Residential

  • March 26, 2024

    NC Justices Find BofA Mortgage Fraud Suit Filed Too Late

    The North Carolina Supreme Court has ruled that homeowners accusing Bank of America NA of fraud in a mortgage modification program filed their claims too late, finding they knew or should have known about the alleged fraud when their homes were foreclosed upon — four to seven years before they sued.

  • March 26, 2024

    Hurdles Ahead For Calif. Mental Health Bond After Narrow Win

    An ambitious ballot measure meant to address California's homelessness crisis may open up new business opportunities for healthcare providers, ease overcrowding in emergency rooms and inspire other states to follow suit. But it will likely bring less-welcome results as well.

  • March 25, 2024

    LoanDepot Settles Appraisal Bias Suit After Scholar's Death

    Mortgage company loanDepot has agreed to make policy changes and pay an undisclosed amount to resolve a Black couple's lawsuit claiming their Baltimore home was undervalued because of their race, just a couple of weeks after plaintiff Shani Mott, a scholar at Johns Hopkins University, died of cancer.

  • March 25, 2024

    Conn. Justice Chides Legislature In Landlord Lien Case

    Bemoaning what he perceived as an unclear statute and its unilluminating legislative history, Connecticut Supreme Court Justice Steven D. Ecker on Monday lamented having to make a significant policy decision about whether a city or a landlord should be financially liable for tenants displaced after fire damaged a large apartment.

  • March 25, 2024

    Full 10th Circ. Stands By Revival Of Valero Pipeline Leak Suit

    The full Tenth Circuit refused to budge from a panel's February decision that partly revived an Oklahoma cattle ranch's lawsuit seeking to hold Valero Energy Corp. liable for a pipeline leak that allegedly contaminated the ranch property.

  • March 25, 2024

    HUD Says Not Enough Housing For Trafficking Survivors

    The housing needs of human trafficking survivors facing homelessness or home instability aren't being met by housing programs across the country because many of them usually aren't "scaled to meet the need," according to a U.S. Department of Housing and Urban Development report.

  • March 25, 2024

    3rd Circ. Says NJ City Can't Stop Sale Of Failed Project's Sites

    The Third Circuit tossed a New Jersey city's challenge of a bankruptcy court ruling that allowed the two local properties of a failed affordable housing project to be sold to a third party, according to an unpublished opinion Monday.

  • March 25, 2024

    NJ Law Paves An Aggressive Affordable-Housing Path

    New Jersey Gov. Phil Murphy signed a bill that will overhaul the state's affordable housing framework, signaling state priorities with an aggressive approach that has already garnered pushback from municipalities.

  • March 25, 2024

    Jury Hands Mortgage Co. $73K Win In Trade Secrets Fight

    An Ohio federal jury has found that Revolution Mortgage owes just over $73,700 to competitor Equity Resources in a case where Equity accused its rival of misappropriation of trade secrets.

  • March 25, 2024

    'Infested Slum' Suit Warrants Class Cert., Conn. Justices Told

    Former tenants of a Hartford apartment complex are urging the Connecticut Supreme Court to let them pursue class claims that the complex turned into a "mold and cockroach infested slum," arguing in a hearing Monday that a lower court focused too heavily on the differences between the conditions of each unit.

  • March 25, 2024

    DeSantis OKs Bill Easing Teardown Of Old Coastal Buildings

    Florida Gov. Ron DeSantis has signed a bill limiting local control over the takedown and replacement of coastline structures that are out of step with building codes, after changes to the measure exempted some historic waterfront districts.

  • March 25, 2024

    High Court Won't Weigh In On ND Mineral Rights Takings Suit

    The U.S. Supreme Court on Monday declined to wade into a fight over oil and gas mineral rights underneath a North Dakota lake, rejecting former rights owners' argument that states' sovereign immunity does not protect them from takings claims in federal court.

  • March 25, 2024

    Law360 2024 Real Estate Authority Editorial Board

    Law360 is pleased to announce the formation of its 2024 Real Estate Authority Editorial Board, which includes leading industry experts, to provide feedback and shape coverage goals.

  • March 22, 2024

    OCC Fines Sterling Bank's Ex-COO $150K For Lax Oversight

    The former president of Michigan-based Sterling Bancorp Inc. has been ordered to pay $150,000 by the Office of the Comptroller of the Currency for allegedly failing to properly oversee the bank's Advantage Loan Program, which presented "high risks for fraud, money laundering, and lending misconduct."

  • March 22, 2024

    Feds Delay Community Lending Assessment Change To 2026

    Federal banking regulators have pushed back a looming implementation date for part of their revamped community lending rules, delaying the roll-out of certain changes in a move that is raising fresh criticism of the rulemaking amid an industry-backed legal challenge.  

  • March 22, 2024

    US Bank Ends $3.5B RMBS Trusts Suits Against BofA, Others

    U.S. Bank on Friday notified a New York federal judge it permanently discontinued two lawsuits against First Franklin Financial, Merrill Lynch Mortgage and Bank of America relating to substandard loans in residential mortgage-backed securities trusts worth $3.5 billion, two years after the parties reached a conditional settlement.

  • March 22, 2024

    Real Estate Co. Says Ch. 7 Trustee Ginned Up Conn. AG Probe

    A company that buys houses from financially distressed individuals and rents the homes back to their former owners filed a scathing adversary proceeding against a Chapter 7 trustee's avoidance action, claiming the trustee ginned up a "baseless" state government probe and is harming several estates she claims to be protecting.

  • March 22, 2024

    Airbnb Sued Over Conn. Woman's Fatal Burns In Jamaica

    Airbnb has taken to Connecticut federal court to defend against claims that it is financially responsible for an explosion at a Jamaican rental property that caused first-degree burns over 56% of a renter's body, eventually leading to the woman's death in the U.S. two months later.

  • March 22, 2024

    5th Circ. Lifts SEC Climate Rule Stay After 8th Circ. Lottery Win

    The Fifth Circuit on Friday lifted a temporary block on the implementation of the U.S. Securities and Exchange Commission's new emissions reporting requirements, following the selection of the Eighth Circuit as the venue for consolidated proceedings of the various suits about the agency's controversial rules.

  • March 22, 2024

    Home Sellers Hope $58M Compass Deal Helps Spur Others

    Compass Inc. announced Friday that it would pay home sellers $57.5 million in the first settlement since the National Association of Realtors reached its own deal this month to pay $418 million and overhaul rules that have effectively restricted how brokers buy and sell homes and how they're paid.

  • March 22, 2024

    Crow Buys Portfolio Of Nearly 10K Manufactured Homesites

    Crow Holdings has closed a portfolio deal for 46 manufactured housing properties containing 9,838 homesites in Indiana, Ohio, Florida, Missouri, Illinois and Montana, the real estate investment and development firm announced.

  • March 22, 2024

    NY Landlords Say Rent Law Update OK'd 'Warrantless' Search

    Landlords in New York's Hudson Valley have filed suit against the state and two cities, alleging a December law that raised the stakes for property owners that fail to cooperate with municipalities looking to enact rent stabilization is unconstitutional.

  • March 22, 2024

    Fla. Judge Allows Sale Of Ex-MLBer's House In Fraud Suit

    A Florida state court judge on Friday allowed the sale of a house owned by ex-Boston Red Sox outfielder Rusney Castillo to go forward over the objection of a sports managing company, which accused the baseball player of fraudulent transfer in order to avoid a $3 million judgment against him.

  • March 22, 2024

    5th Circ. Asked For Do-Over In Hurricane Coverage Feud

    The owners of a New Orleans apartment complex urged the Fifth Circuit to rethink ordering them to arbitrate Hurricane Ida damage claims under New York law, arguing New York's choice-of-law clause would ordinarily be unenforceable under Louisiana law if it weren't couched within the arbitration provision.

  • March 22, 2024

    Colo. Water District Illegally Doubled Tax Rate, Panel Says

    A water conservancy district violated the Colorado Constitution when it doubled its property tax rate without voter approval, a state appeals court ruled, reversing a lower court's decision against a proposed class of property owners.

Expert Analysis

  • CRA Plays Role In DOJ Fight Against Redlining

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    The U.S. Department of Justice’s recent consent order with ESSA Bank & Trust is a reminder that although the Community Reinvestment Act lacks a civil enforcement provision, financial institutions' CRA compliance efforts may have ramifications under various anti-discrimination statutes, say Collin Grier and Levi Swank at Goodwin.

  • Colo. Eviction Case Could Transform Tenant Rights

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    The Colorado Supreme Court recently granted certiorari in a case that could open the door for tenants to assert allegations of discrimination and retaliation during eviction proceedings, and dramatically prolong the state's process, says Jacob Hollars at Spencer Fane.

  • Courts Can Overturn Deficient State Regulations, Too

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    While suits challenging federal regulations have become commonplace, such cases against state agencies are virtually nonexistent, but many states have provisions that allow litigants to bring suit for regulations with inadequate cost-benefit analyses, says Reeve Bull at the Virginia Office of Regulatory Management.

  • Harsh 11th Circ. Rebuke Should Inspire Changes At CFPB

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    The Eleventh Circuit's recent Consumer Financial Protection Bureau v. Brown decision, which found the CFPB's conduct had been egregious in a debt collection enforcement action, should encourage some reflection at the bureau regarding its level of attention to the reasonable due process concerns of regulated institutions, says Eric Mogilnicki at Covington.

  • Tales From The Trenches Of Remote Depositions

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    As practitioners continue to conduct depositions remotely in the post-pandemic world, these virtual environments are rife with opportunities for improper behavior such as witness coaching, scripted testimony and a general lack of civility — but there are methods to prevent and combat these behaviors, say Jennifer Gibbs and Bennett Moss at Zelle.

  • 3 Alternatives To CRE Collateralized Loan Obligations

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    With current commercial real estate market conditions pushing issuers away from collateralized loan obligations, several Freddie Mac offerings should be considered as alternative exit strategies for mortgage loans secured by multifamily properties, say attorneys at Mayer Brown.

  • Fla. Banking Brief: All The Notable Compliance Updates In Q2

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    Florida financial institutions must now navigate minimum interest rates for attorney trust accounts, restrictions on property sales to prohibited foreigners, and a ban on weighing environmental, social and governance factors to determine a customer's creditworthiness — changes that will add to banks' compliance pressures, says Patricia Hernandez at Avila Rodriguez.

  • NY Court Sends Mixed Signals On Contested Foreclosure Law

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    Although New York's Appellate Division, Second Department, has avoided addressing the constitutionality and retroactive application of the Foreclosure Abuse Prevention Act, its conflicting pattern of applying FAPA to existing cases is creating confusion regarding the future of the law, say Christopher Gorman and John Muldoon at Abrams Fensterman and litigation support analyst Robert Marx.

  • Expect CFPB Scrutiny On AI In Lending

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    As the Consumer Financial Protection Bureau prioritizes regulatory oversight of the financial services industry's use of automated systems and artificial technology, it will need to balance regulation and innovation, and companies should prepare to mitigate any potential for bias or unfair, deceptive or abusive acts and practices, say attorneys at Goodwin.

  • Level Up Lawyers' Business Development With Gamification

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    With employee engagement at a 10-year low in the U.S., there are several gamification techniques marketing and business development teams at law firms can use to make generating new clients and matters more appealing to lawyers, says Heather McCullough at Society 54.

  • Texas Construction Statute Of Repose Leaves Open Questions

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    Texas' new significantly shorter statute of repose barring certain suits against construction contractors contains some ambiguous wording that will likely raise questions to be decided by courts, says Mason Hester at Munsch Hardt.

  • 5 Ways Firms Can Rethink Office Design In A Hybrid World

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    As workplaces across the country adapt to flexible work, law firms must prioritize individuality, amenities and technology in office design, says Kristin Cerutti at Nelson Worldwide.

  • In The CFPB Playbook: Abuse Policy, PACE, Payment Apps

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    From defining "abusive" conduct to implementing green energy financing to policing payment apps, the Consumer Financial Protection Bureau was busy last quarter. Akerman's Nora Rigby discusses all this and more in the first installment of bureau activity recaps by former CFPB personnel.