DLA Piper Real Estate Litigation Alert – City Attempting To Seize Underwater Mortgages Via Eminent Domain: Constitutional Objections, Potential Investor Losses

The City of Richmond, California has commenced the process for taking by eminent domain hundreds of notes secured by mortgages on underwater residential properties owned by investors through residential mortgage backed securities (RMBS). This is the first time a government entity has implemented a...

Ballard Spahr LLP Mortgage Update

CFPB Finalizes Amendments to Mortgage Rules The Consumer Financial Protection Bureau (CFPB) has finalized several amendments and clarifications to the mortgage rules that had been proposed on June 24, 2013. The amendments include revisions to the CFPB's mortgage servicing rules, loan originator...

Municipality Need Not Negotiate With Mortgage Holder Before Condemning Property

Last year, we told you about a decision from the Appellate Division holding that a condemning authority does not have to engage in bona fide negotiations with a mortgage holder that has obtained final judgment on the property that the authority is seeking to condemn. Click here for the prior post. The...