Residential
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September 26, 2023
NYC Council Urged To Ban Biometric Tech In Venues, Housing
More than 30 digital and civil rights groups are calling on the New York City Council to push through stalled legislation banning restaurants, hotels, sports venues such as Madison Square Garden, landlords and others from using facial recognition systems, arguing that the technology "has no place in businesses and residences" in the city.
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September 26, 2023
Policyholders Lose 2nd Cert. Attempt In Underpaid Claim Row
An Illinois federal court refused to certify a class of more than 400,000 policyholders who submitted claims from 2008 onward that they alleged were underpaid by the insurer, saying the named plaintiffs failed to unify the proposed class with a common question.
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September 26, 2023
NYC Allows City Rental Voucher Use Across The State
New York City Mayor Eric Adams announced Tuesday that the city will subsidize rents across the state via a housing voucher program provided to low-income renters, citing the increased need for affordable housing due to the influx of asylum seekers since last year.
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September 26, 2023
SEC Says Purported Real Estate Investor Ran $17.5M Fraud
The U.S. Securities and Exchange Commission has leveled fraud allegations against a Los Angeles man and his purported real estate investment companies, alleging they raised $17.5 million from over 150 investors in part by touting their reputed securities as "recession-proof."
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September 26, 2023
Parties Agree To Destroy Files In First Guaranty Bankruptcy
Parties in First Guaranty Mortgage Corp.'s Chapter 11 bankruptcy told a Delaware federal judge Tuesday they've struck a deal after objecting to the trustee's request in June to destroy records that were too expensive to keep.
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September 26, 2023
MV Realty Files For Chapter 11 Amid Investigations
MV Realty and its affiliates in 33 states have filed for Chapter 11 bankruptcy as the company faces litigation in a handful of jurisdictions across the country, according to a recent voluntary petition from the company in Florida.
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September 26, 2023
Residential Home Sales Slide, Census Bureau And HUD Say
The sales of new single-family housing in August dropped 8.7% compared to the month prior, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced Tuesday.
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September 26, 2023
Pulte Homes Says 20 Insurers Must Cover Property Damage
A PulteGroup subsidiary told a New Mexico federal court that 20 insurers must defend and indemnify it in an underlying property damage action brought by homeowners in an Albuquerque housing development accusing the company of defective construction.
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September 26, 2023
Insurer Seeks End To Coverage Of Spam Text Class Action
An insurer told a Washington federal judge a real estate brokerage wasn't allowed defense coverage in a proposed class action alleging the company violated the state's consumer protection laws by sending unsolicited promotional text messages.
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September 26, 2023
Judge Sides With Texas City In Prefab Housing Law Spat
A federal judge has granted a Texas town's bid to dismiss most claims from a developer alleging that a recently implemented local ordinance unfairly restricts manufactured housing contractors, following a magistrate judge's recommendation in July.
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September 26, 2023
Insurer Can't Escape $5M Condo Water Damage Suit
A condominium association's $5 million water damage coverage suit against a contractor's insurer can move to trial, a New Jersey federal judge said, finding that the association established a factual dispute that only a jury can properly resolve.
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September 26, 2023
Real Estate Rumors: KDM, Allen Morris, Argyle
KDM Development is said to be preparing for construction on a $150 million mixed-use project, Allen Morris is rumored to be working with Black Salmon on a Miami project expected to cost $1 billion and Argyle Real Estate Partners has reportedly spent $40 million on a Tennessee multifamily property.
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September 26, 2023
McElroy Deutsch Keeps Claim On Ex-Execs' Home, For Now
A New Jersey state judge has declined to toss McElroy Deutsch Mulvaney & Carpenter LLP's legal claim on the home of two married former firm executives, who it accused of stealing $3.2 million from the law firm and partly using the money to buy the residence.
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September 26, 2023
S&P Reports Single-Family Home Prices On Rise
S&P Dow Jones Indices said Tuesday that single-family home prices rose in July in 19 of the 20 major U.S. metro areas, although prices in some regions are still below what they were one year ago.
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September 26, 2023
Conn. Homeowners Get New Trial In Waterfront Access Row
Connecticut's intermediate state appellate court on Tuesday ordered a new trial for a Bridgeport couple who sued over residential construction activity that blocked their access to waterfront amenities, finding that the trial court's ruling in favor of the defendants improperly limited the easement at issue to foot passage.
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September 26, 2023
6th Circ. Urged to Toss Texas Developer's Malpractice Suit
An Ohio law firm has asked the Sixth Circuit not to revive a malpractice claim filed by a Texas-based real estate developer, arguing an Ohio federal court was correct to find the homebuilder and related parties either had no basis on which to state a claim or could recover no damages.
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September 26, 2023
NY Homeowners Drop 'Inflated' Insurance Premiums Suit
A proposed class of New York homeowners voluntarily dismissed their suit claiming subsidiaries of the Andover Cos. sold "inflated" insurance premiums.
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September 26, 2023
The 2023 Law360 Pulse Social Impact Leaders
Check out our Social Impact Leaders ranking, analysis and interactive graphics to see which firms stand out for their engagement with social responsibility and commitment to pro bono service.
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September 26, 2023
Why Law Firm ESG Is Likely Here To Stay
As backlash to institutional efforts around environmental, social and corporate governance spreads in the U.S., experts say law firms are likely to take a long-term view and continue focusing on ESG principles, even if some of the wording and messaging around those efforts may change.
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September 26, 2023
Shareholder Says Austin Property Owner Misused Millions
A shareholder in a company that owns apartment complexes in the Austin, Texas, area sued the firm's president for allegedly diverting millions of dollars in revenue for questionable purposes, including hiring a management firm operated by his mistress.
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September 26, 2023
Affordable Housing Co. Buys 2 Miami Properties For $54M
Lincoln Avenue Communities nabbed two adjacent affordable housing communities in Miami-Dade County with a combined $54.2 million price tag, both low-income housing tax credit communities, Walker & Dunlop Inc. announced.
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September 25, 2023
Freddie Says 2008 Crisis Coverage Includes Co.'s Defense
The Federal Home Loan Mortgage Corp. has hit back against an insurer's counterclaim in a case it brought seeling to compel coverage of $32 million in defense costs the government-backed lender incurred defending civil suits and federal probes after the 2007 financial crisis.
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September 25, 2023
Developers Guilty Of Plotting To Steal From Chicago Bank
Two Chicago property developers were convicted Friday of conspiring to embezzle and aiding the embezzlement of millions of dollars from the now-shuttered Washington Federal Bank for Savings and falsify bank records to cover up the crime.
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September 25, 2023
Construction Defect Suits Not Covered, Insurer Says
Auto-Owners Insurance Co. told a Colorado federal court it shouldn't have to continue defending an engineering firm from homeowners' defective construction claims, arguing that the suits fall under multiple policy exclusions.
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September 25, 2023
First Guaranty Must Face Gender Bias Claims, Judge Finds
A Delaware federal bankruptcy judge has lifted a pause on a lawsuit from an executive and two managers at First Guaranty Mortgage Corp. who claim they were fired or demoted after complaining about an executive's displays of discrimination against women.
Expert Analysis
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How To Recognize And Recover From Lawyer Loneliness
Law can be one of the loneliest professions, but there are practical steps that attorneys and their managers can take to help themselves and their peers improve their emotional health, strengthen their social bonds and protect their performance, says psychologist and attorney Traci Cipriano.
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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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Mallory Gives Plaintiffs A Better Shot At Justice
Critics of the U.S. Supreme Court's recent decision in Mallory v. Norfolk Southern claim it opens the door to litigation tourism, but the ruling simply gives plaintiffs more options — enabling them to seek justice against major corporations in the best possible court, say Rayna Kessler and Ethan Seidenberg at Robins Kaplan.
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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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Courts Can Overturn Deficient State Regulations, Too
While suits challenging federal regulations have become commonplace, such cases against state agencies are virtually nonexistent, but many states have provisions that allow litigants to bring suit for regulations with inadequate cost-benefit analyses, says Reeve Bull at the Virginia Office of Regulatory Management.
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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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Tales From The Trenches Of Remote Depositions
As practitioners continue to conduct depositions remotely in the post-pandemic world, these virtual environments are rife with opportunities for improper behavior such as witness coaching, scripted testimony and a general lack of civility — but there are methods to prevent and combat these behaviors, say Jennifer Gibbs and Bennett Moss at Zelle.
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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.
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Fla. Banking Brief: All The Notable Compliance Updates In Q2
Florida financial institutions must now navigate minimum interest rates for attorney trust accounts, restrictions on property sales to prohibited foreigners, and a ban on weighing environmental, social and governance factors to determine a customer's creditworthiness — changes that will add to banks' compliance pressures, says Patricia Hernandez at Avila Rodriguez.