Real Estate & Property Law

26 Charged in $200 M Mortgage Fraud

Federal prosecutors in New York City announced today charges against 26 people in an alleged $200 million subprime mortgage scheme that involved 1,000 fraudulent loans. Participants allegedly cooperated to submit fraudulent mortgage applications between 2004 and 2006, obtaining funding for loans that otherwise would never have been made, reports CNN.…

Jul 11, 2007 1:57 AM CDT

NYC Bidet Billboard Suit: Bare Derrières!

In New York City’s traditionally seamy Times Square, a church is claiming that a billboard featuring bare derrières emblazoned with smiley faces violates indecency standards in the cleaned-up midtown Manhattan neighborhood. And, for the moment, at least, a judge has agreed, issuing a temporary restraining order barring the two-story bidet…

Jul 11, 2007 12:14 AM CDT

Feds Promise Loan Reform; States Act

In the wake of widespread reports that mortgage abuses by so-called subprime lenders have led to increased loan foreclosures, federal and state legislators have expressed concern and promised new laws to check fraudulent practices. But so far, federal lawmakers have focused primarily on holding hearings on the subject, prompting state…

Jul 10, 2007 7:33 PM CDT

Atlanta Foreclosures Up, Values Down

In the latest chapter of a sad story that could soon be commonly told throughout the country, an increasing rate of mortgage foreclosures in and around Atlanta is creating a business boom for lawyers and others involved in the litigation process. But meanwhile, it is apparently depressing home values. Because…

Jul 9, 2007 11:22 PM CDT

CA’s Asset Seizure Policy is Changing

In recent years, the California officials have increased the amount of money they spend to locate dormant assets that the government can seize. But they’ve decreased the amount of money they spend to notify owners first—to almost zero. As a result, even when owners could be located with relative ease,…

Jul 9, 2007 10:28 PM CDT

Owners Blame Cities for Bad Homes

As builders throughout the country rushed to profit in the recent construction boom, a number of homes and developments went up that were badly built or otherwise created problems. But in the resulting blame game, many homeowners are now saying municipalities large and small gave builders free rein instead of…

Jul 7, 2007 12:39 AM CDT

‘Rescue’ Firms Harm Homeowners

Updated: Homeowners facing foreclosure are falling victim to a scheme known as equity stripping. The New York Times describes the scheme this way: A company promises struggling homeowners it will give up-front cash and free rent to help them stay in their homes. Then a new purchaser takes over the…

Jul 3, 2007 7:33 PM CDT

The Body in Question

Coroners eye Ohio suit demanding they tell families about removal of body parts

Jul 2, 2007 12:33 AM CDT

Mortgage Fraud Mess

Growing numbers of homeowners are being dragged down by questionable loans

Jul 1, 2007 10:52 PM CDT

3 Not-So-Little Pigs’ Upscale Home Saved

Three not-so-little pigs living in the upscale Chicago suburb of Lake Forest didn’t, of course, have to worry about a wolf huffing and puffing and blowing their rickety house down. But their owner and her children were plenty concerned about a judge’s potential ban of the 200-pound porkers from their…

Jun 27, 2007 7:25 PM CDT

Cravath Signs $900 M Midtown Lease

One of New York’s best-known white-shoe law firms has agreed to pay a breathtaking $900 million to renew its lease on 600,000 square feet of office space in midtown Manhattan for 15 years, starting in 2009. Cravath Swain & Moore will see its cost-per-square-foot double under the new lease, from…

Jun 25, 2007 11:58 PM CDT

Fair Housing Laws Create Unexpected Pitfalls, Even for Real Estate Pros

Most Manhattan real estate professionals might not think twice about telling a family with children that they are welcome in a particular building. But that can present pitfalls under various fair housing laws. And stepped-up enforcement is making some brokers think twice, thrice or even a fourth time about comments…

Jun 25, 2007 9:31 PM CDT

‘Phenomenal Year’ for Florida Lawyers

Defying predictions of a law practice slowdown, attorneys in South Florida report their business is booming. “It was a phenomenal year to be a lawyer,” John C. Sumberg, managing partner of Bilzin Sumberg Baena Price & Axelrod, an 85-attorney firm in Miami, tells the Daily Business Review. “We had many…

Jun 18, 2007 9:16 PM CDT

Web Schemes to Buy Better Credit Legal?

Web-based companies that help consumers improve their credit–for a fee–are clearly skirting the law. But are they violating it? Perhaps not, as least as far as some of the methods being used are concerned, says a New York Times article. Purchasing the right to “piggyback” on the accounts of a…

Jun 16, 2007 4:50 AM CDT

Foreclosures Explode in South Florida; Poor, Minorities Hit Hardest

Although South Florida is still a bit below the national average for the total percentage of mortgages in foreclosure, that may not be true much longer. The number of foreclosure lawsuits filed to force non-mortgage-paying owners from their properties has doubled and tripled in some counties, compared to last year.…

Jun 15, 2007 11:20 PM CDT