Real Estate & Property Law

Foreclosure Crisis Worst Since 1930s Great Depression

As mortgage foreclosure filings in June rose 53 percent from the previous year’s figure, and bank seizures of such homes rose 171 percent, experts say the U.S. is in its worst housing crisis since the Great Depression of the 1930s. Almost one in every 500 U.S. homes is directly affected…

Jul 10, 2008 4:16 PM CDT

Fla. Law Firm Has Filed About 70 Fraud Suits Against Lenders

Some borrowers who say their lenders hid the true terms of their onerous loans are suing for fraud. One law firm that is eager to help is the Affirmative Defense Group in Margate, Fla. Lawyer Frank Ingrassia says the firm has filed about 70 such suits on behalf of borrowers…

Jul 10, 2008 11:08 AM CDT

Prepaid Legal Services in Fla. a 1st Step in FSBO Co.‘s National Plan

A real estate listing service that focuses on for-sale-by-owner properties is now offering to home sellers what it says is a nationwide first—an opportunity to purchase prepaid legal services for their real estate deals at below-market prices. While the legal services, which are being provided by Spira, Beadle & McGarrell,…

Jul 8, 2008 5:25 PM CDT

More eBay Suits Expected Over Sales of Fake Luxury Goods

Lawyers representing eBay are likely to be busy with additional lawsuits over sales of fake luxury goods after a $63 million ruling by a French court this week holding the Internet auctioneer liable for online sales conducted by users of its site. “I expect this ruling to encourage a number…

Jul 1, 2008 10:18 PM CDT

Another AG Sues Countrywide

The attorney general of Florida has sued Countrywide Financial Corp. over its mortgage lending practices, contending that they were deceptive and unfair and not properly disclosed in securities filings. “Underscoring the aggressiveness of its lending practices—aimed at maximizing the company’s profits regardless of credit risk—the complaint said Countrywide’s own underwriters…

Jul 1, 2008 6:44 PM CDT

Homing in on Foreclosure

Lawyers are finding aggressive defenses against foreclosure actions. And courts are listening as never before.

Jul 1, 2008 1:00 PM CDT

Suit Claims Law Firm Misappropriated Mortgage Lending Software

Two software companies have filed a lawsuit that claims Dallas law firm McGlinchey Stafford and Youngblood & Bendalin misappropriated their mortgage loan software. The suit claims the law firm earned millions of dollars in fees for work performed using the software without permission, Texas Lawyer reports. The plaintiffs, Compliance Source…

Jun 30, 2008 11:18 AM CDT

Construction Boom Leads to More ATM Machine Thefts

A construction boom has had an unexpected cost to banks in Florida and other high-growth areas. Thieves are stealing heavy equipment and using it to make away with ATM machines, apparently so they will have time to break into the machines and get the cash they contain, in a more…

Jun 27, 2008 6:08 PM CDT

AGs in 2 States Sue Countrywide, Allege Deceptive & Unfair Practices

Updated: The attorneys general of California and Illinois filed lawsuits today against Countrywide Financial Corp., claiming that the mortgage lender engaged in deceptive and unfair practices. Meanwhile, in third announcement today the governor of Washington state, Christine Gregoire, says it plans to fine the mortgage lender for allegedly discriminating against…

Jun 25, 2008 8:32 PM CDT

Bear Stearns Case Means Higher Profile for Young Prosecutor

A federal prosecutor nicknamed “Dangerous Opie” is likely to have a higher profile now that he is handling the case of two Bear Stearns hedge fund managers considered to be the first executives prosecuted in connection with the subprime mortgage meltdown. An extensive Slate profile of Benton Campbell says the…

Jun 20, 2008 7:22 PM CDT

Attorneys Among 406 Indicted in Operation Malicious Mortgage

Developing: Details are beginning to emerge about 406 individuals reportedly indicted in an FBI crackdown on mortgage fraud that started March 1. A total of 67 people charged in Chicago ranged from mortgage brokers to lawyers allegedly involved in fraudulent real estate schemes, according to an Associated Press account of…

Jun 19, 2008 8:36 PM CDT

Another Layer of Mortgage Fraud in Vacant Condo Units

A glut of vacant condominium units due to the mortgage meltdown is creating increased opportunities for criminals. Among the scams now reportedly on the rise as a result: squatters (often engaging in undesirable activities, such as prostitution) and non-owners posing as legitimate landlords and renting vacant units out to unsuspecting…

Jun 19, 2008 4:59 PM CDT

Foreclosure Court Planned in New York

Faced with a 150 percent increase in foreclosures since January 2005, the chief judge of New York has decided a special court is needed to handle these cases. Judge Judith Kaye says it will begin doing so on a pilot basis in the borough of Queens this summer, reports the…

Jun 19, 2008 4:44 PM CDT

New FBI Targets: Real Estate Brokers

Updated: Dozens of real estate agents and brokers have reportedly been arrested by the FBI over the past few days, and more than 400 individuals have been swept up as part of a national crackdown on mortgage fraud. Up to 70 have been arrested in Chicago alone, starting yesterday, and…

Jun 19, 2008 4:03 PM CDT

Suit Filed over ‘Gated Community’ Created by Police Barricades

The owners of an apartment complex in suburban Chicago have filed a federal civil rights lawsuit against local government officials. At issue is the “gated community” created by concrete police barricades installed at 12 of the 13 entrance points to the complex earlier this month. Police for Rolling Meadows, Ill.,…

Jun 17, 2008 6:30 PM CDT