Monthly Archives: April 2013
Empire State Building IPO To Proceed
April 30, 2013
by David Reiss
Justice Sherwood ruled in favor of the proponents of the Empire State Building IPO a few hours ago. I discussed the case on Fox Business earlier today. The clip is here: https://video.foxbusiness.com/v/2341127767001/want-your-own-piece-of-the-empire-state-building/?playlist_id=933116624001.
Read MoreThe Servicing Field Is Wide Open
April 29, 2013
by David Reiss
The CFPB has proposed an additional comment to Regulation X to emphasize that that regulation does not preempt state regulation of mortgage servicing: Proposed comment 5(c)(1)-1 would state further that nothing in RESPA or Regulation X, including the provisions in … Continue reading
Read MoreEmpire State of IPO
April 26, 2013
by David Reiss
Bloomberg interviewed me and others about the litigation over the proposed IPO for the Empire State Realty Trust Inc. (which would include the Empire State Building and a few other properties): A 15-month effort to take New York’s Empire State … Continue reading
Read MoreS&P Myth #1: No One Could Have Known
April 25, 2013
by David Reiss
S&P filed its Memorandum in Support of Defendants’ Motion To Dismiss the DoJ lawsuit filed back in February. The memorandum states that S&P’s inability, along with other market participants, “to predict the extent of the most catastrophic meltdown since the … Continue reading
Read MoreSupreme Court of New York County Rules Against Credit Suisse’s Motion to Dismiss MBS Investor Suit
April 24, 2013
by Brad Borden
In Stichting Pensioenfonds ABP v. Credit Suisse Group AG, 2012 WL 6929336 (N.Y.Sup. Nov. 30, 2012), the Supreme Court in New York County ruled that the lawsuit against Credit Suisse related to sales of MBS would proceed. The court denied Credit Suisse’s motion … Continue reading
Read MoreNo Scarlet Letter for Robo-Signing
by David Reiss
An “admitted robo-signer” and her bank were let off the hook in Grullon v. Bank of America et al. (Mar. 28, 2013, No. 10-5427 (KSH) (PS)) (D.N.J.). (19) Grullon, a homeowner, alleged that he, and others similarly situated, was entitled … Continue reading
Read MoreCherryland, Very Strange
April 23, 2013
by David Reiss
I looked at the Cherryland decision yesterday. Law360 ran a story (behind a paywall) about it today, quoting me and others. To recap, the original Cherryland case appeared to unexpectedly open up many commercial borrowers in Michigan to personal liability. … Continue reading
Read More