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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...

Redevelopment Revamped: Amendments to the Local Redevelopment and Housing Law Become Law

On September 9, 2013, Governor Christie signed legislation intended to codify controlling New Jersey case law and make redevelopment a more politically viable tool to spur economic development. Prior to the enactment of the Assembly Bill 3615 , all area in need of redevelopment designations pursuant...

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...

What Happens When the State Takes Your Driveway?

The Wisconsin Supreme Court recently announced that it granted review of nine cases, out of about 100 petitions it considered. One of the nine cases affects businesses and concerns a business that had driveway access to a public highway, [ enhanced version available to lexis.com subscribers ]. The...

The Pennsylvania Commonwealth Court Invalidates Additional Provisions of Act 13

Last month, the Pennsylvania Commonwealth Court issued an opinion, [ enhanced version available to lexis.com subscribers ], invalidating additional sections of Act 13 of 2012, Pennsylvania’s comprehensive overhaul of the former Oil and Gas Act. The cumulative effect of this ruling, combined with...

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...