Preserving Low-Income Housing

Posted by & filed under Federal tax matters, Regulation.

NYC Mayor De Blasio announced an aggressive goal of producing and preserving 200,000 units of affordable housing over the next ten years. New York City will need to be as creative as possible to achieve this goal and will need to look to all of the resources that it has at its disposal to achieve… Read more »

Tax Incentives for Sustainable Homeownership

Posted by & filed under Federal tax matters.

Harris, Steuerle and Eng have published New Perspectives on Homeownership Tax Incentives in Tax Notes. The report presents three tax reforms designed to promote homeownership that are fundamentally different from earlier proposals. Many of those earlier proposals would convert existing deductions into credits but would mistakenly, in our view, perpetuate flaws in the current system… Read more »

Imposing Order on Recording Chaos

Posted by & filed under Downstream litigation commentary, Foreclosures, MBS industry commentary, Regulation, State and local tax matters, Uncategorized.

Dale Whitman has posted A Proposal for a National Mortgage Registry: MERS Done Right. This is great timing because he will be touching on some of the issues raised in this article in tomorrow’s webinar. His proposal for a national mortgage registry also shares things in common with elements of Adam Levitin‘s recent proposal. Whitman’s… Read more »

Borden & Reiss on REMIC Failure, in a Big Way

Posted by & filed under REMICs.

Brad and I posted REMIC Tax Enforcement as Financial-Market Regulator to SSRN (as well as to BePress). The article is forthcoming in the University of Pennsylvania Journal of Law and Business and it provides our extended analysis of how the organizers of purported Real Estate Mortgage Investment Conduits (REMICs) failed to abide by the requirements… Read more »

Dirty REMICs, Revisited

Posted by & filed under REMICs.

Brad and I have posted, Dirty REMICs, Revisited (also on BePress).  The abstract reads: We review the differences between two visions for the residential mortgage markets, one driven by the goal of efficiency and the other driven by the goals of efficiency and consumer protection. Both visions advocate for structural reform, but one advocates for… Read more »

Massachusetts District Court Interprets Ibanez Narrowly in Deciding That Plaintiff-Homeowner Lacked Standing to Challenge Bank’s Standing to Foreclose

Posted by & filed under 2011, Downstream litigation, Downstream litigation media coverage, Foreclosures, Massachusetts, Media Coverage, MERS/Bank has standing, Note ownership litigation, State and local tax matters.

This action arose out of an attempted foreclosure by defendant Aurora Loan Services on plaintiff David Kiah’s property. Based on the recent holding from U.S. Bank National Ass’n v. Ibanez, 458 Mass. 637, 941 N.E.2d 40 (2011), Kiah sought a declaratory judgment to make the “mortgage on record legally null and void.” The Massachusetts District… Read more »