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Real Estate & Property Law Blog Posts from May 20, 2013

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Real Estate & Property Law Posts (May 20, 2013)

RE/MAX founder to be featured in live webinar

RE/MAX Co-founder and Chairman Dave Liniger will be featured on the live webinar series, Secrets of Top Selling Agents, on Wednesday, May 22. read more
Posted on Housing Wire on May 20, 2013 at 6:36 PM

United Guaranty names Brian Gould COO

Mortgage insurer United Guaranty Corp. promoted Brian Gould to the position of chief operating officer. read more
Posted on Housing Wire on May 20, 2013 at 5:07 PM

Indecomm Global Services scoops up Mortgage U

Indecomm Global Services acquired the assets of Mortgage U, allowing the company to expand its learning and mortgage training offerings as well as its total compliance support and consulting. read more
Posted on Housing Wire on May 20, 2013 at 4:39 PM

Materials And Links From Today's HSBA Appellate Section CLE On Amicus Briefing

Here is the handout (2 pages) from today's CLE program on Amicus Briefing, sponsored by the Hawaii State Bar Association's Appellate Law Section. Links to the briefs mentioned are also posted here. Amicus Briefing - Hawaii State Bar Association, Appellate Law Section - CLE 5-20-2013
Posted on inversecondemnation on May 20, 2013 at 4:15 PM

PennyMac rises 9% on Leon Cooperman's disclosed stake

PennyMac Financial Services rose 9% after the involvement of Omega Advisors Inc.?s Leon Cooperman was disclosed, Bloomberg reported. http://www.bloomberg.com/news/2013-05-20/pennymac-surges-after-omega-s-cooperman-discloses-22-stake.html Bloomberg
Posted on Housing Wire on May 20, 2013 at 3:58 PM

NeighborWorks America ranks No. 3 on Top-100 list

NeighborWorks America, representing the NeighborWorks network, was ranked No. 3 among builders specializing in affordable for-sale homes, according to the Builder 100 list. http://www.marketwatch.com/story/neighborworks-america-ranks-3rd-among-nonprofit-builders-of-affordable-homes-in-latest-builder-magazine-list-
Posted on Housing Wire on May 20, 2013 at 3:25 PM

Churches, pastors in Michigan go on a mission to prevent foreclosure

Michigan is tapping into a higher power to prevent foreclosures. Churches, their congregants and community leaders are working together to provide homeowners facing foreclosure with a few options. http://www.woodtv.com/dpp/news/local/grand_rapids/new-program-to-help-prevent-foreclosure
Posted on Housing Wire on May 20, 2013 at 2:56 PM

'Dexter' star closes deal on California home

The actor?s latest purchase ? a beautifully restored 1923 Spanish colonial home ? has an upscale kitchen, media room, guest house and green hillside views from almost every window, according to Zillow. http://www.zillowblog.com/2013-05-20/dexter-star-michael-c-hall-closes-deal-on-los-feliz-home/
Posted on Housing Wire on May 20, 2013 at 2:51 PM

Why your prospects need a property manager

The opinion in many U.S. markets is that property management services are reserved for out-of-state owners or large investors. However, PMs are valuable whether your owners have one or 100 units, according to Trulia. http://pro.truliablog.com/grow-business/4-reasons-your-prospects-need-a-property-manager/
Posted on Housing Wire on May 20, 2013 at 2:25 PM

More on three big banks that halted foreclosures

As first reported last week, three mega banks halted foreclosures earlier this month after receiving additional guidance from federal banking regulators. While JPMorgan is foreclosing again, Wells Fargo and Citi foreclosures remain frozen. http://www.latimes.com/business/money/la-fi-mo-banks-foreclosure-halt-20130
Posted on Housing Wire on May 20, 2013 at 2:12 PM

Distressed neighborhoods lure cash investors

House hunters looking to buy a foreclosure in South Florida often discover they are getting outflanked by the pros: investors wielding cash. http://www.miamiherald.com/2013/05/19/3406242/distressed-homes-lure-cash-investors.html Miami Herald
Posted on Housing Wire on May 20, 2013 at 1:58 PM

Big MSR swap with MountainView offering millions in agency product

Advisory firm MountainView Servicing Group is managing the sale of a $755 million Fannie Mae servicing portfolio along with another portfolio comprised of $395 million in Fannie Mae and Freddie Mac loans. read more
Posted on Housing Wire on May 20, 2013 at 1:49 PM

Ply Gem Holdings plans to price IPO this week

Ply Gem Holdings plans to raise $300 million this week by offering 15.8 million shares at a price somewhere between $18 and $20 per share. read more
Posted on Housing Wire on May 20, 2013 at 1:45 PM

SunTrust wins court order over MBS

SunTrust Banks won a court order on preventing Turnberry Capital Management from moving forward with a $13 million arbitration over MBS. http://www.reuters.com/article/2013/05/17/us-suntrust-finra-decision-idUSBRE94G0OO20130517 Reuters
Posted on Housing Wire on May 20, 2013 at 1:39 PM

Why you should not invest in real estate with a credit card

Don't use a credit card unless you can pay the bill in full, immediately, on the same day that you make a purchase, says investment expert Paula Pant. http://realestate.aol.com/blog/2013/05/20/real-estate-investment-credit-card/ AOL Real Estate
Posted on Housing Wire on May 20, 2013 at 1:24 PM

Housing begins to directly contribute to economy

The housing sector may finally become a direct and meaningful contributor to U.S. economic growth in 2013 and beyond, according to NewOak CEO and Co-Founder Ron D?Vari. read more
Posted on Housing Wire on May 20, 2013 at 1:10 PM

Fraser replaces Sanjiv Das as CEO of CitiMortgage

Citigroup announced that Sanjiv Das will be stepping down as CEO of CitiMortgage and will be replaced by Jane Fraser, an article in Bloomberg reports. http://www.bloomberg.com/news/2013-05-20/citigroup-says-fraser-to-replace-das-as-ceo-of-citimortgage-1-.html
Posted on Housing Wire on May 20, 2013 at 12:56 PM

New Law Review Article On Just Compensation: Property Owners Getting Too Much

Much of the interest in eminent domain law since Kelo v. New London understandably has been on the Public Use Clause, but as condemnation lawyers know, a supermajority of the issues in these cases involve the other part of the Takings Clause, the question of just compensation. The shorthand usually...
Posted on inversecondemnation on May 20, 2013 at 12:56 PM

Treasurys almost reach two-month high before Bernanke speech

Treasury 10-year note yields traded at almost a two-month high before Federal Reserve Chairman Ben Bernanke discusses the economic outlook this week. http://www.bloomberg.com/news/2013-05-20/treasury-yields-near-2-month-high-on-bets-fed-to-taper-stimulus.html
Posted on Housing Wire on May 20, 2013 at 12:50 PM

Paulson bets big on mortgages

Paulson & Co. was bullish on mortgage insurers in Q113, tripling the number of shares it held in Radian Group and reporting a new equity stake in MGIC Investment Group. http://www.snl.com/InteractiveX/Article.aspx?cdid=A-17744351-11825 SNL
Posted on Housing Wire on May 20, 2013 at 12:43 PM

Investors should strike on agency MBS, but remain cautious: BofAML

Investors should take advantage of the agency MBS weakness, but remain cautious on derivatives and specified where housing strength and policy risk is eroding prepayment reduction, Bank of America Merrill Lynch said. read more
Posted on Housing Wire on May 20, 2013 at 12:14 PM

Churchill Mortgage promotes 16 employees

Brentwood, Tenn.-based Churchill Mortgage strengthened its company by promoting 16 employees to leaderships positions within its headquarters. read more
Posted on Housing Wire on May 20, 2013 at 11:47 AM

MERS wins dismissal of New Hampshire case

In the latest case, Bennett v. MERS, the New Hampshire Superior Court agreed to dismiss a quiet title action by a homeowner, who claimed MERS transfer of the note was not recorded, clouding his title. read more
Posted on Housing Wire on May 20, 2013 at 11:27 AM

Up-front risk sharing will lure in private capital: MBA

To entice investors back into the market the FHFA should require the GSEs to offer risk sharing options to lenders at the entry point rather than on the back end after loans have been delivered to the enterprises, the MBA said. read more
Posted on Housing Wire on May 20, 2013 at 11:13 AM

CFPB clarifies final escrow rule

The Consumer Financial Protection Bureau issued its final escrow rule to better clarify the guidelines for lenders. http://www.consumerfinance.gov/blog/clarification-of-the-2013-escrows-final-rule/?utm_source=newsletter&utm_medium=email&utm_campaign=Email%2B20130517%2Breg%2Bimplementation
Posted on Housing Wire on May 20, 2013 at 10:53 AM

SIFMA names former Sen. Judd Gregg CEO

Former U.S. Senator Judd Gregg, R-N.H., is the newly appointed chief executive officer of the Securities Industry and Financial Markets Association. read more
Posted on Housing Wire on May 20, 2013 at 10:33 AM

Lenders prep for increase in millennial housing demand

Lenders are starting to brace themselves as millennials jump back into the housing market. http://www.robchrisman.com/ Daily Mortgage News and Commentary Rob Chrisman read more
Posted on Housing Wire on May 20, 2013 at 10:24 AM

Housing will reaccelerate economic growth: Fannie Mae

The slow in economic activity is partly due to ongoing fiscal drags, including the budget sequester. However, a modest reacceleration is expected in the second half of this year, as the housing market continues to gain traction, Fannie Mae said in a new report. read more
Posted on Housing Wire on May 20, 2013 at 9:58 AM

Judge Orders Los Angeles BID to Dissolve

A reminder that not everyone loves Business Improvement Districts: A Los Angeles Superior Court judge has ordered the Arts District Business Improvement District to dissolve, capping a long feud between the entity and a group of property owners. The BID...
Posted on PropertyProf Blog on May 20, 2013 at 6:30 AM

Foundling Tokens

Slate has a captivating piece on "foundling tokens." During the 18th century, mothers who left their babies at London?s Foundling Hospital would deposit something small, but unique, with the hospital to serve as an identifier in the event parents returned...
Posted on PropertyProf Blog on May 20, 2013 at 6:15 AM

Yoo on the Emerging Technologies and Property Theory

Christopher Yoo (Penn) has posted Beyond Coase: Emerging Technologies and Property Theory (Penn) on SSRN. Here's the abstract: In addition to prompting the development of the Coase Theorem, Ronald Coase?s landmark 1959 article on The Federal Communications Commission touched off...
Posted on PropertyProf Blog on May 20, 2013 at 6:00 AM

Underwater Homeowner's Bankruptcy Maneuver Leaves Another 'Stripped-Off" Mortgage-Holding Bankster Holding 'Unsecured' Bag; Federal Appeals Court: "We Find Nothing In The Act To Suggest That Congress Intended To Bar Lien-Stripping Of Worthless Liens In Chapter 20 Proceedings!"

From a Justia.com Opinion Summary: Debtors filed a Chapter 7 bankruptcy petition and sought to discharge their unsecured debt, strip down liens on their primary residence and a rental property, and obtain a loan modification to address mortgage arrears on the properties. The Trustee subsequently challenged confirmation orders entered by the bankruptc
Posted on The Home Equity Theft Reporter on May 20, 2013 at 4:08 AM

Ohio Court Upholds Validity Of Defectively-Notarized Oil & Gas Lease; Exploration/Production Outfit Dodges Flood Of Landowners Challenging Improperly-Acknowledged Instruments Conveying Mineral Rights

From a client alert from the law firm McGuireWoods: On April 15, 2013, U.S. District Judge John R. Adams of the Northern District of Ohio dismissed Ohio landowners? claim that oil and gas leases not properly notarized are invalid, in Cole v. EV Properties, L.P. In this class action lawsuit, the landowner plaintiffs admitted to signing an oil and gas
Posted on The Home Equity Theft Reporter on May 20, 2013 at 4:06 AM

Alabama Man Who Lost Real Estate In Tax Foreclosure Scores Windfall As State Appeals Court Kiboshes Mortgage Lienholder's Attempt To Snatch Surplus Proceeds To Satisfy Loan

From a Real Estate Finance Newsletter from the law firm Bradley Arant Boult Cummings LLP: In Alabama, when a property owner fails to pay his ad valorem property taxes, his property may be sold at a public auction to the highest bidder (the ?tax purchaser?). Statutory law in Alabama provides that the owner of the property who failed to pay the taxes, a
Posted on The Home Equity Theft Reporter on May 20, 2013 at 4:04 AM

Lack Of Contract Privity Between Mortgage Servicer, Borrower Sinks Homeowner's Claim Under Ohio Consumer Protection Law; Court Ruling Kiboshes Use Of Attorney Fee-Shifting Statute Against 3rd Party Banksters

In Columbus, Ohio, The Columbus Dispatch reports: The Ohio Supreme Court has ruled that servicing a residential mortgage does not constitute a ?consumer transaction? as defined by state law, a ruling that consumer groups and attorneys say eliminates a protection for homeowners trying to save their homes amid the housing collapse. The ruling stems fro
Posted on The Home Equity Theft Reporter on May 20, 2013 at 4:02 AM

Credit Reporting Agencies' Improper Reporting Of Short Sale As Foreclosure Haunts Ex-Homeowner Looking To Get Back Into Real Estate Market

Real estate columnist Kenneth Harney writes: Are large numbers of homeowners who have negotiated short sales with lenders at risk because of a startling omission in the American credit system? Do their credit reports and scores indicate that they were foreclosed upon, rather than having negotiated a mutually agreeable resolution with their lender? Th
Posted on The Home Equity Theft Reporter on May 20, 2013 at 4:00 AM

Monday Morning Cup of Coffee: Investors keep sights on real estate

read more
Posted on Housing Wire on May 20, 2013 at 12:46 AM

A response from Bill Fischel on school district consolidation, and a query on why special districts continue to fascinate scholars

I was delighted over the weekend to see a response from Bill Fischel (Dartmouth) on my blog post series about local government units. Bill is undoubtedly well known to many readers of this blog for his work on land use...
Posted on Land Use Prof Blog on May 19, 2013 at 6:23 PM

Bankster To File Foreclosure Lawsuit Against Colorado Homeowner Who Questioned Constitutionality Of Non-Judicial Process "To Remove Any Due Process Concerns" That Come From A Public Trustee Foreclosure

In Denver, Colorado, The Denver Post reports: The owners of an Aurora woman's mortgage said they absolutely will file a foreclosure lawsuit to take her house because of claims that Colorado's public trustee process is unconstitutional. In a request to dismiss a federal lawsuit against them, lawyers for U.S. Bank on Thursday said they'll pursue a fore
Posted on The Home Equity Theft Reporter on May 19, 2013 at 4:08 AM

WV Non-Profit Public Interest Lawyers Take Up Fight For Another Homeowner Over Allegations Of Improper Debt Collection Activities Against Notorious Banksters

In Charleston, West Virginia, The West Virginia Record reports: A Charleston man is suing Bank of America N.A. and JPMorgan Chase Bank N.A. for illegal debt collection in two separate lawsuits. In 2005, William Martin was induced into two simultaneous loans with Quicken Loans based on misrepresentations regarding the actual value of his property, acc
Posted on The Home Equity Theft Reporter on May 19, 2013 at 4:06 AM

Indiana Woman Who Had Home Sold Out From Under Her In Tax Foreclosure Sale Fights To Get It Back; Currently Awaits State High Court Ruling In Seperate Case Addressing Constitutional Sufficiency Of Pre-Sale Notices Under 14th Amendment's Due Process Clause

In Mishawaka, Indiana, the South Bend Tribune reports: A series of setbacks led to a Mishawaka woman's home being sold at a county tax sale, and a St. Joseph County judge is weighing whether she was adequately warned that her house was in jeopardy. Meanwhile, attorneys and judges around the state are waiting for the Indiana Supreme Court to rule on a
Posted on The Home Equity Theft Reporter on May 19, 2013 at 4:04 AM

Elderly Homeowner On Verge Of Losing Mortgage-Free Home Over $4K+ In Back Taxes Saved By Good Samaritan; Senior Says Tax Bills Sent To Wrong Address

In Miami, Florida, WSVN-TV Channel 7 reports: An elderly woman on the verge of losing her South Florida home received the best Mother's Day gift after a Good Samaritan came to her rescue. Thousands of unpaid property taxes almost caused Thelma Turner to lose the house she has called home all her life. "We grew up in that house," said Turner, "going to
Posted on The Home Equity Theft Reporter on May 19, 2013 at 4:02 AM

Sneaky Accounting Firm CEO, Wife Squeezed For $110K+ Over Sleazy Move In Unloading Mansion While Stiffing Long-Time Friend/Real Estate Broker Out Of Sales Commission

In White Plains, New York, the New York Post reports: Deloitte CEO Joe Echevarria and wife Ana have been ordered by a judge to pay $110,000 to their 82-year-old real-estate broker after cheating her over the sale of their New York mansion. The head of the prestigious firm didn?t account for the fact that Bernice Gottlieb, a longtime friend who even t
Posted on The Home Equity Theft Reporter on May 19, 2013 at 4:00 AM

Edwards on the Paradoxes of Restitution

Mark Edwards (William Mitchell) has posted The Paradoxes of Restitution, forthcoming in the West Virginia Law Review. The abstract: Restitution following mass dispossession is often considered both ideal and impossible. Why? This article identifies two previously unnamed paradoxes that undermine...
Posted on Land Use Prof Blog on May 18, 2013 at 10:26 PM

Stern on State Legislative Checks and Judicial Takings

Here's another recently-posted paper from Stephanie Stern (Chicago-Kent): Protecting Property Through Politics: State Legislative Checks and Judicial Takings, forthcoming in the Minnesota Law Review. The abstract: In the 2010 Supreme Court case Stop the Beach Renourishment v. Florida Department of...
Posted on Land Use Prof Blog on May 18, 2013 at 9:59 PM

Illinois Family Facing Imminent Foreclosure Dodges Boot After Cleaning Out Kitchen Cookie Jar & Finding $4.85M

In Geneva, Illinois, WBBM-TV Channel 2 reports: The timing couldn?t have been better for a family from north suburban Geneva when they hit the jackpot after finding some old Lotto tickets stuffed in a cookie jar. Earlier this month, Ricardo Cerezo said his wife was cleaning the kitchen in the home they were about to lose to foreclosure. She told him
Posted on The Home Equity Theft Reporter on May 18, 2013 at 4:10 AM

200+ Attorneys, Support Staff That Represent Low-Income New Yorkers At NYC Non-Profit Public Interest Firm Conduct Mass Walkout Over Salary, Benefits Squeeze

In New York City, The Wall Street Journal reports: More than 200 attorneys and support workers with Legal Services NYC, which aids impoverished New Yorkers, walked off the job Wednesday in a dispute over salary increases and retirement and health-care benefits. Legal Services NYC is the largest provider of civil legal services in the country and rece
Posted on The Home Equity Theft Reporter on May 18, 2013 at 4:08 AM

NYC Feds' $17.75 Forfeiture Score Biggest In U.S. Marshals Service History; 14-Room Upper East Side Co-Op's Former Owner Now To Reside In Slammer For 12 Years For Running $292M Ponzi Scheme On Notorious Banksters

In New York City, the New York Post reports: The US Marshals Service said [] that its $17.75 million sale of fraudster Hassan Nemazee?s plush Park Avenue penthouse marked the biggest real-estate deal in the agency?s 224-year history. The 14-room duplex was forfeited by the former Democratic campaign bundler as part of his guilty plea for running a $2
Posted on The Home Equity Theft Reporter on May 18, 2013 at 4:06 AM

S. Florida Feds Pinch Tax Preparer On Charges Relating To Alleged False Claims Of Entitlement To 1st Time Home Buyers Credit On Behalf Of Himself & Some Of His Customers

From the Office of the U.S. Attorney (Fort Lauderdale, Florida): Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, and Michael J. DePalma, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigations (IRS-CI), announced that Efrain Felipe, 41, of Hallandale Beach, was charged in a two count Informatio
Posted on The Home Equity Theft Reporter on May 18, 2013 at 4:04 AM

Woman With Two Foster Children Faces Foreclosure Evictions Despite Protections Under Federal Law; Bankster Says Existing Lease Not "Bona Fide"

In Wilmington, North Carolina, WECT-TV Channel 6 reports: Sheree Harrell, a woman who fosters children with autism, is facing eviction. The home she rents in Landfall was foreclosed on by the bank after the homeowner fell behind on his mortgage payments. Right now, Harrell has two foster children living with her. She said it would be disruptive to th
Posted on The Home Equity Theft Reporter on May 18, 2013 at 4:02 AM

Antitrust Feds Tack On Obstruction Of Justice Charge Against Accused Foreclosure Sale Bid Rigging Suspect In Connection With Alleged Deletion Of Electronic Records Related To Case, Software Installation Designed To Prevent Review, Recovery Of Destroyed Records

From the U.S. Department of Justice (Washington, D.C.): A federal grand jury in U.S. District Court for the Eastern District of California in Sacramento [] returned a superseding indictment charging Andrew B. Katakis, of Danville, Calif., with obstruction of justice related to a federal investigation into conspiracies to rig bids and commit mail fraud
Posted on The Home Equity Theft Reporter on May 18, 2013 at 4:00 AM

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