Real Estate & Property Law

Up to 60 Lawyers Targeted in U.K. Bar Group’s Mortgage Fraud Probe

The Solicitors Regulation Authority reportedly has launched an investigation of 40 to 60 unnamed lawyers in the United Kingdom for possible mortgage fraud. Four law firms have also been searched as part of a different mortgage fraud investigation of attorneys and non-attorneys by the government’s Serious Fraud Office, according to…

Mar 8, 2008 1:59 AM CST

Foreclosure Data Hits New Record High

Mortgage foreclosure data released today puts defaults on home loans at a new record high. But even worse numbers may be on the horizon. “The Mortgage Bankers Association reported Thursday that the number of loans past due or in foreclosure jumped to 7.9 percent, from 7.3 percent at the end…

Mar 6, 2008 9:59 PM CST

Stricter Bank Regulation Likely, Following Mortgage Meltdown

Next month, a limited phase-in of newly revised international banking standards known as “Basel II,” after the Swiss city in which they were developed, is planned in the U.S. The revised rules call for financial institutions to be given more discretion to run their own businesses, because they are, in…

Mar 4, 2008 10:22 PM CST

New Spin on Dechert Layoffs

Today is the deadline for 13 unlucky associates in Dechert’s finance and real estate group to decide whether to accept a severance package or shift to a busier practice area. But even if they opt to stay, the Philadelphia-based international firm is only guaranteeing another two months of employment, according…

Mar 4, 2008 7:09 PM CST

Finding It Hard to Be a Loan

Courts are tossing out foreclosure cases, citing lawyers for lacking the right papers

Mar 1, 2008 9:06 PM CST

U.S. Trustees Seek Countrywide Sanctions, Allege Widespread Abuses

In a highly unusual action, U.S. trustees in three states are seeking sanctions against Countrywide Financial Corp., contending that the major mortgage lender has abused the bankruptcy process by making inaccurate filings and imposing unauthorized fees. The rare concerted filings today by U.S. trustees in Florida, Georgia and Ohio ask…

Mar 1, 2008 1:02 AM CST

Associate Who Settled Gay Bias Suit Buys $1.5M Penthouse Condo

The New York associate who filed a gay bias suit against Sullivan & Cromwell has apparently landed on his feet, and he’ll be using them to take the elevator to his new $1.5 million penthouse condo. Charney settled the suit last October for an undisclosed sum. Property records indicate that…

Feb 28, 2008 2:40 PM CST

Worried Lenders Watch for Appellate Ruling in Mortgage Class Action

A federal appeals court will soon decide a closely watched case that seeks to undo mortgage loans that are based on mistakes in disclosure documents. A Wisconsin couple is seeking class action status for their suit filed a few years ago against Chevy Chase Bank. Worried lenders fear a negative…

Feb 27, 2008 4:46 PM CST

‘Huge Disconnect’: Banks Say They Work With Borrowers, But May Not

One way to resolve the current mortgage meltdown is for lenders to work with borrowers and modify their home loans to make them affordable. This can be in the lender’s own interest, because foreclosing, especially in the current housing market, is expensive and likely to result in a lowball resale…

Feb 27, 2008 4:34 PM CST

NYT Supports Bill Allowing Bankruptcy Judges to Rewrite Mortgages

The New York Times is urging passage of a law that would allow bankruptcy courts to rewrite the terms of borrowers’ mortgages. An editorial says some big banks are getting behind other bailout proposals in an attempt to head off passage of the legislation. If the measure passes, it would…

Feb 27, 2008 2:56 PM CST

Landmark Mass. Ruling: Subprime Lender Can’t Unfairly Foreclose

In what is being hailed as a landmark ruling, a Massachusetts judge has prohibited a subprime mortgage lender from foreclosing on an entire class of “structurally unfair” loans there before checking with the state attorney general and taking “reasonable steps” to avoid this outcome. Issuing a preliminary injunction sought by…

Feb 26, 2008 11:16 PM CST

Disbarred Lawyer Outbid Madonna on $35M Home

Last month, Keith G. Rubenstein was disbarred by a Brooklyn, N.Y., appeals court. But the former real estate attorney’s situation could be worse. “Last year, he outbid Madonna on a $35 million Upper East Side townhouse that he is planning to occupy only after a two-year gut renovation,” reports the…

Feb 26, 2008 8:08 PM CST

Could Clearer Docs Have Helped Avert Mortgage Meltdown?

Unless you buy for cash, purchasing a home involves signing a mountain of mortgage paperwork detailing the terms of the loan. Ironically, this means that many buyers don’t understand even basic loan terms, because it’s commonplace to simply sign the complex documents without reading them. Now, the nation’s mortgage meltdown…

Feb 25, 2008 4:43 PM CST

1st Calif. Conviction Over Too-Shady Trees

A six-year legal battle over a California couple’s beloved redwoods has ended in defeat for them and victory for a next-door neighbor who says the too-shady trees interfered with the solar energy panels on his home. Two of the trees have grown big enough to violate the state’s little-known Solar…

Feb 22, 2008 4:59 PM CST

Jesse Jackson Cites ‘Reverse Redlining,’ Calls for Gov’t. Intervention

A failure to enforce fair lending laws, as banks targeted racial minorities for expensive subprime mortgages, is a major factor in the country’s current financial crisis, according to Jesse Jackson. Speaking at a New York housing conference yesterday, the civil rights activist criticized the Department of Justice for not responding…

Feb 21, 2008 4:22 PM CST