Real Estate

  • April 23, 2008

    Bankrupt Homebuilder Gets More Time To File Plan

    Bankrupt homebuilder Levitt & Sons LLC has been granted a 30-day extension of its exclusivity period, giving the company more time to negotiate its liquidation plan with its creditors.

  • April 18, 2008

    Don't Limit Real Estate Work To Lawyers: DOJ/FTC

    Federal antitrust regulators have warned the Supreme Court of South Carolina that proposed rules that would prevent non-attorneys from performing certain real estate transaction work may force consumers to go to attorneys for such work and thus face higher costs.

  • April 17, 2008

    Balfour Beatty Among 112 That Fixed Prices: U.K. OFT

    After a long-running investigation into alleged bid-rigging in the construction industry, the U.K. Office of Fair Trading has issued a statement of objections accusing more than 100 firms of conspiring to fix prices.

  • April 16, 2008

    Ex-Investment Co. CEO Gets 20 Years For Fraud

    The 71-year-old former president and CEO of investment company Pac Equities Inc. has been sentenced to 20 years in federal prison for defrauding more than 300 investors and ordered to pay $10.4 million in restitution to his victims.

  • April 9, 2008

    Lawmaker Puts Mortgage Servicers On Notice

    A top U.S. House of Representatives lawmaker warned mortgage servicers Wednesday that they must either show support for proposals aimed at helping homeowners or face more government regulation.

  • April 7, 2008

    Dewey & LeBoeuf To Shutter Three Offices

    Dewey & LeBoeuf LLP has confirmed that it is set to close down three of its offices, saying the move is part of the firm's global strategy to expand its resources in major capital markets throughout the world.

  • April 4, 2008

    Bankruptcy Provision Booted From Housing Bill

    A controversial provision of the U.S. Senate housing bill that would have allowed judges to modify mortgages in bankruptcy proceedings was booted from the legislation Thursday as legislators marshaled their efforts to work out a plan to aid struggling homeowners.

  • April 7, 2008

    Subprime Mortgage Insurer Faces Shareholder Ire

    Lawyers have filed a putative class action on behalf of shareholders of mortgage insurer PMI Group Inc. over losses stemming from the subprime mortgage market collapse.

  • April 2, 2008

    Mortgage Lenders Sues Merrill Over Transfers

    Mortgage Lenders Network USA Inc. sued Merrill Lynch & Co. on Monday, seeking to recover nearly $5 million that it said Merrill Lynch unilaterally transferred to itself shortly before the mortgage lender filed bankruptcy.

  • April 2, 2008

    Montana Brokers Change Rebate Rule After DOJ Probe

    Real estate regulators in Montana have repealed a rule preventing brokers from soliciting business by offering rebates and other incentives after the U.S. Department of Justice expressed concerns that the rule could hurt competition.

  • March 27, 2008

    Developer Seeks $12B From Airlines For Sept. 11

    After winning $4.6 billion in insurance payments to cover the destruction of the World Trade Center, developer Larry Silverstein is reportedly seeking $12.3 billion in damages from airlines and airport security companies, claiming that they failed to prevent the Sept. 11 attacks.

  • March 27, 2008

    Florida Home Loan Holding Co. Enters Bankruptcy

    In part provoked by its $114.9 million in outstanding debt to a German bank, a privately held real estate financier's loan holding company has filed for Chapter 11 protection in order to avoid foreclosure sales of its assets.

  • March 26, 2008

    Mortgage Lenders Wins More Time To File Plan

    Mortgage Lenders Network USA Inc.'s exclusive rights to file and seek support for a Chapter 11 plan have been extended through the middle of May, allowing the company and its creditors committee time to reach an agreement on a mutually acceptable plan.

  • March 26, 2008

    Judge Gives Kara More Time To Protest Claims

    Seeking to give the debtors a little more time, the judge presiding over the bankruptcy case of Kara Homes Inc. has pushed back the deadline for the beleaguered homebuilder to file objections to claims.

  • March 25, 2008

    Desperate Thornburg Issues $1.35B In Debt Notes

    In hopes of avoiding bankruptcy, Thornburg Mortgage Inc. has initiated a private placement of up to $1.35 billion in debt to raise necessary capital and has also amended its bylaws to permit a single investor to acquire up to 30% of company stock.

  • March 25, 2008

    First Claimant In NYC Crane Accident Seeks $30M

    The brother of a construction worker who died when a crane collapsed in Midtown Manhattan has indicated his intent to sue both New York City and its Department of Buildings for more than $30 million in damages.

  • March 21, 2008

    FCC Nixes Exclusive Phone Deals For Apartments

    Exclusive contracts between landlords and phone companies that require tenants to get their phone service from a designated company are a thing of the past, under an order adopted Wednesday by the U.S. Federal Communications Commission.

  • March 20, 2008

    Ex-New Century Workers Urge Court To Unseal Report

    Former New Century Financial Corp. employees have slammed calls by creditors to keep secret the results of a probe into the subprime lender's accounting, saying the report is needed to weigh the odds of successfully suing over the lender's downfall.

  • March 18, 2008

    W.P. Carey To Pay $30M To Settle Kickback Charges

    Real estate investment firm W.P. Carey & Co. has agreed to cough up $30 million to settle allegations that it paid millions of dollars in kickbacks to a broker dealer.

  • March 14, 2008

    Countrywide Cries Foul On U.S. Trustee Investigation

    Countrywide Financial Corp. has lashed out against a government official, making a bid to stop the U.S. Trustee for the Western District of Pennsylvania from investigating the lender's role in the bankruptcies of some of its customers.