Residential Real Estate Finance & Banking Elections & Politics

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Purpose built student accommodation (PBSA) to be exempt from Private Housing (Tenancies) (Scotland) Bill

On 3 February the Scottish Government published their response to the Infrastructure and Capital Investment Committee’s Stage 1 report on the Private Housing (Tenancies) (Scotland) Bill. The report contains the following...more

West Coast Real Estate Update: Jan. 2016 #2

California Senate Proposes $2 Billion on Housing for Homeless - California state senators put forth a proposal on Jan. 4, 2016, to spend $2 billion to build or rehabilitate permanent housing for homeless people,...more

“An Act Clearing Titles to Foreclosed Properties” in Massachusetts … Maybe

On November 25, 2015, Governor Charlie Baker did what his predecessor, Deval Patrick, did not do -- he signed “An Act Clearing Titles to Foreclosed Properties” (the “Act”), which is designed to clear legal title for...more

House Passes Bills that Impact CFPB Mortgage and Auto Lending Policies

On November 18, the U.S. House of Representatives passed by voice vote H.R. 1210 and H.R. 1737, both of which will affect CFPB policies governing the mortgage and auto lending industries. The “Portfolio Lending and Mortgage...more

House Votes to Nix Indirect Auto Bulletin and Expand QM

The U.S. House of Representatives passed legislation on November 18, 2015, that would revoke the CFPB’s guidance on indirect auto lending and expand the qualified mortgage rule’s safe harbor. The Reforming CFPB Indirect Auto...more

New Federal Budget Deal Provides TCPA Relief for Federal Loan Servicers

For years now, the federal Telephone Consumer Protection Act (TCPA) has been a looming threat to U.S. businesses. Although the TCPA was initially passed “to develop the necessary ground rules for cost-effective protection of...more

$175 Million in State Subsidy Made Available in Florida FY 2015-2016 Budget for Affordable Housing

Recently, the State of Florida passed the FY 2015-2016 budget which contained an appropriation of $175 million for the Sadowski Housing Trust Fund. This budget line item provides affordable housing developers with additional...more

U.S. House of Representatives Passes Several Financial Regulatory Relief Bills, Including TRID Safe Harbor

On October 7, the U.S. House of Representatives (U.S. House) passed several pieces of bipartisan legislation aimed at providing regulatory relief to lenders and strengthening consumer protection. This legislation included...more

TRID Legislation and GSA Grace Period

Last week, the House passed H.R. 3192 the “Homebuyers Assistance Act.” On the same day, the Senate read a similar Bill, S. 1711, twice, and referred their Bill to the Committee on Banking, Housing, and Urban Affairs. In...more

S. 682 Offers Possible Relief for Consumers Stranded by CFPB

Recent history has shown that the regulations designed to implement the Dodd-Frank Act thresholds for High-Cost Mortgages under the Home Ownership and Equity Protections Act (HOEPA) for personal property loans are having a...more

Illinois Legislature Deals Deathblow to Dina

Recently, in a rare display of bipartisanship, the Illinois House and Senate passed—almost unanimously—an amendment to the Illinois Residential Mortgage License Act, 205 ILCS 635/1-1 et al. (IRMLA). On July 23, 2015, Governor...more

Should California Eliminate USPAP as its Sole Standard of Valuation Practice for Real Estate Appraisers?

Six weeks ago, I wrote about California Assembly Bill 624 and the Appraisal Institute’s effort to change California law that presently requires all licensed appraisers to comply with the Uniform Standards of Professional...more

Action Needed – FY 2016 Appropriations Bill may cut HOME program funding by 93%

The Fiscal Year 2016 Transportation, Housing and Urban Development, and Related Agencies (THUD) Subcommittee has proposed critical markups to the Year 2016 Appropriations Bill. One of the most dramatic funding cuts all but...more

Nevada Assembly Passes Legislation Relating to Mortgage Lending and Servicing Regulation, Licensing and Fees

On June 9, Governor Brian Sandoval (R-NV) signed into law AB 480, which revises existing law concerning the licensing and regulation of escrow agents and escrow agencies. The law also authorizes a wholesale lender from...more

Nevada Senate Passes Bill Affecting Super-Priority Liens in Foreclosure

The Nevada Legislature recently passed a bill intended, in part, to address issues resulting from the Nevada Supreme Court’s decision that a homeowners association lien is a true super-priority lien that, if foreclosed,...more

Nevada Enacts Payday Lender Best Practices Act

On May 27, Nevada Governor Brian Sandoval signed into law S.B. 242, enacting the Payday Lender Best Practices Act. The legislation requires payday and similar lenders to use various specified best practices – advocated by the...more

Client Alert: New Florida Law Protecting Tenants in Foreclosure

New Florida Law Protecting Tenants in Foreclosure - On June 2, 2015, Florida Governor Rick Scott signed into a law a new statute titled "Termination of rental agreement upon foreclosure," which became effec­tive upon...more

Oklahoma Amends SAFE Act

Governor Mary Fallin signed SB-377 on May 12, amending provisions relating to the Oklahoma SAFE Act (the Act). The amendment clarifies the Act by adding references to “mortgage lenders” and “servicing” throughout the Act and...more

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

255 members of Congress seek TILA/RESPA integrated disclosure rule grace period

A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for...more

Redevelopment By Any Other Name Would Still Be Redevelopment…

It appears the state assembly is trying to get California back on the redevelopment wagon…again. (For a brief history lesson on redevelopment, see below.) Assembly Bill 2 (AB2), which passed the assembly earlier this month,...more

The House Joins the Senate Finance Committee in Proposing FIRPTA Reform

FIRPTA real estate tax reform continues its momentum with the recent release of bill text for H.R. 2128, the latest House bill introduced by Kevin Brady (R-Texas) and J Crowley (D-NY). In connection with the filing of the...more

Democrats release alternative regulatory relief bill

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby. While Senator Shelby’s bill is entitled the “Financial Regulatory...more

The Construct - May 2015

In This Issue: - Construction Contract Claims Against a Third-Party Lender? The Unforeseen Consequences of a Standard Practice: For those of us who commonly represent lenders, there is nothing more unsettling...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

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