Real Estate Market

News & Analysis as of

CFPB Proposes to Extend Know Before You Owe Rule Compliance to October

On June 24 the CFPB published its proposed rule for extending the effective date for implementation of the Know Before You Owe Rule to October 3, 2015. The public has until July 7...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 19, 2015

REAL PROPERTY UPDATE: Tax Deed Sale/Due Process: after certified letter notifying property owner of tax deed sale returned unopened and unclaimed, due process required clerk of court take reasonable steps to notify...more

Recording Errors: A Typo Is Not Always Fatal

Deirdra Renee Gause v. Citifinancial Services, Inc. (In re Deirdra Renee Gause), 525 B.R. 35 (Bankr. M.D. N.C. 2014) – A chapter 13 debtor sought a court determination that a mortgage loan was unsecured because there was...more

Cook County Tax Rates Released

Yesterday the Cook County Clerk’s Office released the tax rates that will be used for the 2014 tax bills. Again this year, Cook County tax bills will go out on time. Tax bills are expected to be issued on July 1 with a due...more

Hawaii Finds Arbitration Agreement With “Severe Limitations on Discovery” is Unconscionable

Hawaii issued a bold arbitration decision this month. It applied its state contract law to conclude that the parties did not form a clear arbitration agreement, but even if they did, it was unconscionable because it...more

Amendments to Condominium Termination Law Impede Ability to Terminate

Responding to perceived abuses in condominium terminations, the 2015 Florida Legislature passed Chapter 2015-175, amending the termination provisions of the Condominium Act. This statute clears up certain problems experienced...more

SEC Regulation of Private Equity Funds

What you need to know: The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations recently issued its examination priorities for 2015, many of which impact the private equity...more

Global Connection - June 2015

The latest edition of Global Connection offers insight into a potential money laundering crackdown in the real estate sector, information on the Federal Trade Commission’s approach to data breach investigations and a legal...more

CFPB Plans Delay of Know Before You Owe Rule

Residential mortgage originators struggling to meet the August 1, 2015 implementation date for the new Truth-in-Lending RESPA Integrated Disclosure Rule received a reprieve yesterday. CFPB Director Richard Cordray issued...more

California Supreme Court Endorses City Authority to Adopt Inclusionary Housing Ordinance

On June 15, 2015, in a decision that came as a surprise to many observers, the California Supreme Court unanimously rejected a challenge to San Jose’s inclusionary housing ordinance which had been filed by the California...more

Texas Adds Exemptions to Texas SAFE Act Licensing Requirements

Texas has amended its provisions relating to exemptions from the applicability of the Texas SAFE Act for certain nonprofit organizations and their residential mortgage loan originators (MLOs). Under the amendment, a nonprofit...more

Sunset of Distressed Condominium Relief Act Extended

The Distressed Condominium Relief Act enacted as Part VII of the Condominium Act in 2010 (“Act”) was a temporary measure to encourage absorption of unsold condominium units arising as a result of the Great Recession. This...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 5 & 12, 2015

REAL PROPERTY UPDATE - Lien Priority: claimant’s judgment lien related back to recording of lis pendens and therefore took priority over competing judgment lien obtained after lis pendens but before entry of claimant’s...more

NY High Court Boots Mortgage Repurchase Case on Limitations

In a ruling that may signal the end to much of the litigation over mortgage-backed securities, New York’s highest court held limitations for breach of warranty litigation over portfolio loans run from the MLSA closing date...more

A Notice of Default Does Not “Disturb Possession”

An action to quiet title in real property can be governed by various statutes of limitation, depending on what theory underlies the claim. Possibilities include the five-year limitations period for adverse possession, the...more

Alabama Legislature Amends Redemption Statute

The Alabama Legislature recently amended sections 6-5-248, 6-5-252, and 8-1-172 of the Alabama Code, which govern redemption in the State of Alabama. Prior to the amendments, the redemption period for all real property was...more

Regional Bank Agrees to Pay Over $200 Million for Alleged Violations of the False Claims Act

On June 1, a regional bank agreed to pay the United States $212.5 million to resolve allegations that it knowingly violated the False Claims Act by originating and underwriting FHA-insured mortgage loans that did not meet...more

Australian Tax Alert – Victoria Introduces 3% Stamp Duty Surcharge For Foreign Purchasers Of Residential Property

As announced in the Victorian 2015-16 budget, a bill introducing an additional 3% stamp duty surcharge on "residential property" purchases by "foreign purchasers" was introduced into the Victorian parliament on 5 may 2015....more

Florida’s Immune System: No First-Party Bad Faith Claims Against The State-Created Property Insurer

Earlier this month, in Citizens Property Insurance Corp. v. Perdido Sun Condominium Association, Inc., No. SC14-185 (Fla. May 14, 2015), the Supreme Court of Florida held that the immunity from suit granted to Citizens under...more

CFPB “Final” TRID Webinar

The CFPB staff held a “final” webinar on May 26, 2015, to address the Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule that becomes effective on August 1, 2015. Presumably the...more

Housing Building Jumps in April

According to newly released data from the U.S. Department of Commerce, home builders have ratcheted up construction in April to a seasonally adjusted annual rate of 1.135 million units. This is a 20.2% increase from March and...more

The SEC’s Current Views on Private Equity OCIE is still focused on fees and expenses, but also is turning its attention to real...

As a follow-up to last year’s “Spreading Sunshine in Private Equity” speech, in which then-OCIE Director Andrew Bowden stated that the SEC had found that more than half of the funds examined by OCIE had allocated expenses and...more

The Essential Guide to UK Real Estate

This Essential Guide provides an overview of the legal and regulatory issues likely to affect developers, occupiers and investors in UK real estate. Real estate - Real estate law in England and Wales can trace...more

Does Director Cordray Fully Appreciate the Implications of the TRID Rule?

Statements made by CFPB Director Richard Cordray to the National Association of Realtors on May 12, 2015, suggest that the Director may not fully appreciate the implications of the TILA/RESPA Integrated Disclosure (TRID) rule...more

Fannie Mae and Freddie Mac to Issue New Seller/Servicer Eligibility Requirements

On May 20, the FHFA announced that Fannie Mae and Freddie Mac are issuing new finalized operational and financial eligibility requirements for mortgage seller/servicers. The updated requirements will be communicated through...more

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