A New York appeals court on Thursday upheld a nearly $100 million judgment against real estate mogul Sheldon Solow over loans that weren't fully repaid to Citibank NA for a development project on Manhattan's East River shoreline.
There is no question that borrowers and guarantors need adequate protection from unscrupulous lenders — but the law should not work as a bar on legitimate, trustworthy lenders exercising their negotiated remedies in a clear, efficient manner, says Seth Weissman, a partner with Jeffer Mangels Butler & Mitchell LLP specializing in real estate transactions.
Citing a "pattern of delay" by Brookstreet Securities Corp. and CEO Stanley C. Brooks, a California federal judge granted summary judgment to securities regulators Wednesday, telling them to tee up maximum penalties against the defendants for selling $300 million in toxic collateralized mortgage obligations.
A Colorado bankruptcy judge on Wednesday confirmed real estate finance company Merchants Mortgage & Trust Corp. LLC's Chapter 11 plan to restructure its business and continue working with a private equity partner, after no creditors objected to the plan.
Developers Hartz Mountain Industries Inc. and Roseland Property Co. plan to build a $450 million, 1,000-unit residential complex in Jersey City, N.J.'s waterfront district, provided the state revives a development tax credit program that recently stopped taking new applications, the companies said Wednesday.
Developer The Peterson Cos. has bought into a $320 million project in Bethesda, Md., that has been stalled for a decade and proposes more than 1 million square feet of residential, office, hotel and retail space, the company announced Wednesday.
A bipartisan trio of U.S. Senate lawmakers last week introduced a bill that would require banks and other mortgage lenders to respond to prospective short sale homebuyers within 75 days, expediting the process for underwater homeowners who are struggling to unload their properties.
A federal watchdog agency on Wednesday expressed concern over mounting legal fees reaching $100 million in taxpayer money used to defend ex-Fannie Mae executives facing securities fraud allegations.
An attorney for a Chubb Corp. affiliate told a New York state appeals court Wednesday that the insurer shouldn't have to pay Starwood Hotels & Resorts Worldwide Inc.'s defense costs for a lawsuit stemming from construction cost overruns at a Florida hotel.
Irish financial firm Sealink Funding Ltd. on Tuesday hit a group of big banks including the Royal Bank of Scotland Group PLC and Citigroup Inc. with a summons claiming they misrepresented the credit ratings of $949 million worth of investments in residential mortgage-backed securities.
A veteran commercial real estate attorney formerly with Schulte Roth & Zabel LLP has joined Gibson Dunn & Crutcher LLP as a partner in the firm's New York office, Gibson Dunn announced Wednesday.
The developers of New York's Artisan Lofts, a 16-story condominium complex in downtown Manhattan, were hit with a lawsuit on Wednesday over allegations that they defaulted on a $16 million mezzanine loan used to help finance the conversion of the property from an office building.
The demand for housing and office space is inherently tied to the performance of the economy, but that aspect of risk isn’t currently present in the loan rating process or the appraisal process, says Ross Yustein, chairman of Kleinberg Kaplan Wolff & Cohen PC's national real estate practice.
German bank Landesbank Baden-Wurttemberg sued Royal Bank of Scotland Group PLC and affiliated entities in New York state court Tuesday over alleged misrepresentations connected to the securitization and sale of $71 million in residential mortgage-backed securities.
A pension trust managed by GE Asset Management Inc. is looking to sell its ownership interest of more than 1.1 million square feet in two Class B office towers in downtown Chicago, the broker running the sale said Wednesday.
Los Angeles litigation boutique Iverson Yoakum Papiano & Hatch LLP was hit with a complaint Friday in California court alleging it owes $167,500 in unpaid rent at the downtown Los Angeles US Bank Tower.
New York-based brokerage firm David Lerner Associates Inc. was hit with a putative class action Tuesday for allegedly misleading elderly and unsophisticated clients into buying more than $300 million worth of securities from two real estate investment trusts.
The Eighth Circuit on Tuesday affirmed a ruling that Developers Diversified Realty Corp. affiliates violated leases with Best Buy Stores LP by self-insuring part of their shopping centers' liability coverage, but said further litigation is needed to determine their exact liability.
A lawyer for a potential class of mortgage borrowers urged the Supreme Court in oral arguments Tuesday to find that the Real Estate Settlement Procedures Act barred Quicken Loans Inc. and other lenders from collecting unearned fees, even if they weren’t shared with another party.
The Los Angeles County Board of Supervisors on Tuesday approved several zoning recommendations and conditional use permits to allow Newhall Land Development Inc. to begin the first phase of its 12,000-acre megadevelopment in Santa Clarita, Calif.