- Housing and Mortgages in Transition Economy, John E. Anderson.
- Underwriting Sustainable Homeownership: The Federal Housing Administration and the Low Down Payment Loan, David J. Reiss, Georgia Law Review, Forthcoming.
- Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program, Sumit Agarwal, Gene Amromin, Souphala Chomsisengphet, Tomasz Piskorski, Amit Seru & Vincent W. Yao, NBER Working Paper No. w21512.
- Stock Prices, Regional Housing Prices, and Aggregate Technology Shocks, Jiro Yoshida.
- Information Diffusion in the U.S. Real Estate Investment Trust Market, Masaki Mori, Journal of Real Estate Finance and Economics, Vol. 51, No. 2, 2015.
- A Neurological Explanation of Strategic Mortgage Default, Michael Joseph Seiler & Eric Walden, Journal of Real Estate Finance and Economics, Vol. 51, No. 2, 2015.
- The City as a Commons, Sheila Foster & Christian Iaione.
- Attempting to Collect on Barred Mortgages, Roger Bernhardt.
Tag Archives: mortgages
Friday’s Government Reports Roundup
- HUD releases report of its activities, for instance, to assess its efforts on homelessness, housing vouchers, energy efficiency in multifamily housing.
- The Government Accountability Office releases report, which finds that “qualified mortgage (QM) and qualified residential mortgage (QRM) regulations are unlikely to have a significant effect on the availability or securitization of mortgages in the current market.”
- CFPB releases “2015 Plain Writing Act Compliance Report”, which gives information about what documents executive agencies are required to use plain language in.
- CFPB releases report on eClosings, finding that they can benefit consumers.
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.
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.”
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.
Monday’s Adjudication Roundup
- Massachusetts’s federal court found that a unit of Deutsche Bank AG failed to vet some residential mortgage-backed securities, which mislead Massachusetts Mutual Life Insurance Co.
- US Bank filed an amended complaint claiming that Citigroup Global Markets Realty Corp. and CitiMortgage Inc. in suit over bad mortgage-backed securities.
- After PHH Corp. was ordered to pay $109 million in penalties by the CFPB in a mortgage kickback scheme, it has asked to D.C. Circuit to reconsider.
- New York state court dismisses Commerzbank AG’s suit against UBS AG, Credit Suisse Group AG, and others due to the statute of limitations. Commerzbank brought suit alleging loan quality fraud in the sale of $1.9 billion in mortgage securities.
- NY federal court dismissed a derivative shareholder suit against American Realty Capital Properties Inc. as the suit did not fulfill the state law requirement that demand be made on the board of directors before bringing suit and this case did not meet the narrow futility exception to such demand. The shareholders brought suit over accounting issues that led to a sharp drop in stock value and destroyed a possible $700 million sale.
- In suit against Amazon for breach of contract, The Durst Organization will not be able to force Amazon to sign a $20 million per year lease. The court found that the letter of intent does not compel the retailer to execute the lease. However, Durst may be able to recover under the additional breach of duty and fraud claims.
- In a historical decision, the U.S. Supreme Court held that the Fair Housing Act covers unintentional discrimination through disparate impact, citing to the deep racial divides in the 1960s.
- US Bank, as a trustee of Lehman XS Trust, brings suit against Bank of America and Countrywide Financial for $178 million for alleged breach of representations and warranties in sale of residential mortgage loans.
Wednesday’s Academic Roundup
- House Price Impacts of Racial, Income, Education and Age Neighborhood Segregation, David M. Brasington, Diane Hite & Andres Jauregui, Journal of Regional Science, Vol. 55, Issue 3, pp. 442-467, 2015.
- Housing Price Collapse Worsens the Opportunities for Educational Attainment for the Young in Cities Nationwide, I-Ling Shen & James R. Barth, June 8, 2015.
- Pixelating Administrative Common Law in Mortgage Bankers, Kathryn E. Kovacs, 125 Yale L.J. F. 31 (2015).
