In hearing a New York insurer's contract suit against Flagstar Bank FSB over home loans behind nearly $1 billion in mortgage-backed securities, a New York federal judge on Thursday pressed an expert witness for the bank to explain why the performance of the loans had any bearing on the case.
Las Vegas-based Wynn Resorts Ltd. will reportedly join two other announced bids to vie for Philadelphia's final remaining casino license with a proposed development in the city's Fishtown neighborhood, according to an interview published Thursday.
Investment advisory firm American Realty Capital's New York-focused real estate investment trust has agreed to purchase an office building at 229 W. 36th St. in Midtown Manhattan for $65 million, the REIT said Thursday.
Flagging New York investment firm Gleacher & Co. on Thursday said it is eyeing the sale of its mortgage-lending unit, two months after it put itself on the market in the wake of two years of lackluster earnings and a substantial stock drop.
The board of luxury hotel owner Orient-Express Hotels Ltd. rejected The Indian Hotels Co. Ltd.'s $1.2 billion takeover offer, saying the deal "significantly undervalues" the company and its assets, Orient-Express said Thursday.
Fidelity National Management Services LLC on Monday failed to boot plaintiffs' counsel Wagner & Jones LLP from the putative class action against the title and escrow company, after a California federal judge said the firm's sharing of confidential information relevant to the wage-and-hour suit was not so egregious as to warrant such a penalty.
JPMorgan Chase & Co. said Thursday it had agreed in principle to resolve U.S. Securities and Exchange Commission investigations and possible civil suits over whether the bank misled investors in offerings of mortgage-backed securities.
An Illinois judge on Wednesday allowed the state’s attorney general to proceed with her suit accusing credit ratings giant Standard & Poor’s Financial Services LLC of misleading investors about the objectivity of its ratings before the collapse of highly rated residential mortgage securities.
A Financial Industry Regulatory Authority arbitration panel on Monday dismissed $1.9 million in claims by a group of investors who blamed brokerage Morgan Keegan & Co. Inc.'s for their losses from investments in bond funds backed by illiquid mortgage-backed loans and collateralized debt obligations.
The Delaware Supreme Court on Wednesday affirmed a ruling that the manager of a limited-liability company had breached fiduciary duties implicit in its LLC agreement in a deal for a golf course, but rejected a trial judge's pronouncement that the state's Limited Liability Company Act imposes “default” fiduciary duties upon LLC managers.
A California appeals court on Wednesday revived Forecast Mortgage Corp.'s suit against O'Melveny & Myers LLP over its alleged failure to include a provision in a sales contract obligating K. Hovnanian Enterprises to certain liabilities.
Texas private equity fund Admiral Capital Real Estate Fund has partnered with Atlanta developer Wood Partners to buy up more than 200 units in Atlanta's luxury residential building The Brookhaven, the companies said Wednesday.
Irish financial firm Sealink Funding Ltd. continued its effort to recoup losses from residential mortgage-backed securities Wednesday, suing Citigroup Inc. in New York state court for allegedly misrepresenting investments that ultimately failed, costing Sealink $513 million.
President Barack Obama's re-election, coupled with victories for key U.S. Senate Democrats on Tuesday, will likely spur financial regulators to take a tougher stance with banks that have long been fighting their efforts to implement the administration's Dodd-Frank Act reforms, experts say.
A mortgage loan expert witness for Flagstar Bank testified in New York federal court Tuesday that the bank's loan underwriting practices were sound, rebutting the claims of a New York insurer in its contract suit against the bank over nearly $1 billion in mortgage-backed securities.
The re-election of President Barack Obama has cast a cloud over real estate investors who are likely to see their returns shrink as the Bush tax cuts expire and could face further uncertainty with looming legal fights over issues like carried interest, experts say.
A Louisiana federal judge on Wednesday ruled in favor of First Tennessee Bank NA in a suit brought by real estate developers after they suffered losses arising from swap agreements following an unexpected increase in interest rates on certain bonds.
The Los Angeles City Council on Wednesday sent back to a lower committee a proposal to ban any new building permits for retail projects spanning 20,000 square feet or more in Los Angeles' Chinatown area, after the measure failed to snag the required votes last month.
The Senate Banking Committee said Wednesday that it will grill regulators next week on proposals for increasing bank capital levels that critics say will harm community banks by forcing them to pull back on mortgage lending.
Virginia voters on Tuesday approved a constitutional amendment that will place new, tighter limits on local officials looking to use eminent domain to take over private property for redevelopment projects.