Real Estate

  • February 8, 2008

    KB Home, Countrywide Faked Home Appraisals: Suit

    A proposed class action against homebuilder KB Home and mortgage lender Countrywide Home Loans Inc. alleges that the companies used fraudulent appraisal reports to artificially support prices of KB houses when the California real estate market started to crumble.

  • February 11, 2008

    Court Sides With NLRB In Union Avoidance Dispute

    An appeals court has upheld a National Labor Relations Board ruling that a Connecticut real estate management firm violated national labor laws when it decided not to hire unionized employees of a newly acquired business.

  • February 7, 2008

    Subprime Suits May Cost Insurers $3.6B: Report

    Though Wall Street's biggest banks have already been hit hard by the subprime mortgage crisis, for some players in the industry, the worst is yet to come. A new report projects that providers of directors' and officers' liability insurance could face $3.6 billion in costs stemming from subprime-related litigation.

  • February 4, 2008

    Class Certified In Antitrust Suit Against Title Insurer

    An antitrust class action accusing Commonwealth Land Title Insurance Co. of overcharging customers who refinanced their homes will proceed, now that a federal judge has granted class certification.

  • February 1, 2008

    Tousa Gets Green Light To Tap $135M

    Ignoring noteholder protests, a federal bankruptcy judge has given homebuilder Tousa Inc. the go-ahead to draw upon $135 million to finance its Chapter 11 reorganization and keep operations up and running.

  • January 31, 2008

    Tousa Noteholders Balk At Restructuring Proposal

    Only days after homebuilder Tousa Inc. ducked into Chapter 11, a group of noteholders is urging the judge to allow them to scrap the July 2007 refinancing that they say helped land the mortgage lender in bankruptcy in the first place.

  • January 31, 2008

    Hedge Fund To Vote No On Countrywide-BofA Deal

    A hedge fund with a stake in Countrywide Financial Corp. has told federal regulators it opposes Bank of America's planned buyout of the ailing mortgage lender, saying the merger would leave shareholders shortchanged.

  • January 31, 2008

    Countrywide Affiliates Hit With Predatory Lending Suit

    Three affiliates of Countrywide Financial Corp., the mortgage lender Bank of America has agreed to buy in a $4.1 billion deal, were hit with a proposed class action accusing them of forcing their own insurance on Florida borrowers who were already insured.

  • January 30, 2008

    $4B Suit Says Trump Used Name To Shut Out Rival

    The property management company for the Las Vegas Trump International Hotel & Tower has accused Donald Trump of ambushing it in the market for renting owners' units by forbidding the company to use the Trump moniker.

  • January 29, 2008

    Another Homebuilder Files For Ch. 11

    Homebuilder Tousa Inc. will file for Chapter 11 protection as part of a restructuring agreement it has already reached with more than half of its senior noteholders.

  • January 28, 2008

    Financial Co. Is Lawyers' "Puppetmaster": Debtors

    A bankrupt couple has filed a putative class action against Fidelity National Information Services Inc., accusing the financial data processing company of being the “secret puppetmaster” of creditors' attorneys in bankruptcy cases.

  • January 23, 2008

    New Century Gets More Time To File Exit Plan

    The judge overseeing New Century Financial Corp.'s bankruptcy case has granted the lender's third motion for extra time in Chapter 11, giving the company until next week to file an exclusive exit plan.

  • January 22, 2008

    Justices Send Homestore Suit Back To 9th Circuit

    A teachers' retirement group may see its case against several parties involved in's $190 million accounting misstatements go up in smoke, after the Supreme Court remanded the lawsuit back to the Ninth Circuit on Tuesday.

  • January 18, 2008

    New Century Accused Of Misleading Behavior

    As the battle over whether to seal the New Century examiner's report continues to rage, an update has been released that suggests the mortgage lender may have misled investigators regarding its post-petition cash collateral use.

  • January 16, 2008

    New Century Trustee Backs Examiner's Extension Bid

    The U.S. trustee overseeing New Century Financial Corp.'s Chapter 11 proceedings has supported a motion by the case examiner for more time to probe the lender, following news that the bankrupt company failed to hand over hundreds of thousands of e-mails.

  • January 15, 2008

    Credit Plan For Bankrupt Builder Gets Tentative Nod

    Levitt & Sons LLC, the storied homebuilder that developed the first planned suburban community, received tentative permission from a bankruptcy judge to establish a $3.5 million revolving credit facility with Wachovia Bank NA, its lender and largest creditor.

  • January 15, 2008

    Court Overturns Conviction Of Homestore Exec

    A federal appeals court has overturned the 15-year prison sentence for the founder of an online real estate listings company, saying that the district court judge should not have presided over the case because he owned stock in a company connected to the alleged fraud scheme.

  • January 15, 2008

    Coast Guard Adopts New Oil Pollution Rule

    The U.S. Coast Guard announced Monday it will adopt a new rule that clarifies what buyers must do to qualify for the innocent landowner defense in cases where oil from private property may contaminate U.S. waters.

  • January 11, 2008

    Fifth Third Faces $23.5M ERISA Suit Over Pension

    The U.S. Department of Labor has sued Fifth Third Bank, alleging that the bank hurt a Michigan pension fund it was co-managing by selling a $28 million property owned by the fund for only $4.5 million.

  • January 9, 2008

    Examiner Calls For More Time To Probe New Century

    An examiner appointed by a bankruptcy court to probe New Century's accounting practices has urged the court for more time to complete his investigation, blaming the lender and its auditor for frustrating his efforts to get at the truth.