Mortgages, Municipalities

Nutter Bank Report: June 2019

Nutter McClennen & Fish LLP on 6/27/2019

Federal Banking Agencies Expand Eligibility to Use Streamlined Call Reports - The federal banking agencies have adopted a final rule to reduce regulatory reporting requirements for certain banks with total assets of less...more

DC Proposed Regulations Modify Deed of Trust Recording Tax Exemptions

Seyfarth Shaw LLP on 11/30/2017

New regulations proposed by the District of Columbia affect the recordation tax exemptions for purchase money deeds of trust not recorded simultaneously with the deed, deeds of trust recorded to refinance construction loans...more

Cities Can Sue Banks for Predatory Lending, U.S. Supreme Court Says

Best Best & Krieger LLP on 5/17/2017

While the nationwide economy has steadily improved since the recession, many cities are still clawing their way back to financial stability. California, in particular, was hit hard by the foreclosure crisis, leaving cities in...more

U.S. Supreme Court Sides with Cities, Allowing Lawsuits Against Banks for Fair Housing Act Violations - Bank of America v. City of...

Best Best & Krieger LLP on 5/10/2017

The U.S. Supreme Court has given the City of Miami the go-ahead to sue banks under the Fair Housing Act for alleged racially discriminatory lending practices that resulted in increased foreclosures and fiscal harm to the...more

Appellate Court Notes

Pullman & Comley, LLC on 4/24/2017

Supreme Court Advance Release Opinions: SC19661 - ARS Investors II 2012-1 HVB, LLC v. Crystal, LLC - Owner recorded an unapproved subdivision map of its commercial property into three lots and then granted a...more

Massachusetts Supreme Judicial Court Rejects Municipal Foreclosure Ordinances

K&L Gates LLP on 1/15/2015

Can a Massachusetts municipality impose ordinances on banks that are more onerous than existing statewide law? In a recent landmark decision, the Massachusetts Supreme Judicial Court (“SJC”) answered “no.” In Easthampton...more

City of Richmond, California Backs Plan to Use Eminent Domain to Seize Bad Mortgages

Bilzin Sumberg on 10/1/2013

Richmond, California’s leaders approved a controversial plan earlier this month to become the first municipality in the nation to use eminent domain to rid itself of underwater mortgages. The plan was approved by the Richmond...more

Mortgage Banking Industry Fights Use of Eminent Domain To Seize Underwater Mortgage Loans

Ballard Spahr LLP on 9/20/2013

In the aftermath of the foreclosure crisis, a number of local governments are weighing whether to use the power of eminent domain to assist homeowners struggling with underwater mortgages held by lenders who have issued...more

California Municipality Approves Mortgage Seizure Plan

Goodwin on 9/17/2013

The City Council of Richmond, California recently approved a plan that would allow the city to seize mortgages in which the remaining mortgage balance exceeds the property value by using eminent domain, making it the first...more

Federal Court Halts Lender Underwater Mortgages Lawsuit Against Richmond

Nossaman LLP on 9/16/2013

On September 12, the City of Richmond caught a small reprieve with respect to its plan to condemn underwater mortgages. As reported by Reuters, the federal district court ruled that the lawsuit filed by lenders Wells Fargo,...more

Showdown in the Richmond: The City of Richmond Threatens Eminent Domain on Underwater Loans

Sheppard Mullin Richter & Hampton LLP on 9/13/2013

BREAKING NEWS: In a contentious 4-3 decision and amid more than 300 community members on both sides of the issue, the City Council for the City of Richmond voted to continue pursuing its eminent domain plan in the early...more

The City of Richmond Remains Undeterred in its Quest to Condemn Underwater Mortgages

Nossaman LLP on 9/12/2013

Despite three major banks filing federal lawsuits against the City of Richmond last month related to its plan to condemn underwater mortgages, the City continues to press on. On Tuesday, the City voted 4-3 to continue its...more

Florida Supreme Court Declares "Superpriority" Municipal Liens Invalid

Shumaker, Loop & Kendrick, LLP on 6/19/2013

It has become increasingly common in recent years for Florida municipalities to enact local ordinances granting so-called “superpriority” status to liens for municipal assessments. These types of ordinances typically state...more

Municipalities Continue to Advance Plans to Use Eminent Domain to Seize Underwater Residential Mortgages

Dechert LLP on 6/4/2013

A number of industry groups1 (the “Industry Groups”) raised concerns recently when Mortgage Resolution Partners (“MRP”) entered into contracts with two additional municipalities to formalize the use of eminent domain programs...more

Florida to Government: Your Lien Doesn't Foreclose This Old Mortgage

Baker Donelson on 5/22/2013

The Florida Supreme Court has ruled that cities cannot create ordinances that subject prior recorded mortgages to their subsequently recorded county or governmental liens, because it conflicts with Florida's state statutes on...more

No Marriage for Mortgage Resolution Partners Yet (But Proposal Still Being Considered)

Dechert LLP on 4/8/2013

Last summer, we at Crunched Credit wrote (here, here and here) about Mortgage Resolution Partner’s (“MRP”), a San Francisco-based venture-capital firm, proposal whereby underwater performing residential mortgage loans held in...more

Insolvency Legislative Update - February 2013

Farella Braun + Martel LLP on 2/5/2013

California enacted a number of pieces of legislation over the last year or so of great importance to insolvency professionals. These include bills impacting mortgage foreclosures, sales of tax-defaulted property, wage...more

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