Residential
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November 01, 2024
CFPB Inks Deal With Townstone Over Redlining Claims
The Consumer Financial Protection Bureau informed an Illinois federal court on Friday that it has reached a settlement with Townstone Financial resolving its redlining claims against the mortgage lender.
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November 01, 2024
Treasury Expands Foreign Land Transaction Authority
The U.S. Department of the Treasury announced Friday that it has added 59 new military installations to the list of those over which it has jurisdiction to review any nearby real estate transactions involving foreign citizens.
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November 01, 2024
Gibson Dunn Works On Flatiron Building's Financing
Real estate developer and owner The Brodsky Organization borrowed more than $406 million worth of mortgage loans from Tyko Capital for the Flatiron Building in Manhattan, New York, in a set of deals worked on by Gibson Dunn & Crutcher LLP, according to official property records released Friday.
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October 31, 2024
Feds: No 'Willfulness' Needed In Texas AG-Tied Investor Case
Federal prosecutors asked a Texas federal judge to reject an attempt by an investor at the center of the failed impeachment of Texas Attorney General Ken Paxton to toss the fraud case, saying Wednesday that "willfulness" isn't needed for a conspiracy to commit wire fraud conviction.
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October 31, 2024
Zillow's New Climate Tool Spotlights Old Insurance Concerns
Real estate marketplace Zillow recently launched a new tool that lists property climate risks and insurance recommendations, a move toward consumer transparency that also reignited existing concerns over climate modeling, environmental risks and the resulting property insurance implications.
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October 31, 2024
Calif. Judge Tees Up LIHTC Property Ownership Row For Trial
A California federal judge largely refused summary judgment requests in a fight between three entities struggling for control of a Low-Income Housing Tax Credit-funded property in Long Beach, saying a jury must decide whether a contractual purchase provision was properly triggered.
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October 31, 2024
Equity Touts Acquisitions With New Apartment Supply Waning
Chicago-based apartment owner Equity Residential said Oct. 31 that transaction activity is improving and pointed to $1.2 billion worth of acquisitions in the Atlanta, Dallas and Denver metros in its third-quarter results, while forecasting a continued scarcity of housing.
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October 31, 2024
Airbnb Insurance Providers Sued Over Undisclosed Fees
A proposed class of Airbnb users sued two insurers for the rental platform in Washington federal court, alleging the providers violate state law by charging consumers who buy their travel insurance with an unavoidable "assistance fee."
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October 31, 2024
Nixon Peabody Lands Norton Rose Real Estate Pros In LA
Nixon Peabody LLP took another step this week to strengthen its affordable housing and real estate practice on the West Coast and beyond, bringing on a pair of real estate attorneys from Norton Rose Fulbright with six years of experience working together.
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October 31, 2024
Suit Against Indicted NJ Power Broker Sent To Biz Court
A New Jersey state court on Wednesday granted indicted Garden State power broker George E. Norcross III's request to transfer the civil racketeering suit brought against him and his attorney brother by a Philadelphia developer to the state's complex business litigation program.
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October 31, 2024
NC City Urges Panel To Rethink Stormwater Ruling
A North Carolina city has urged a state appeals court panel to rethink its decision reviving part of a condo association's suit over damage the city allegedly caused by dumping stormwater onto the group's properties after Hurricane Matthew, arguing that the majority's opinion relies on a factual error.
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October 31, 2024
The 2024 Law360 Pulse Leaderboard
Check out the Law360 Pulse Leaderboard to see which firms made the list of leaders in all-around excellence this year.
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 30, 2024
Mortgage Co. Says Pension Fund Can't Jump In To Lead Suit
Rocket Companies Inc. has told a Michigan federal judge to reject a renewed class certification bid in a shareholder suit accusing the mortgage business of concealing a downturn in loan volume, arguing that the pension fund trying to take over as lead plaintiff is inadequate to represent the proposed class, among other things.
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October 30, 2024
Realtor.com's Parent Can Amend Costar Claims, Judge Rules
A federal judge has ruled that Realtor.com's parent company can amend two claims alleging its rival Costar unlawfully accessed its computers but that it would not be limited in its Computer Fraud and Abuse Act claim to arguing that it suffered "technological harms."
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October 30, 2024
Essex Warns Calif. Rent Control Prop Will Hurt Resi Supply
Essex Property Trust executives voiced concerns Wednesday that a California ballot measure that would give cities free rein to impose rent control would "dramatically restrict" residential construction.
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October 30, 2024
NYC Officials Hit With Suit Over 'Homeless Sweeps'
New York City residents without homes and a legal services nonprofit brought class claims against the city, Mayor Eric Adams, the police commissioner and the heads of multiple government departments over so-called "homeless sweeps" that they say are unconstitutional.
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October 30, 2024
Real Estate Tax Ballot Initiatives To Watch
Next week, voters in seven states will be weighing in on a variety of real estate tax ballot initiatives, including various measures that would provide additional property tax relief to veterans.
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October 30, 2024
Real Estate Dealmakers Rush To Close, Others Await Election
Attorneys advising on real estate deals and real estate companies working on mergers and acquisitions and capital markets say some dealmakers are rushing to close, while others are holding off until after the election.
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October 30, 2024
Nonprofit Says Wash. Gov't Mortgage Program Discriminatory
A nonprofit group aimed at "overcoming identity politics" has told a Washington federal court that a state government mortgage loan program is unconstitutional, as it only serves specific racial groups in violation of the equal protection clause of the 14th Amendment.
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October 30, 2024
Polsinelli Continues Philly Growth With 2nd Oct. Hire
Polsinelli PC grew its recently opened Philadelphia office with the addition of a real estate attorney who returns to private practice after providing in-house counsel for a commercial real estate subsidiary of Blackstone.
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October 30, 2024
How The Election Could Shift Enviro Real Estate Practices
At the end of a transformative presidential term for environmental real estate issues spanning from the group of chemicals known as PFAS, to clean energy, to flood mapping, real estate attorneys are poised for potentially major disruption when a new U.S. president takes office in January.
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October 30, 2024
NY Construction Exec Avoids Jail For Commercial Bribery
A construction executive dodged jail time Wednesday after pleading guilty in New York state court to his role in a sprawling bribery scheme involving $100 million in contracts linked to New York high-rise buildings.
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October 30, 2024
Miami Rep Keeps Affordable Housing, Condos Top Of Mind
As pressure on Florida real estate in recent years has forced the state legislature to take a more active role, Rep. Vicki Lopez has emerged as a key figure working on several major policy efforts regarding Floridians' homes.
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October 30, 2024
Walker & Dunlop CEO Says GSEs Must 'Get Back To Business'
Government-sponsored enterprises Fannie Mae and Freddie Mac need to get out of conservatorship and regain for-profit motivations so they can innovate and grow, Walker & Dunlop CEO Willy Walker told Law360 Real Estate Authority in an interview.
Expert Analysis
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Key Drivers Behind Widespread Adoption Of NAV Financing
While net asset value-based lending has existed for years, NAV lending has only started to move into the mainstream recently — likely due to difficult market conditions faced by sponsors including persistent inflation, high interest rates and a lack of exit opportunities, say Matthew Kerfoot and Jinyoung Joo at Proskauer.
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Beware Unique Compliance Risks In Home Equity Lending
As borrowers increasingly look to junior-lien mortgages and home equity lines of credit instead of first-lien mortgages, regulators will pay increased attention in turn and lenders will have to watch for a number of legal and regulatory pitfalls as they rush to meet this newfound demand, say attorneys at Orrick.
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4 Business-Building Strategies For Introvert Attorneys
Excerpt from Practical Guidance
Introverted lawyers can build client bases to rival their extroverted peers’ by adapting time-tested strategies for business development that can work for any personality — such as claiming a niche, networking for maximum impact, drawing on existing contacts and more, says Ronald Levine at Herrick Feinstein.
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New AI Lending Tech Could Exacerbate Old Bias Risks
As credit and mortgage lending businesses increasingly utilize artificial intelligence technology to help make decisions, they must be aware of the legal risks that may arise under familiar anti-discrimination laws, say Kali Bracey and Grace Wallack at Jenner & Block.
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AI Road Ahead Is Promising For Cautious Fintechs
Financial institutions should understand the conceptions and misconceptions about artificial intelligence likely to influence regulators, and proactively study potential adverse impacts and establish use case strategies and other guardrails for deploying AI, say attorneys at Jones Day.
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Why All Eyes Are On Florida's Affordable Housing Reform
Florida's Live Local Act, which took effect last month, promotes much-needed affordable housing developments with a mix of zoning preemption provisions and tax benefits that may attract interest from developers across the nation, say attorneys at Nelson Mullins.
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What Came Of Texas Legislature's Long-Promised Tax Relief
Following promises of historic tax relief made possible by a record budget surplus, the Texas legislative session as a whole was one in which taxpayers that are large businesses could have done somewhat better, but the new legislation is clearly still a positive, say attorneys at Baker Botts.
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Looking Behind The Curtain Of Residential Transition Loans
As residential transition loans and securitizations of such loans grow increasingly popular, real estate stakeholders should take care to understand both the unique features and potential challenges offered by this novel asset class, say attorneys at Mayer Brown.
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Hedging Variable Interest Rates In A Volatile Market
Variable rate loans, which were an advantageous borrowing method prior to the recent Federal Reserve rate hikes and subsequent volatility, are now the difference between borrowers remaining current on their obligations and defaulting due to the sharply increasing debt service requirements of their loans, say attorneys at Cassin & Cassin.
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CRA Plays Role In DOJ Fight Against Redlining
The U.S. Department of Justice’s recent consent order with ESSA Bank & Trust is a reminder that although the Community Reinvestment Act lacks a civil enforcement provision, financial institutions' CRA compliance efforts may have ramifications under various anti-discrimination statutes, say Collin Grier and Levi Swank at Goodwin.
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Colo. Eviction Case Could Transform Tenant Rights
The Colorado Supreme Court recently granted certiorari in a case that could open the door for tenants to assert allegations of discrimination and retaliation during eviction proceedings, and dramatically prolong the state's process, says Jacob Hollars at Spencer Fane.
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Harsh 11th Circ. Rebuke Should Inspire Changes At CFPB
The Eleventh Circuit's recent Consumer Financial Protection Bureau v. Brown decision, which found the CFPB's conduct had been egregious in a debt collection enforcement action, should encourage some reflection at the bureau regarding its level of attention to the reasonable due process concerns of regulated institutions, says Eric Mogilnicki at Covington.
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3 Alternatives To CRE Collateralized Loan Obligations
With current commercial real estate market conditions pushing issuers away from collateralized loan obligations, several Freddie Mac offerings should be considered as alternative exit strategies for mortgage loans secured by multifamily properties, say attorneys at Mayer Brown.