Editor: David Reiss
Brooklyn Law School

September 19, 2017

Tuesday’s Regulatory & Legislative Roundup

By Jamila Moore

  • The Senate recently confirmed the United States Department of Housing and Urban Development deputy secretary, Pam Patenaude. Patenaude comes with an extensive background. Most recently, she served as the chairman of J. Ronald Terwillinger Foundation of Housing America’s Families where she furthered her real-estate finance expertise and housing issues. One person notes, Patenaude will aid the nation in ensuring more Americans take advantage of mortgage finance credit which will improve the economy.
  • California’s housing crisis is on it’s way to discovery. Recently, the California State Assembly passed a number of bills to address the state’s affordable housing issues. The set of bills has two other hurdles, the state’s Senate and governor. The bills also include a four billion dollar bond which will be supplemented by a $75 fee when  homeowners refinance their home. Similar plans and programs are also underway to support the financing and sustainability of the program.

September 19, 2017 | Permalink | No Comments

September 18, 2017

Monday’s Adjudication Roundup

By Jamila Moore

  • A mortgage holder of a Palm Beach hotel in Florida, filed a claim against a local Florida attorney for securities fraud surrounding an EB-5 visa program. The attorney claims the mortgage holder failed to state a claim upon which relief can be granted. The dispute involves approximately $50 million.
  • New Jersey will not allow their residents to be defrauded by anyone. A New Jersey attorney received an eight year sentence. A New Jersey court found her guilty for participating in the “fraudulent filing of mortgages worth $873,520” regarding two distinct properties.
  • A mortgage broker duo and their CEO defrauded the government due to their role in filing fraudulent insurance claims. The trio invested in risky loans that did  not pan out. Their original verdict amounted to $93 million; however, the Court increased the penalty to $298 million.

September 18, 2017 | Permalink | No Comments

September 15, 2017

Friday’s Government Reports Roundup

By Jamila Moore

September 15, 2017 | Permalink | No Comments

September 14, 2017

Thursday’s Advocacy & Think Tank Roundup

By Jamila Moore

  • Deutsche Bank is adamant about their role in following all the rules when issuing mortgage bonds. In fact, the mega bank accuses the government of “concocting a baseless theory of fraud.” The bank maintains the government’s claim is meritless, incorrect, and unfair. However, the government believes the bank engaged in a fraudulent scheme during the financial crisis through there mortgage bond procedure.
  • Fannie Mae is continuing their sell of performing loans. Their recent sale garnished many bidders; however, MTGLQ secured the re-performing loans. MTGLQ is a subsidiary of Goldman Sachs and in recent years has bought a number of loans from both government sources and public sources. Their latest buy included $2.43 billion in re-performing loans which totaled approximately 10,000 various loans. Spectators agree, the lucrative subsidiary is buying loans by the “truckload.”

September 14, 2017 | Permalink | No Comments

September 12, 2017

Tuesday’s Regulatory & Legislative Roundup

By Jamila Moore

  • President Trump wants to ensure Americans are able to succeed after experiencing disasters. Recently, the president approved a 15.2 billion dollar relief and recovery bill aimed at helping residents of Texas and Louisiana after Hurricane Harvey, small businesses to aid in administering loans after disasters, and to continue its development of the Community Development Block Grant Disaster Recovery.
  • According to Houston’s Housing Authority, the cities affordable housing units were extensively damaged by Hurricane Harvey. Over 6,000 single family homes were destroyed and over 80,000 severely damaged. Approximately 35,000 Houston residents now live in shelters. Some counties throughout the city believe their areas will need more than nine months to fully recover from the impact of Harvey.

September 12, 2017 | Permalink | No Comments