- Class action suit filed against JPMorgan for alleged illegal demand of payment from junior mortgage holders who’s senior mortgages had been foreclosed. The class claims that JPMorgan’s demands violated several California laws.
- PHH Corp. urges the DC Circuit to vacate the CFPB’s penalty for $109 million for mortgage kickback scheme, claiming that the CFPB oversteps its constitutional authority.
- Second Circuit dismisses IKB Deutsche Industriebank AG suit against Standard’s & Poor’s for costing IKB almost $574 million by positively rating an investment vehicle that collapsed.
Author Archives: Shea Cunningham
Friday’s Government Reports Roundup
- HUD, the Department of Veterans Affairs and the Department of Labor released “Veterans Homelessness Prevention Demonstration (VHPD) Evaluation Final Report” evaluating a program designed by Silber & Associates and the Urban Institute.
- CFPB released report on student loan financing finding that the current collective student loan debt is at $1.2 trillion, the second largest form of consumer debt behind mortgages.
- The Commerce Department released report on consumer spending, which showed that it was largely driven by housing and healthcare.
Wednesday’s Academic Roundup
- The Liquidity Crisis, Investor Sentiment, and REIT Returns and Volatility, Daniel Huerta, Journal of Real Estate Portfolio Management, Forthcoming.
- Counting Casualties in Communities Hit Hardest by the Foreclosure Crisis, Matthew J. Rossman, Utah Law Review (2016 Forthcoming).
- Climate Change and Long-Run Discount Rates: Evidence from Real Estate, Stefano W. Giglio, Matteo Maggiori, Johannes Stroebel & Andreas Weber, CEPR Discussion Paper No. DP10958 (Paid Access).
- Commercial Bank Failures During the Great Recession: The Real (Estate) Story, Adonis Antoniades, BIS Working Paper No. 530.
Monday’s Adjudication Roundup
- EB-5 fraud case will get a jury trial contrary to the request from the SEC. The court rejected the SEC’s attempt to block it claiming it came too late.
- Wells Fargo settles with a group of homeowners for $25.7 million in a RICO class action for unnecessary property inspections and charging delinquent borrowers.
- AARP backs the CFPB’s $109 million fine of PHH Mortgage Corp. for allegedly making mortgage kickbacks, citing to CFPB’s enforcement power.
Wednesday’s Academic Roundup
- On the Value of Shared Bike Systems in Urban Environments: Evidence from the Real Estate Markets, Konstantinos Pelechrinis, Marios Kokkodis & Theodoros Lappas.
- Planning an Affordable City, David Schleicher & Roderick M. Hills, Jr., Iowa Law Review, Vol. 101, pp. 91–136, 2015.
- Modifying Mortgage Discrimination in Consumer Bankruptcy, Abbye Atkinson, Arizona Law Review, Vol. 57, 2015.
- Trends in Private Land Conservation: Increasing Complexity, Shifting Conservation Purposes and Allowable Private Land Uses, Jessica Owley & Adena R. Rissman, Land Use Policy 51, 76–84 (2016 Forthcoming).
- Asymmetric Information and Subprime Mortgage Default, Xudong An, A. Quang Do, Timothy J. Riddiough & Vincent W. Yao.
- Recent Developments in Land Use Ethics, Patricia Salkin, 46 Urb. La. 815 (Fall 2014).
Monday’s Adjudication Roundup
- Ninth Circuit upholds Section 8, which provides low income housing, recipients’ right to one-year notice that their benefits will be cut after failing to receive any notice in 2007.
- Franklin American Mortgage Co. settled with the U.S. Department of Justice for $70 million for allegedly violating the False Claims Act in originating and underwriting loans insured by the Federal Housing Administration that it knew were not eligible for insurance.
Friday’s Government Reports Roundup
- S. Department of Housing and Urban Development released its 2015 Annual Homeless Assessment Report to Congress, estimating the latest national one-night of homelessness.
- The National Low Income Housing Coalition (NLIHC) released its report, “A Rare Occurrence: The Geography and Race of Mortgages over $500,000”, finding that only 5% of the 20 million mortgages that originated between 2012 and 2014 were in an amount over $500,000.
