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Real Estate & Property Law Blog Posts from November 19, 2009

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Real Estate & Property Law Posts (November 19, 2009)

ASF, SIFMA Urge Reforms to MBS-Reporting Proposal

The American Securitization Forum (ASF) and the Securities Industry and Financial Markets Association (SIFMA) issued a joint letter to the Securities and Exchange Commission (SEC) addressing a proposal to expand the scope of certain reporting requirements regarding securitization. The Financial Industry Regulatory Authority (FINRA) proposed a rule chan
Posted on Housing Wire on November 19, 2009 at 6:42 PM

Cornerstone Acquisitions Form Global Real Estate Investment Firm

Hartford, Conn.-based Cornerstone Real Estate Advisers is expanding with the merger of Springfield, Mass.-based Babson Capital?s Real Estate Finance Group (REFG) and acquisition of London-based Protego Real Estate Investors. Cornerstone and Babson Capital are subsidiaries of mutual life insurance company MassMutual. Under the new arrangement, REFG will
Posted on Housing Wire on November 19, 2009 at 6:24 PM

Serious Delinquencies Reach Record 14.4%: MBA

The national delinquency rate on one-to-four-unit residential properties climbed to 9.64% of all loans at the end of Q309, according to a survey from the Mortgage Bankers Association (MBA). Including the rate of foreclosures, the US serious delinquency rate is at a record 14.4%. The rate of delinquency jumped 40bp from Q209 and increased 265bp from [..
Posted on Housing Wire on November 19, 2009 at 2:19 PM

Freddie?s Weekly Mortgage Rates Near Record Lows

Several 30- and 15-year fixed mortgage interest rates indices fell to record lows in two national surveys. Freddie Mac?s (FRE: 1.14 -3.39%) weekly survey of average interest rates put the 30-year fixed-rate mortgage (FRM) at 4.83% with an average 0.7 point for the week ending Nov. 12, down from the average rate of 4.91% the previous [...]
Posted on Housing Wire on November 19, 2009 at 2:13 PM

Moody?s Economist: Banks ?Overcapitalized? after TARP

Economists testifying before the Congressional Oversight Panel, Thursday, agreed on the necessity of the Troubled Asset Relief Program (TARP) 13 months after its launch but debated the health of banks that received funds from the US Treasury Department. COP, which reviews and reports on actions taken by the Treasury, heard the views from five economist
Posted on Housing Wire on November 19, 2009 at 1:40 PM

SocGen Urges Sale of Dollar Ahead of ?Global Collapse?

French investment bank Soci�t� G�n�rale recommended selling the dollar as the first part of a stream of advice to its clients on preparing for a “global economic collapse.” A declining dollar might provide a means to reducing global imbalances, the firm said in a report written by seven individuals to investors. US government debt is approa
Posted on Housing Wire on November 19, 2009 at 1:02 PM

Battle for the Beach: Property Rights and the Open Beaches Act

Public access rights to privately-owned beachfront property has been a contentious land use issue for decades. I mentioned that on Election Day, on my ballot was not just the mayoral election (which always has some land use issues in the...
Posted on Land Use Prof Blog on November 19, 2009 at 12:48 PM

Judge Denies Ellie Mae?s Request to Dismiss

A state judge in California ruled in DocMagic?s favor on a motion filed by Ellie Mae to dismiss a portion of the state lawsuit currently pending between the two mortgage software companies. The judge?s ruling applies to one of two lawsuits DocMagic filed against Ellie Mae in August. DocMagic claims Ellie Mae misused proprietary information to [...]
Posted on Housing Wire on November 19, 2009 at 11:14 AM

NewOak Sees ?Creative Retranching? Workouts for Commercial Loans

A recent Federal Deposit Insurance Corp. (FDIC) policy statement on “prudent” commercial real estate (CRE) loan workouts gives financial institutions the go-ahead to restructure loans to creditworthy borrowers. “Financial institutions that implement prudent CRE loan workout arrangements after performing a comprehensive review of a bor
Posted on Housing Wire on November 19, 2009 at 10:54 AM

Nevada Law Firm Sues State Over Loan Modification Licensing & Bonding Requirements For Its Non-Attorney Employees

In Clark County, Nevada, the Las Vegas Sun reports:A law firm active in Henderson and Las Vegas is suing the state over rules requiring licensing of non-attorney employees working on mortgage loan modifications.Cogburn Law Offices LLC filed suit last week in Clark County District Court against the Department of Business and Industry, Division of Mortga
Posted on The Home Equity Theft Reporter on November 19, 2009 at 5:08 AM

Unwitting Renter In Home Hijacking, Rental Scam Dodges Immediate Boot; Proof Of Occupancy For 30+ Days Entitles Her To Rights As Tenant, Says Advocate

In Riverside, California, KABC-TV Channel 7 reports:Rental scams are on the rise in Riverside County. Police in Moreno Valley are investigating a suspected case of felony fraud. One family lost their house and their money even though their rent was paid. It had seemed like the perfect house. Marilyn Elliott and her two children moved in last month. But
Posted on The Home Equity Theft Reporter on November 19, 2009 at 5:06 AM

City Gives Merrill The Boot In Multi-Million $ Municipal Bond Peddling Deal Amidst Charges Of BofA's Failure To Modify Mortgages For Its Residents

In Sunrise, Florida, the South Florida Sun Sentinel reports:It pays to be nice. Just ask Mayor Roger Wishner, who helped kill a multimillion-dollar city partnership with Merrill Lynch because parent company Bank of America has been accused of being mean to the little guy. Two weeks ago, city commissioners voted to hire Merrill Lynch to help sell up to
Posted on The Home Equity Theft Reporter on November 19, 2009 at 5:04 AM

Business As Usual In Philadelphia's Courtroom 676

In Philadelphia, Pennsylvania, The New York Times recently ran a story on the proceedings that continue to take place in City Hall Courtroom 676, the home of the city's Residential Mortgage Foreclosure Diversion Pilot Program:Every Thursday morning, the courtroom on the sixth floor of the regal City Hall here is given over to the conciliation conferenc
Posted on The Home Equity Theft Reporter on November 19, 2009 at 5:02 AM

NJ Woman Gets 2 To 5 For Pocketing Upfront Cash In Exchange For Phony Mortgage Help To Avoid Foreclosure

In Monroe County, Pennsylvania, the Pocono Record reports:A New Jersey woman will be spending two to five years in state prison after she was sentenced on Tuesday for promising to help homeowners avoid foreclosure and then keeping the money she was given for their mortgages. Shirley Gail Matthews, 53, of Pemberton, N.J., told homeowners that she could
Posted on The Home Equity Theft Reporter on November 19, 2009 at 5:00 AM

RLUIPA Case Not Ripe as Church Failed to Pursue Final Governmental Determination

Shenkel United Methodist Church desired to participate in a program to provide monthly shelter to homeless individuals during the winter months. This decision was made at the request of a group called Ministries for Main Street, in response to inadequacies in the state-run shelter program.� Area churches were asked to transport homeless guests to and [
Posted on Law of the Land on November 19, 2009 at 1:58 AM

ULI conference: focus on planning during downturn

The Urban Land Institute recently held its fall meeting in San Fransisco. According to a summary from the California Planning & Development Report, the tenor of the meeting was that during tough economic times such as this, developers should invest...
Posted on Land Use Prof Blog on November 19, 2009 at 1:54 AM

Flush in a Recession, a Bronx Landlord Is Ready to Shop

Jacob Selechnik amassed an empire of more than 7,000 apartments. After selling many of them recently, he says he is poised to go bargain hunting.
Posted on New York City Landlord Tenant News on November 19, 2009 at 1:00 AM

Lehavi on the Taking/Taxing Taxonomy

Amnon Lehavi (Interdisciplinary Center Herzliyah--Radzyner School of Law) has posted The Taking/Taxing Taxonomy, forthcoming in the Texas Law Review, Vol. 88, No. 6, 2010. The abstract: Takings jurisprudence is engaged in a constant paradox. It is conventionally portrayed as chaotic...
Posted on Land Use Prof Blog on November 19, 2009 at 12:34 AM

Palmer and Maher on the Mortgage Meltdown as Normal Accident

Donald Palmer and Michael W. Maher (UC-Davis, Graduate School of Management) have posted The Mortgage Meltdown as Normal Accident Wrongdoing. The abstract: We argue that the mortgage meltdown can be considered a ?normal accident?. Our analysis suggests that the mortgage...
Posted on Land Use Prof Blog on November 18, 2009 at 11:06 PM

Preservation News from the Top: Anthony Wood in Charleston

Acclaimed preservationist, author, and professor Anthony Wood paid a visit this week to Charleston, South Carolina, where he serves as Chairman of the Drayton Hall Site Council. Click here for a link to Drayton Hall and to learn more about...
Posted on Land Use Prof Blog on November 18, 2009 at 10:14 PM

Dodd Legislation May Strip Fed, FDIC of Power

A review of Sen. Christopher Dodd?s (D-CT) ?Restoring American Financial Stability Act of 2009? ? legislation that mandates sweeping changes to the financial regulatory landscape in the US ? raises many questions, according to a review by international law firm DLA Piper. Of greatest importance in the new legislation, DLA Piper said, was the proposal t
Posted on Housing Wire on November 18, 2009 at 6:59 PM

Hedging Shortfalls May Raise RMBS Ratings Volatility: Moody?s

Certain hedging shortfalls on residential mortgage-backed security (RMBS) transactions in Europe, the Middle East and Africa (EMEA) may lead to reduced levels of credit enhancements that protect investors, according to a report this week by Moody’s Investors Service. Cases where the hedging agreements fail to mitigate interest rate risk in RMBS t
Posted on Housing Wire on November 18, 2009 at 6:01 PM

PMI Ups LTVs, Adds Mortgage Products to Insurance Plans

PMI Group (PMI: 2.1405 -5.70%) expanded its eligibility and underwriting guidelines for a number of loan products it insures, in many cases increasing maximum loan to value (LTV) thresholds. Condominium mortgages can now by insured in non-distressed markets to a maximum 95% LTV. Previously, the maximum LTV was 90%. This new limit does not apply to [...
Posted on Housing Wire on November 18, 2009 at 5:02 PM

Florida Dept of Transportation Public Hearing

TBO ZEPHYRHILLS - The Florida Department of Transportation's plans for widening U.S. 301 between Zephyrhills and Dade City involves very little widening. The department studied two options for widening the 71/2-mile road to six lanes, but project costs would have ranged from $85 million to $215 million. Both plans would have forced the department to b
Posted on National Eminent Domain Blog on November 18, 2009 at 4:32 PM

Ocwen Converts 66% of HAMP Trials to Permanent Modifications

Ocwen Financial Corp. (OCN: 9.51 -1.86%) pushed 66% of its Home Affordable Modification Program (HAMP) trial modifications through to permanency, Paul Koches, a vice president at Ocwen told HousingWire. Since HAMP launched in March 2009, the US Treasury Department allocates capped incentives to participating servicers for the modification of loans on t
Posted on Housing Wire on November 18, 2009 at 4:14 PM

Links From ABA Condemnation Committee Conference Call (11/18/2009)

Another very interesting conference call today, focusing on the upcoming arguments in the Stop the Beach Renourishment case, the New York Court of Appeals' decision in Aspen Creek, and the New Jersey Supreme Court's decision to review Klumpp v. Borough...
Posted on inversecondemnation on November 18, 2009 at 4:03 PM

Housing Starts Fall 10% As Single-Family Completions Rise

The rate of housing starts declined 10.6% from September to October, but the rate of housing completions for single-family homes jumped 10.7%, according to a joint release by the Census Bureau and the Department of Housing and Urban Development (HUD). The seasonally adjusted annual rate of private-owned housing starts was 529,000 in October, down 10.6%
Posted on Housing Wire on November 18, 2009 at 2:23 PM

Approving HOA Meeting Minutes - What Is The Purpose? What About Timing?

I often get questions about meeting minutes from owners and from board members. Sometimes it's "how can I get them" or "do they have to be sent to members"? An owner has a right to get copies of minuntes of HOA and CONDO membership meetings and open board meetings, even if they have not yet been approved as final. (Notice I said "open" which does no
Posted on California Condo & HOA Law on November 18, 2009 at 1:42 PM

Purchase Apps Dip to 1997 Level: MBA

Mortgage applications fell in two weekly surveys this week. The Mortgage Bankers Association?s (MBA) survey of gross mortgage applications decreased 2.5% on a seasonally adjusted basis for the week ending Nov. 13 compared to the previous week. MBA said its refinance index decreased 1.4% from the previous week and the purchase index was down 4.7%. It?s
Posted on Housing Wire on November 18, 2009 at 11:39 AM

Insurance Commissioners Pick PIMCO to Model RMBS

The National Association of Insurance Commissioners (NAIC) selected global investment management firm PIMCO to aid in an assessment on residential mortgage-backed securities (RMBS) as part of an effort that will determine risk-based capital requirements. PIMCO will assist NAIC in forming a model — established under a recent proposal — that
Posted on Housing Wire on November 18, 2009 at 11:15 AM

Lehavi on Takings and Taxings

Amnon Lehavi (Interdisciplinary Center Herzliyah - Radzyner School of Law) has posted The Taking/Taxing Taxonomy on SSRN. Here's the abstract: Takings jurisprudence is engaged in a constant paradox. It is conventionally portrayed as chaotic and ?muddy,? and yet attempts by...
Posted on PropertyProf Blog on November 18, 2009 at 10:57 AM

Requests for $72M in Loans Kick Off New-Issue CMBS TALF

The New York Federal Reserve Bank received requests for nearly $72.25m of federal loans to purchase new issuance commercial mortgage-backed securities (CMBS). The requests arrived under the Term Asset-Backed Securities Loan Facility (TALF) for new CMBS. The first round of bids submitted for new CMBS confirms industry reports that new issuance would see
Posted on Housing Wire on November 18, 2009 at 10:01 AM

Land Wrestled Away From Screwed Over Homeowners In New London Eminent Domain Fight To Remain Undeveloped As Corp. Giant Announces Plans To Bolt City

From an op-ed column in The Connecticut Post:In a country where private property is sacred, the government's right to seize land for its own devices will always be contentious. Done in the service of building a school or a hospital, it can be defensible. Taking people's homes for the nebulous "public good" of economic development is deplorable.In a cas
Posted on The Home Equity Theft Reporter on November 18, 2009 at 5:09 AM

Feds File Civil Suit In Central Florida Against Alleged Upfront Fee Loan Modification Racket; "Attorney Renting" Among Allegations

In Tampa, Florida, Courthouse News Service reports:Mortgage and "foreclosure relief" companies backed by a law firm took thousands of dollars from customers who ended up in worse shape than they started, the FTC says. It sued the Crowder Law Group dba Legal Support Services, 11 individuals, and Washington Data Resources, and Optimum Business Solutions
Posted on The Home Equity Theft Reporter on November 18, 2009 at 5:06 AM

Tennessee Judge Wipes Out Half Of Homeowner's $1M+ Wrongful Foreclosure Jury Award Against BofA; Leaves Another $300K In Limbo

In Johnson City, Tennessee, the Johnson City Press reports:In late July, Jesse Miltier thought he had achieved justice in a five-year battle with Bank of America, which wrongfully foreclosed on his Watauga home in 2004. He?s found out otherwise since July 31, when a jury in Carter County awarded him $1,050,000 ? including punitive damages, a rarity in
Posted on The Home Equity Theft Reporter on November 18, 2009 at 5:04 AM

Federal Prosecutor In "Money Store" Foreclosure Rescue Scam Case Takes Punch In The Face From Supporter Of Co-Conspirator At Sentencing Hearing

In Greenbelt, Maryland, The Washington Post reports on the sentencing of Joy Jackson Fordham, a retired exotic dancer who went on to become president of the now-defunct Metropolitan Money Store, a foreclosure rescue scam operation that screwed homeowners facing foreclosure out of millions in equity in their homes by peddling bogus sale leaseback arrang
Posted on The Home Equity Theft Reporter on November 18, 2009 at 5:02 AM

Media Report Shines Light On Central Florida Short Sale Flipping Duo

A recent story on the apparent emergence of short sale flipping fraud reported by the Sarasota Herald Tribune contained this excerpt on a Central Florida duo who are engaged in practices some may consider suspect:The evidence that short sale flippers are finding ways to benefit from bank losses can be found in deed records filed along Florida's Gulf Co
Posted on The Home Equity Theft Reporter on November 18, 2009 at 5:00 AM

7th Circuit Holds Locality Seeking to Create a Commercial Area Can Exclude Non-Commercial Uses Without Violating RLUIPA

The River of Life Kingdom Ministries sought to relocate its 67-member congregation from a crowded warehouse that it shared with two other churches to a ?fixer-upper? blighted property it purchased in the Village.� The Church wanted to do more for the community including promoting literacy, empowering communities, developing leaders, transforming econom
Posted on Law of the Land on November 18, 2009 at 1:46 AM

Earning a Profit by Ending Energy Waste

A nonprofit lender?s new Green Financing Initiative offers mortgages or refinancing to developers who fix wasteful energy and water systems in apartment buildings.
Posted on New York City Landlord Tenant News on November 18, 2009 at 1:00 AM

2009-11-19 Posts in other Subject Areas

Academic (197), Criminal Law (187), Legal News (171), Legal Commentary (134), Legal Research (92), Religion & Law (89), Personal Injury Law (85), International Law (85), Intellectual Property Law (60), Loan Modification (58), Litigation (57), Labor & Employment Law (42), Real Estate & Property Law (39), Federal Judiciary (32), Bailout (31), Taxation & Estate Planning (28), Indiana (27), Celebrity Law (26), Miscellaneous (22), Constitutional Law (22), Corporate & Securities Law (22), Legal Writing (20), Patent Law (20), Ethics (20), Estate Planning (18), Election-Campaign Law (18), Politics (18), Bankruptcy (17), Law Students (17), Legal Niches (16), Law Humor (15), Family Law (15), Copyright Law (15), Kentucky (14), Consumer Law (11), Media & Entertainment Law (10), In-House Counsel (9), Corporate Governance (9), Legal History (9), Law Technology (9), Immigration Law (9), Legal Marketing & PR (8), Paralegals & Legal Secretaries (8), Health Law (8), Florida (7), Class Action (5), Disability Law (4), Ohio (4), Environmental Law (4), Law School (3), New Law Blogs (3), Bar Associations (3), Local Law Blogs (3), Massachusetts (3), Legal Journals (3), Practice Management (3), Education Law (3), Public Defense (3), State Courts (3), Personal Blogs (3), New York (2), Banking Law (2), Bad Cops & Prosecutors (2), Careers (2), Energy Law (2), Legal Malpractice (2), Elder Law (1), Solo Practice (1), Obama Citizenship (1), Persaonl Blogs (1), Appellate Law (1), Michigan (1), Arbitration & Mediation (1), Litigation Support (1), Trademark Law (1),