The owner of two San Diego-based mortgage investment firms admitted in California federal court on Friday that he paid $1 million in bribes to "insiders" at JP Morgan Chase Bank NA, GMAC Mortgage LLC and National City Bank in order to win bids for mortgage loans sold on the secondary market, according to federal prosecutors.
A Maryland bankruptcy judge has pared a nearly $2 billion suit by Thornburg Mortgage Inc.'s trustee alleging that units of Citigroup Inc. and other banks made unfair margin calls and other improper agreements that brought the mortgage lender to its knees, finding that the agreements central to some of the claims are safe-harbored.
A Pennsylvania appeals court on Monday remanded a summary judgment for $609,367 against a homeowner who hadn’t paid her mortgage loans to HSBC Bank NA, finding the record unclear on whether the bank provided her with notices.
A resident of a Manhattan condominium that was used for an “unauthorized adult sex orgy party” when it was rented through Airbnb Inc. urged a state court on Saturday to award him $2.7 million from the condominium complex for mental anguish and lost business opportunities.
Morgan Stanley, Deutsche Bank National Trust Company, other lenders and Assurant Inc. urged a California federal judge Monday to toss a putative class action alleging they ripped off thousands of homeowners with overpriced force-placed insurance, saying the plaintiff never paid for the insurance and thus wasn't harmed.
The New York City Planning Commission on Monday approved plans for a 2.2 million-square-foot development on the Queens waterfront known as Astoria Cove.
A Texas federal judge on Monday decertified a collective action against Meritage Homes Corp., holding that a group of home sales representatives aren't sufficiently similarly situated to move forward as a group in the Fair Labor Standards Act suit and ordered the parties to prepare for a November trial with six plaintiffs.
Mark Zuckerberg is said to be close to buying a Hawaii mansion for a reported $66 million, while Cadillac is supposedly close to signing for space in New York and Urban Compass is reportedly taking space on Park Avenue.
Canadian utility giant Fortis Inc. is exploring a liquidation of its hotel, retail and office property division, a subsidiary that holds nearly two dozen hotels and upward of 3 million square feet of commercial space, the company announced Monday.
Hines Interests LP is launching an India residential real estate division, and has committed more than $250 million in capital to that new investment arm, the real estate firm announced Monday.
A New York City proposal to market billions in so-called green bonds could reduce debt costs for the city by enticing investors who have stampeded toward guilt-free returns elsewhere, but buyers must tread carefully lest their money ends up funding projects not seen as environmentally relevant.
Commercial real estate company Jones Long LaSalle has secured $150 million in acquisition financing from J.P. Morgan on behalf of a joint hotel venture between asset manager BlueMountain Capital and Aimbridge Hospitality, the firm said Monday, inking another deal in a bustling market.
Flagstar Bank FSB has agreed to pay $37.5 million to settle allegations that it prevented borrowers from accessing foreclosure relief and modifying their mortgage loans, the U.S. Consumer Financial Protection Bureau said on Monday.
Microsoft Corp. has agreed to lease a space on Fifth Avenue currently occupied by a Fendi store for a new retail flagship that will open sometime in 2015, a Microsoft spokesman confirmed Monday.
The Supreme Court on Monday revoked its granting of cert in a dispute over whether a tolling provision should apply to certain securities suits, just days after the litigants said a settlement in the underlying class action wouldn’t impact the appeal.
American Realty Capital — Retail Centers of America II Inc. set terms Monday for an up to $3.1 billion primary offering on a so-called reasonable best efforts basis as the Maryland real estate investment trust seeks a capital infusion to expand its investments in larger shopping malls.
President Barack Obama on Friday signed a bill to reauthorize a questioned land-into-trust deal for an embattled tribal casino, which will help put to bed pending litigation that was greenlighted by the U.S. Supreme Court two years ago.
Real estate investment trust Excel Trust Inc. has bought three shopping centers around Salt Lake City from DDR Corp. for $223 million, a deal both companies said Monday fits their strategies as Excel Trust expands near other operations while DDR exits Utah.
MBIA Insurance Corp. will get another shot at JPMorgan Chase & Co. in its suit over $168 million in payments it had to make to investors in a Bear Stearns-sold mortgage-backed securities trust that busted in the housing collapse, according to a New York state court decision entered Friday.
New Jersey political leaders should work together to tackle affordable housing policy and take the issue out of the courts, which have repeatedly forced officials to rewrite regulations, the state Assembly's top Republican told Law360 in a wide-ranging interview.
Several legal issues are typically not addressed in what is often a very short sublease consent document that the tenant and subtenant ask the landlord to execute. However, a landlord should use the consent to address three areas of concern, says Robert Scher of Ober Kaler Grimes & Shriver.
The new liquidity coverage ratio rule doesn’t really clarify some key interpretative issues — such as what’s a sponsor? And what in heaven is an implicit obligation? Why kill the trees necessary to print a 400-page missive and be that obscure? asks Richard Jones of Dechert LLP.
A California court’s ruling in Barbara Lynch et al. v. California Coastal Commission emphasizes that there is no such thing as “under protest” acceptance of a coastal development permit, at least when the permit is issued by a nonlocal agency, says Joshua Weiss of Sheppard Mullin Richter & Hampton LLP.
Until the U.S. Supreme Court decides Mortgage Bankers Association v. Harris and whether the U.S. Department of Labor needed to allow notice and comment before changing who qualifies for the administrative exemption under the Fair Labor Standards Act, there may be an increase in litigation over the exempt status of mortgage loan officers, says Brian Bodansky of Wigdor LLP.
A recent Texas appellate court ruling in United National Insurance Co. v. AMJ Investments LLC — involving claims for hurricane damage to an office building — is undoubtedly at odds with the litany of post-Castaneda cases that applied the independent injury requirement to Section 541 cases, but until other courts adopt the ruling, AMJ Investments is best viewed as an outlier, says James Holbrook III of Zelle Hofmann Voelbel & Mason LLP.
Like "big data" and other effective software marketing buzzwords, “cloud” makes something that is very complex sound simple — and even friendly. Most attorneys are not prepared to dig into the distinctions between public, private and hybrid cloud models, or the niceties of how or where their data is transmitted and stored, says David Houlihan of Blue Hill Research Inc.
In the recent case of Southern Financial Group LLC v. McFarland State Bank involving a purchase of distressed loans secured by 19 real properties, the Seventh Circuit took advantage of a "straightforward case" to display its freedom of contract philosophy, particularly for sophisticated commercial parties that are expected to know what they are getting into, says Stephen Proctor of Masuda Funai Eifert & Mitchell Ltd.
It has become common practice in California to carve up ownership interests in entities that own real property among multiple parties so that no single party has a majority interest — in order to avoid tax reassessment. However, a proposed law could make the practice increasingly difficult, say Philip Hanaka and David Plantz of Buchanan Ingersoll & Rooney PC.
Nothing makes an in-house counsel feel like they are being nickeled-and-dimed more than receiving a $3.50, stand-alone invoice. Forcing anyone to spend time on a $3.50 invoice is, quite frankly, just not cool, says Francis Drelling, in-house counsel at Specialty Restaurants Corp.
The Georgia Supreme Court’s ruling in Dillard Land Investments LLC v. Fulton County will prevent condemnors from using proceedings as tools to test the strength of their position as to the value of a property and will restrict judge-shopping in hopes of getting more favorable awards, says Monica Owens of Pursley Friese Torgrimson LLP.