (HUD): expansion of HUD’s Rental Assistance Demonstration (RAD)...more

FHFA Issues Advisory Bulletin, Tightens Oversight of Single-Family Servicers and Sellers

On December 1, the FHFA issued an advisory bulletin highlighting its supervisory expectation that Fannie and Freddie maintain the safety and soundness of their operations by closely assessing the risk profile of lenders and...more

MoFo New York Tax Insights - Volume 5, Issue 12 - December 2014

In This Issue: - ALJ Rejects New York City’s Attempt to Forcibly Combine Bank and Its Non-New York City Mortgage Subsidiary - Tribunal Amends Decision Upholding Disallowance of Nonresident Partner’s Loss from...more

Final Rule to Implement Dodd-Frank Risk Retention Requirement

On October 21, 2014, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve Board), the Federal Deposit Insurance Corporation (FDIC), the U.S. Securities and...more

Reminder: comments on public housing demolition/disposition proposed rule due on December 15th

On October 16th, HUD issued a new proposed rule that would make significant changes to the approval process for the demolition and disposition of public housing properties. In addition to codifying a number of existing,...more

Second Circuit Affirms Dismissal of $56M MBS Suit against Bank of America

On November 25, the United States Court of Appeals for the Second Circuit upheld the dismissal of IKB Deutsche Industriebank AG’s suit against Bank of America. IKB alleged that BofA fraudulently misrepresented the quality of...more

Florida Deficiency Proceedings: Costs Recoverable Following Foreclosure

Following a foreclosure sale, a lender may seek to obtain a deficiency judgment against the borrower and guarantors for the difference between the amount of the debt (as listed in the foreclosure judgment) and the value of...more

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