- The National Housing Conference (NHC) released its report, “Housing and Services Needs of Our Changing Veteran Population”, offers recommendations on how to serve the different groups of veterans, specifically older adult veterans, female veterans, and post 9/11 veterans.
- The Federal Interagency Forum on Child and Family Statistics released its annual report: “America’s Children: Key National Indicators of Well-Being, 2015”, which highlights statistics on children and families across a variety of factors, including housing.
Author Archives: Shea Cunningham
Wednesday’s Academic Roundup
- Mortgage Finance and Technological Change, Robin Döttling & Enrico C. Perotti, Tinbergen Institute Discussion Paper 15-079/IV.
- Sustaining Neighborhoods of Choice: From Land Bank(ing) to Land Trust(ing), James J. Kelly Jr., Washburn Law Journal, Vol. 54, No. 3, 2015.
- President Eisenhower’s 1956 Prediction Becomes a Reality: The New Art of the REIT Spin, Katherine Riano, May 29, 2015.
- A Tale of Two Tensions: Balancing Access to Credit and Credit Risk in Mortgage Underwriting, Marsha Courchane, Leonard C. Kiefer & Peter M. Zorn, Real Estate Economics, Forthcoming.
- Loan Originations and Defaults in the Mortgage Crisis: Further Evidence, Manuel Adelino, Antoinette Schoar & Felipe Severino, June 21, 2015.
- How to Kill a Zombie: Strategies for Dealing with the Aftermath of the Foreclosure Crisis, Judith L. Fox, Notre Dame Legal Studies Paper No. 1519.
Monday’s Adjudication Roundup
- The New York Court of Appeals overturned a lower court’s dismissal of suit against New York City, the New York Mets’ ownership group and The Related Cos., which had plans to build the Mets’ stadium on public parkland. The Court ruled that the city had incorrectly found that the rules allowed such a development. This ruling effectively bars the $3 billion project from moving forward.
- CitiMortgage settles to pay $2.2 million in case brought by military members. It was accused of violating the Servicemembers Civil Relief Act, which caps interest payments on military members’ mortgages.
- A Florida federal judge ruled that the $1.3 billion suit against Deloitte for its involvement in the end of Taylor Bean & Whitaker Mortgage Corp. will not be dismissed because Freddie Mac presented evidence that Deloitte “put amateurs on the job, overlooked inconsistencies in audits and accepted the explanations of Taylor Bean executives even when they didn’t make sense.”
- A NY federal judge dismissed Bank of New York Mellon’s indemnification and loan-repurchase claims against General Electric Mortgage Holding LLC, leaving only a breach of contract claim. The court found that the indemnification claims were duplicative of the breach of contract claims and the failure to repurchase claims were precluded by a recent NY Court of Appeals decision in Ace Securities v. DB Structured. The suit involves a $900 million mortgage-backed security that performed poorly.
Wednesday’s Academic Roundup
- Airbnb and the Housing Segment of the Modern ‘Sharing Economy’: Are Short-Term Rental Restrictions an Unconstitutional Taking?, Jamila Jefferson-Jones, Hastings Constitutional Law Quarterly, Vol. 42, 2015.
- The Use of Tenant Screening Reports and Tenant Blacklisting, Gerald Lebovits & Jen M. Addonizio, LEGALEase Pamphlet, New York State Bar Association (2015).
- Banks, Break-Ins, and Bad Actors in Mortgage Foreclosure, Christopher K. Odinet, University of Cincinnati Law Review, Vol. 83, No. 4, 2015.
- Determinants of Mortgage Default and Consumer Credit Use: The Effects of Foreclosure Laws and Foreclosure Delays, Sewin Chan, Andrew Haughwout, Andrew T. Hayashi, & Wilbert Van der Klaauw, FRB of New York Staff Report No. 732.
- The Effect of Mortgage Payment Reduction on Default: Evidence from the Home Affordable Refinance Program, Douglas A. McManus, Jared Janowiak, Lu Ji, Kadiri Karamon & Jun Zhu, Real Estate Economics.
Monday’s Adjudication Roundup
- Quicken Loans Inc. argues that its suit against the federal government is valid because it is more than just a fraud case. It claims that it is about broader issues with government housing programs.
- A class action suit against JPMorgan Chase Bank NA will not be dismissed over failure to file timely mortgage satisfactions even though one of the plaintiffs rejected a settlement offer for more than she could get from a court judgment.
- An administrative judge denied that the SEC had shown fraud in commercial mortgage-backed securities suit against Standard & Poor’s former executive, Barbara Duka, because the SEC failed to show that S&P had done anything wrong, let alone Duka.
- IKB Deutsche Industriebank AG’s suit against Goldman Sachs Group Inc. remains intact for losses after a $73.2 million purchase of residential mortgage-backed securities. Goldman Sachs argued that the suit was beyond the German 3-year statute of limitations.
- Law360 compiles lists of “The Top Banking Cases In The First Half of 2015.”
Happy Fourth of July!
“Where liberty dwells, there is my country.” — Benjamin Franklin
Wednesday’s Academic Roundup
- Separate and Unequal: The American Dream, Peter C. LaGreca, 16 Rutgers Race & L. Rev. 183 (2015).
- Reverse Mortgage Loans: A Quantitative Analysis, Makoto Nakajima & Irina Telyukova, FRB of Philadelphia Working Paper No. 14-27.
- Reverse Mortgages: What Homeowners (Don’t) Know and How it Matters, Thomas Davidoff, Patrick Gerhard & Thomas Post.
- Housing Price Volatility and the Housing Ladder, James W. Banks, Richard W. Blundell, Zoé Oldfield & James P. Smith, NBER Working Paper No. w21255.
- The Financial Rewards of Sustainability: A Global Performance Study of Real Estate Investment Trusts, Franz Fuerst.
- A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012, Fernando V. Ferreira & Joseph Gyourko, NBER Working Paper No. w21261.
