Residential
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October 04, 2024
Real Estate Execs Accused Of NYC Deed Theft Scheme
Three real estate executives have been arrested in connection with a purported $500,000 deed theft scheme that preyed upon a vulnerable home owner in the Bronx, according to the Office of the New York State Attorney General.
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October 04, 2024
Property Plays: Verizon, HUD, ArentFox Schiff
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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October 04, 2024
Real Estate Co., EEOC Strike Deal To End Race Bias Suit
A real estate company has agreed to end a U.S. Equal Employment Opportunity Commission lawsuit alleging it gave a Black manager twice as much work as a white colleague and ultimately fired him because he was "lazy," according to a filing in Georgia federal court.
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October 03, 2024
Counties Say Foreclosure Attys Trying To Quash Competition
Michigan counties facing a proposed class action over profits they kept from foreclosures of tax-delinquent properties questioned Wednesday the aim and legality of their opposing counsel's quest to rein in a previous rival's outreach to people who have experienced foreclosures.
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October 03, 2024
Helene's Devastation Worsened By Inadequate Insurance
Hurricane Helene's devastating path across the southeastern U.S. has brought concerns about inadequate flood insurance and resilience measures to the forefront of a national conversation on the risks of extreme precipitation.
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October 03, 2024
12 Lawyers Who Are The Future Of The Supreme Court Bar
One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.
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October 03, 2024
Fla. Court Reverses Condos' Win In $1M Contractor Dispute
A Florida appeals court Wednesday reversed a win for three condominium associations in a dispute over $1.4 million worth of mitigation work done on the property after Hurricane Irma, ruling that the contractor did not need to be licensed to do most of the work.
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October 03, 2024
Georgia Resident Adds To Lawsuits Targeting Bio-Lab Fire
A resident of Conyers, Georgia, is adding to the litigation against Bio-Lab Inc. and its corporate parent, KIK Custom Products Inc., with a proposed class action filed after a fire at the company's facility in the city on Sunday led to evacuation and shelter-in-place orders.
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October 03, 2024
HUD Awards $279M To Fund Green Retrofitting
The U.S. Department of Housing and Urban Development has awarded 43 properties in 23 states and territories with $279 million in grants and loans through a program that funds green retrofitting for multifamily properties.
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October 03, 2024
Sham Law Firm Employee Gets 5 Years For Foreclosure Fraud
A Virginia man was sentenced to five years in prison and hit with a $159,000 fine for what a D.C. federal judge called Thursday the "horrendous" crime of using a Manassas law firm to defraud homeowners facing foreclosure.
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October 03, 2024
Real Estate Lawyers On The Move
Honigman, DLA Piper and Eversheds Sutherland are among the law firms that have made recent real estate or construction hires.
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October 03, 2024
Loan Servicer Settles With Mass. AG Over 'Zombie' Mortgages
A mortgage servicing company has agreed to walk away from approximately $10 million worth of "zombie" mortgages in Massachusetts and pay $300,000 to resolve allegations that it violated multiple consumer protection laws, the state's attorney general said Thursday.
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October 02, 2024
EXp Investors Accuse Execs Of Ignoring Sex Assault Culture
Shareholders of eXp World Holdings Inc. have hit the real estate brokerage company's top-brass with a derivative lawsuit in Delaware Chancery Court Wednesday, claiming they intentionally ignored repeated reports that its top "influencers" were drugging and sexually assaulting real estate agents at company events, thereby exposing the company to millions in liabilities.
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October 02, 2024
Colony Ridge Seeks Quick Appeal In 'Reverse Redlining' Suit
A Texas real estate developer that recently lost a bid to exit a lending discrimination suit brought by the U.S. government and the Consumer Financial Protection Bureau has moved to begin a Fifth Circuit appeal, arguing the "novelty" of the case's reverse redlining theory warrants immediate appellate review.
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October 02, 2024
Convicted Judge Owes Feds Retirement Funds, 7th Circ. Says
A former Illinois judge convicted of running a $1.4 million mortgage fraud scheme must cough up assets from her retirement accounts to cover her restitution obligations, the Seventh Circuit ruled Wednesday, agreeing with a Chicago district court that the government can access her retirement savings to satisfy that debt.
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October 02, 2024
Riemer & Braunstein Rehires Corporate Atty For Boston Office
Riemer & Braunstein LLP has brought back corporate attorney Adam W. Jacobs, and this time he'll be working as a partner and group leader in the firm's business law/real estate department in Boston.
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October 02, 2024
Husch Blackwell Atty Says Bill Would Boost Rural Housing
A bill in the U.S. House of Representatives would provide much-needed support for projects to convert vacant commercial spaces to residential ones, and rural areas in particular would stand to benefit from the program, a Husch Blackwell attorney who's closely watching the legislation recently told Law360 in an interview.
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October 02, 2024
2nd Circ. Prods NY Appeals Court To Weigh Foreclosure Law
The Second Circuit has urged a state appeals court to provide input on a ruling retroactively canceling U.S. Bank's attempt to foreclose on a Queens condo in 2016 by applying a six-year statute of limitations in the state's 2022 Foreclosure Abuse Prevention Act.
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October 02, 2024
Chicago Must Face Housing Accessibility Claims
Chicago can't escape a nonprofit's disability discrimination suit accusing the city of failing to make sure that disabled people could access several of the city's affordable housing properties, an Illinois federal judge ruled.
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October 02, 2024
Mass. Tax Board OKs Exemption For Senior Home
A senior home on Martha's Vineyard is exempt from property taxes, a Massachusetts tax panel said in a decision released Wednesday, ruling that the owner, a charitable nonprofit, had a sufficient presence at the property for the exemption.
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October 02, 2024
As Hottest Summer Ever Ends, Cooling Mandates Take Off
The hottest summer on record just ended, fanning a renewed advocacy for addressing extreme heat through housing policies like cooling mandates and stricter tenant rights.
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October 02, 2024
NAR Leadership Shakeup Continues With Legal Chief's Exit
The National Association of Realtors' chief legal officer, Katie Johnson, plans to step down from her post effective Thursday, the latest change in a major shakeup that has roiled the organization's senior leadership in recent months, a NAR spokesperson confirmed Wednesday.
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October 02, 2024
NYC Council, Tenants Want Housing Voucher Suit Revived
The New York City Council and a proposed class of low-income tenants both urged a New York state appeals court to revive their suit seeking to force Mayor Eric Adams to implement a set of laws that would expand access for a housing voucher program.
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October 02, 2024
Conn. Receiver Gains Access To Apt. Co-Op's BofA Accounts
Bank of America agreed to provide a court-appointed receiver with access to a distressed housing cooperative's bank accounts Wednesday amid efforts by the municipalities of Bridgeport and Stratford, Connecticut, to obtain a court order.
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October 02, 2024
US Seeks To Drop $1M Tax Suit Against Sleep Clinic Founder
The U.S. government seeks to drop its case against a sleep clinic founder and his wife, whom it had accused of hiding assets, after the couple agreed to pay their tax liabilities in full, according to a filing in California federal court Wednesday.
Climate Risk Is Turning The Tide In Buyer, Investor Behavior
Climate risk isn't yet the kind of consideration that would make or break the average property deal. But as it becomes less of an abstract concept and more of a concrete part of due diligence, it's on the verge of causing major ripples throughout the real estate industry.
Faced With $100M In Unpaid Rent, DC Plans ERAP Reforms
Washington, D.C., officials plan to reform the city's Emergency Rental Assistance Program, saying changes made to it during the COVID-19 pandemic have led to an unsustainable situation where affordable-housing landlords across the district are owed about $100 million in unpaid rent.
NYC Mayor's Zoning Reform Goes Forward Amid Indictment
A zoning reform proposal spearheaded by New York City Mayor Eric Adams was approved Sept. 25 by the City Planning Commission, with the City Council set to consider it next, a development that was marred by an indictment unsealed in Manhattan federal court the following morning accusing Adams of corruption and fraud.
Expert Analysis
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Fla. Insurer-Breach Cases Split On Unrepaired Property Issue
A Florida appellate court's recent decision in Universal v. Qureshi is directly at odds with a 2020 decision from another Florida appellate court, and raises important questions for policyholders and insurers about the proper measure of damages in breach claims involving unrepaired property, say Andrea DeField and Yaniel Abreu at Hunton.
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Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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Colorado Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.
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In The CFPB Playbook: No Lazy, Hazy Days Of Summer
The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.
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Basel Endgame Rules: A Change Is Coming
The Federal Reserve Board's recently announced recalibration of the Basel endgame proposal begins a critical chapter in the evolution of not only the safety and soundness of U.S. banks, but also of banks' abilities to lend and support American businesses and consumers, say attorneys at Davis Wright.
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Round-Canopy Parachuting Makes Me A Better Lawyer
Similar to the practice of law, jumping from an in-flight airplane with nothing but training and a few yards of parachute silk is a demanding and stressful endeavor, and the experience has bolstered my legal practice by enhancing my focus, teamwork skills and sense of perspective, says Thomas Salerno at Stinson.
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Reassessing Lease Provisions To Account For ESG Initiatives
As companies seek to build ESG considerations into their businesses, it's crucial to understand how such initiatives can quickly become significant enough to compel reassessment of lease agreement provisions, and how best to modify leases accordingly, say Julian Freeman and Gabe Pitassi at Cox Castle.
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Avoid Getting Burned By Agencies' Solar Financing Spotlight
Recently coordinated reports and advisories from the U.S. Department of the Treasury, the Consumer Financial Protection Bureau and the Federal Trade Commission maximize the spotlight on the consumer solar financing market and highlight pitfalls for lenders to avoid in this burgeoning field, says Mercedes Tunstall at Cadwalader.
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Assessing Algorithmic Versus Generative AI Pricing Tools
A comparison of traditional algorithmic pricing models and those powered by generative artificial intelligence can help regulators and practitioners weigh the pros and cons of relying on large language models to price products or services, say Maxime Cohen at McGill University, and Tim Spittle and Jimmy Royer at Analysis Group.
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Navigating A Potpourri Of Possible Transparency Act Pitfalls
Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.
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DOJ Must Overcome Hurdles In RealPage Antitrust Case
The U.S. Department of Justice's recent claims that RealPage's pricing software violates the Sherman Act mark a creative, and apparently contradictory, shift in the agency's approach to algorithmic price-fixing that will face several key challenges, say attorneys at Clifford Chance.
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What To Know About CFPB Stance On Confidentiality Terms
A recent circular from the Consumer Financial Protection Bureau represents a growing effort across government agencies to address overbroad confidentiality agreements, and gives employers insight into the bureau's perspective on the issue as it relates to the Consumer Financial Protection Act, say Holly Williamson and Elizabeth King at Hunton.
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What's Next For Federal Preemption In Financial Services
The Office of the Comptroller of the Currency's review of its preemption interpretations and growing pressure from state regulators signal potential changes ahead for preemption in U.S. financial services, and the path forward will likely involve a reevaluation of the entire framework, say attorneys at Clark Hill.