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: http://video.foxbusiness.com/v/2341127767001/want-your-own-piece-of-the-empire-state-building/?playlist_id=933116624001.

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The 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

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Empire 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

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S&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

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Supreme 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

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No 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

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Cherryland, 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

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