REFinBlog

Editor: David Reiss
Brooklyn Law School

July 18, 2017

Tuesday’s Regulatory & Legislative Roundup

By Jamila Moore

 

July 18, 2017 | Permalink | No Comments

July 17, 2017

Monday’s Adjudication Roundup

By Jamila Moore

  • A Florida Court ruled that a resolution enacted by Palm Beach Gardens’ is unconstitutional. The Court determined the city’s resolution impeded on the Sears Roebuck and Co.’s right to contract. The Court also sanctioned opposing counsel.
  • A judge in Illinois allegedly attempted to defraud lenders in the Chicago area. Judge O’Brien and an alleged co-conspirator attempted to submit “falsified mortgage, refinanced, and commercial loan applications to lenders.” Judge O’Brien is seeking a stay until the alleged co-conspirator is available in court to respond to her counsel’s  subpoena.
  • A lawyer representing a Florida country club asked the Court to sanction opposing counsel for allegedly filing a frivolous suit. Counsel for the club believes the claims filed by the class are without legal merit. Further, the country clubs attorneys’ seek a bond from opposing counsel to show an act of good faith in filing the suit. Here, the class claims the county club’s practices caused the value of their homes to decrease and seek damages for such.

July 17, 2017 | Permalink | No Comments

July 14, 2017

Friday’s Government Reports Roundup

By Jamila Moore

  • Each year the U.S. Housing and Urban Development (HUD) awards a HUD Secretary’s Award for Healthy Homes. This award recognizes home programs in the nation that made “indoor environments healthier through the healthy homes program.” Healthy home programs in Colorado, Vermont, Alaska, and New Jersey were all awarded. Some of the Healthy home programs target indoor issues such as bed bugs and clean air.
  • America could be in trouble. Janet Yellen, chair of the Federal Reserve, explained to Congress, the recent U.S. Treasury report breeds trouble. According to Yellen, based on two key actions laid out in the Treasury report will send America into another recession. If the nation continues with its current financial practices, she predicts the nation will be in good shape.

 

July 14, 2017 | Permalink | No Comments

July 13, 2017

Thursday’s Advocacy & Think Tank Roundup

By Jamila Moore

  • Fannie Mae helped current homeowners by lowering their interest rates for its standard mortgage modifications. Instead of the 4.125% rate used earlier by Fannie Mae, they now offer a 4% mortgage modification interest rate. Earlier this year, Fannie Mae decided to increase modification rates to 4.25%, so one must consider what is the true reason behind such a sudden shift after an initial increase.
  • The Federal Housing Finance Agency (FHFA) finally received its relief for the Royal Bank of Scotland Group’s violation of federal and state securities law. Royal Bank of Scotland Group (RBSG) paid over 4 billion dollars to Freddie Mac and close to one billion to Fannie Mae as part of their settlement agreement. The settlement between the RBSG and the FHFA stem from Royal Bank of Scotland Group’s activities with mortgage-backed securities during the financial crisis in the early 2000’s.

July 13, 2017 | Permalink | No Comments

July 11, 2017

Tuesday’s Regulatory & Legislative Roundup

By Jamila Moore

  • California residents are one step closer to obtaining more affordable housing. California’s Senate passed a bill that can potentially provide approximately $250 million in affordable housing funding. To ensure this happens, a Senator from San Diego suggests adding a fee to other real estate transactions in order to supplement the affordable housing costs.
  • The United States Department of Housing and Urban Development (HUD) provided $50 million dollars to various localities to provide housing counseling. Housing counseling is intended to aid families seeking home ownership and prevent foreclosures from occurring. Not only is HUD ensuring families aren’t burdened by housing, it is also ensuring the presence and training of the counselors across the country. HUD approved an additional 3.5 million for counseling training, thereby creating more jobs.

July 11, 2017 | Permalink | No Comments