News & Analysis as of

Mortgages Municipalities

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Nutter McClennen & Fish LLP

Nutter Bank Report: June 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

Seyfarth Shaw LLP

DC Proposed Regulations Modify Deed of Trust Recording Tax Exemptions

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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

Best Best & Krieger LLP

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

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

Best Best & Krieger LLP

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

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

Pullman & Comley, LLC

Appellate Court Notes

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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

K&L Gates LLP

Massachusetts Supreme Judicial Court Rejects Municipal Foreclosure Ordinances

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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

Bilzin Sumberg

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

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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

Ballard Spahr LLP

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

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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

Goodwin

California Municipality Approves Mortgage Seizure Plan

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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

Nossaman LLP

Federal Court Halts Lender Underwater Mortgages Lawsuit Against Richmond

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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

Sheppard Mullin Richter & Hampton LLP

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

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

Nossaman LLP

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

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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

Shumaker, Loop & Kendrick, LLP

Florida Supreme Court Declares "Superpriority" Municipal Liens Invalid

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

Dechert LLP

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

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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

Baker Donelson

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

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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

Dechert LLP

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

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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

Farella Braun + Martel LLP

Insolvency Legislative Update - February 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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