- Court denies US Bank’s opportunity to revive suit against Citigroup over hundreds of millions of dollars in mortgage-backed securities sold during the financial crisis.
- IL court refuses to dismiss suit against Bank of America over lowering underwriting standards for borrowers protected by the Fair Housing Act.
- National Credit Union Administration sues HSBC claiming it failed as trustee for $2 billion of residential mortgage-backed securities trusts and lead to the downfall of five credit unions.
Author Archives: Shea Cunningham
Wednesday’s Academic Roundup
- Cohousing: An Idea for the Modern Age, by Nancy J. White & Charly Loper, February 18, 2015.
- Failure to Launch: Housing, Debt Overhang, and the Inflation Option During the Great Recession, by Aaron Hedlund, February 23, 2015.
- Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program, by Jenny Schuetz, Jonathan S. Spader, & Alvaro Cortes, March 4, 2015.
- Incorporating NY Land Banks into the Delinquent Property Tax Enforcement Processes, by J. Justin Woods, New York Zoning Law and Practice Report, Spring 2015, Forthcoming.
- The Impact of Investors on Housing Values and Markets, by Sumit Agarwal, John P. Harding, & Vincent Yao, January 27, 2015.
- Urban Renewal Amidst National Divides: Can Housing Development (Partially) Correct Past Injustices?, by Neta Ziv, Georgetown Journal on Poverty Law Policy, Vol. XXII, No. 1, 2015.
Monday’s Adjudication Roundup
- BofA has asked a PA federal judge to dismiss a class action RICO suit alleging kickbacks from overpriced mortgage insurance claiming it is the same suit that was dismissed as time-barred by Third Circuit in October.
- Deloitte is potentially facing $1.3 billion plus punitive damages to Freddie Mac for negligently auditing work for Taylor Bean, a mortgage lender with a massive employee fraud.
- Circuit split continues on whether and when lenders are responsible for development project failures when the Seventh Circuit ruled that the lender’s insurers would not cover the emergence of contractor liens in a failed $118 million real estate development.
Friday Government Report Roundup
- US Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) released two reports discussing the difference in risk between conventional lenders and CDFIs.
- CFPB releases Arbitration Study required by the Dodd-Frank Act, which states that CFPB may prohibit or impose conditions or limitations on the use of” pre-dispute arbitration agreements concerning consumer financial products or services if it finds doing so “is in the public interest and for the protection of consumers.”
Wednesday’s Academic Roundup
- Countercyclical Regulation and Its Challenges, by Patricia A. McCoy, Boston College Law School Legal Research Paper No. 351.
- Low-Income Housing Tax Credit Developments and Neighborhood Property Conditions, Kelly D. Edmiston, February 20, 2015.
- First Principles for Regulating the Sharing Economy, by Stephen R. Miller, February 20, 2015 (focusing on the short-term rental market, for instance, Airbnb).
- The Future of Foreclosure Law in the Wake of the Great Housing Crisis of 2007-2014, by Judith L. Fox, Washburn Law Journal, 2015, Forthcoming.
- Regional Redistribution Through the U.S. Mortgage Market, by Erik Hurst, Benjamin J. Keys, Amit Seru, & Joseph Vavra, February 25, 2015.
Monday’s Adjudication Roundup
- Shareholders of Deutsche Bank petitioned for cert to the U.S. Supreme Court to clarify the standard for a claim for pleading a fraudulent claim under Section 11 of the Securities Act of 1933 following the Second Circuit tossing their suit in July 2014.
- 10th Circuit revives National Credit Union Administration’s $550 million suit against Barclays for misrepresentation of the quality of over $555 million in RMBS.
- First wave of Hurricane Sandy cases settle with FEMA and insurers over the improper cutting of the homeowners’ payouts following the storm.
Wednesday’s Academic Roundup
- American Dream in Flux: The Endangered Right to Lease a Home, by Andrea J. Boyack, Real Property, Trust and Estate Law Journal, Vol. 49, No. 2, 2014.
- A Guide to New York State Commercial Landlord-Tenant Law and Procedure, by Gerald Lebovits & Michael B. Terk, 87 N.Y. St. B.J. 22, February 2015.
- Super-Liens to the Rescue? A Case Against Special Districts in Real Estate Finance, by Christopher K. Odinet, Washington and Lee Law Review, Vol. 72, 2015. (Discussing availability of creditors willing to “make real estate-backed loans in special district areas”).
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How to Make America Walkable, by Michael Lewyn, 42 Real Est. L.J. 512 & Touro Law Center Legal Studies Research Paper. (Discussing the necessity to make cities walkable, and thus more accessible, in areas where public transportation is lacking).
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Unemployment as an Adverse Trigger Event for Mortgage Default, by Chao Yue Tian, Roberto Quercia, & Sarah F. Riley, Journal of Real Estate Finance and Economics, Forthcoming.
