Real Estate & Property Law

Feds Probe Possible Fraud in IndyMac Bank Failure

In the wake of the FDIC’s takeover Friday of IndyMac Bancorp Inc., the FBI is now investigating possible fraud by the lender concerning mortgage loans made to high-risk borrowers. “Countrywide Financial Corp., the nation’s largest mortgage lender, is also under scrutiny,” reports the Associated Press. “Over the last year, and…

Jul 16, 2008 9:46 PM CDT

Countrywide Agrees to Pay $325K to Settle Trustee’s Late Fee Accusations

Countrywide Home Loans has agreed to pay $325,000 and investigate its records of payments from about 300 borrowers to settle a dispute with a bankruptcy trustee in Pittsburgh. The Chapter 13 trustee, Ronda Winnecour, had asserted in filings last October that Countrywide lost or destroyed more than $500,000 in checks…

Jul 16, 2008 12:09 PM CDT

Feds Delay IndyMac Foreclosures

Bad news at the failed IndyMac bank is apparently good news for at least some of its struggling mortgage borrowers. The Federal Deposit Insurance Corp., which has taken over IndyMac’s operations and opened the bank under federal oversight today, is temporarily halting the foreclosure proceedings on past-due loans within its…

Jul 14, 2008 10:00 PM CDT

Towns Abuzz Over Backyard Bees

Add honeybees to the list of pets with a purpose that a growing number of residents are now keeping in urban areas. But, as with backyard chickens, not everyone is happy about the trend. In South Portland, Maine, for instance, the town adopted an ordinance in May requiring beekeepers to…

Jul 11, 2008 9:31 PM CDT

Housing Law Doesn’t Protect Right to Mezuzah, Appeals Court Rules

A federal appeals court has ruled that the Fair Housing Act does not protect the right of condominium owners to display mezuzot on their doorframes. The Chicago-based 7th U.S. Circuit Court of Appeals said the federal law requires accommodation for the handicapped but not for religion, the New York Sun…

Jul 11, 2008 11:05 AM CDT

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