Real Estate & Property Law

Fla. Mortgage Fraud Monolith: Building Had Most Bad Deals

Although there has been an explosion of mortgage foreclosures throughout the country during the past year, one 43-story building in Miami’s international banking district is at what could be considered ground zero in this real estate debacle. It is, reports Reuters, perhaps the most mortgage fraud-riddled residential building in the…

Nov 13, 2007 4:03 PM CST

Are New U.S. Accounting Rules Bad News for Banks?

The last few months have not been good ones for the global banking industry, as rapidly rising mortgage defaults sparked a credit crisis. But the situation may get even worse before it gets better. And, if so, new U.S. accounting standards may be one big reason why, a British columnist…

Nov 12, 2007 8:10 PM CST

Landowners Lose, Lawyers Win in Adverse Possession Fight

The centuries-old doctrine of adverse possession is alive and well–and benefiting two lawyers in Boulder, Colo. An attempt to change the law in New York failed when Gov. Eliot Spitzer vetoed a bill this summer that would have barred the claim from homeowners who trample on land they know is…

Nov 12, 2007 2:03 PM CST

‘Green’ Industry: Environmental Law

For those seeking a “green” career, law practice offers an increasing number of opportunities. In a list of 10 industries with “great green potential,” the current issue of E magazine ranks as No. 5 the field of environmental law. (Other fields, such as land use and planning, which is also…

Nov 8, 2007 10:19 PM CST

Former Freddie Mac CEO Settles for $16.4M

A few weeks into what was expected to be a lengthy trial before an administrative law judge, a former chairman and chief executive of Freddie Mac has agreed to settle his case for $16.4 million, without admitting liability. While a stunning sum, the $16.4 million is a fraction of the…

Nov 8, 2007 1:33 AM CST

N.Y. Mortgage Appraisal Probe Spotlights Fannie Mae & Freddie Mac

Updated: New York’s top law enforcement officer obviously isn’t afraid to take on the big guys. Having filed suit last week against one of the nation’s biggest mortgage lenders over an alleged scheme to promote inflated appraisals, in alleged violation of lending regulations, state Attorney General Andrew Cuomo is now…

Nov 7, 2007 9:12 PM CST

New Bankruptcy Law Ups Real Estate Woes

If you’re seeing board-ups or overgrown lawns on some homes in your neighborhood, bankruptcy reform may well be one reason why. New creditor-friendly bankruptcy provisions enacted in 2005 make it harder for individuals in over their heads to get relief from their credit-card debts. And that, in turn, is making…

Nov 5, 2007 4:07 PM CST

NY State Suit: Lender-Appraiser Scheme Inflated Home Values

In violation of federal lending regulations, a major real estate appraisal company and two of the nation’s biggest savings and loans participated in a scheme to inflate the value of homes throughout the country, contends a lawsuit filed by New York’s attorney general. It accuses eAppraiseIT, a division of First…

Nov 1, 2007 5:25 PM CDT

Biggest Lender to Modify $16B in Mortgages

Facing a surge of possible foreclosures and potential federal legislation to strengthen lending standards, the nation’s largest home-mortgage lender will allow 82,000 or so customers holding some $16 billion worth of adjustable-rate mortgages to move into safer fixed-rate products. Countrywide Financial Corp. announced today that it will offer the option…

Oct 23, 2007 4:21 PM CDT

Congress Mulls Consumer Mortgage Bill

After months of concern over the state of the nation’s mortgage market, a leading Democrat has introduced legislation in the House of Representatives that would create a consumer bill of rights in home lending transactions. It would require “a mortgage originator to act solely in the best interest of the…

Oct 23, 2007 12:36 AM CDT

$50M Malpractice Suit re 92 Parking Spaces

A malpractice suit has been filed against Pillsbury Winthrop Shaw Pittman and two of the law firm’s partners by a former client over its handling of a Washington, D.C., zoning appeal. At issue in the case was the number of parking spaces then-client Capitol Hill Group was required to provide…

Oct 19, 2007 10:55 PM CDT

MA Leans Harder on Mortgage Lenders

In the latest of a series of aggressive efforts by the state of Massachusetts to deal with the local effects of a national crisis in mortgage lending, the governor announced today that he plans to pressure lenders in the communities hardest-hit by foreclosures to agree to “short sales.” The term…

Oct 15, 2007 8:53 PM CDT

GA Lawyer Cooperates in Mortgage Fraud Trial

A Georgia lawyer who has pleaded guilty for taking part in a mortgage fraud ring will testify in a trial of one of the alleged members that got under way this week. Prosecutors say lawyer James Stovall III of Marietta, Ga., was supposed to represent lenders, but instead he prepared…

Oct 12, 2007 4:13 PM CDT

Foreclosure Crisis, Widespread Risky Debt

Mortgage foreclosures nationwide last month were down a bit from August’s blistering pace, but were still nearly double the number in September 2006. And, although a so-called subprime mortgage meltdown in certain segments of the country has been widely blamed for the number of homeowners losing the battle to pay…

Oct 11, 2007 3:53 PM CDT

Lawyer Sues Over ‘Biblical-Type Explosion of Roaches’

A lawyer and his wife have filed a lawsuit against the management of a historic New York condo building because of what he calls “a biblical-type explosion of roaches.” The couple, Alan Arkin (not the actor) and Suzanne Bagert, say in their suit that managers of the historic building known…

Oct 10, 2007 2:59 PM CDT