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Anatomy Of The Housing Crisis

With Oprah signing off this afternoon, perhaps it is time that this blog replaces her immensely popular book club. I just finished reading " The Big Short ," written by Michael Lewis (author of many notable books including " Liar's Poker " about his time as a bond trader...

How Do You Say Scapegoat In French? "Fabulous Fab" Still The Only Target Of SEC Investigation Into Goldman Sach's Mortgage Trading Operations

Several years after the start of the financial crisis, and the mortgage meltdown that caused it, only one individual, Fabrice Toure - a/k/a "Fabulous Fab," his self-imposed moniker -- has been sued by the SEC for selling the mortgage backed securities that created, or at the very least...

End of (An) Empire (In) Nevada

You can now count Empire, Nevada as one of the unintended victims of the housing crisis. Yes, that's right, the whole town is gone. Unlike cities like Youngstown, Ohio (" Sweet Jenny I'm Sinking Down . . . Here Darlin' In Youngstown "), however, Empire is not shutting down because...

Recent Changes to Real Estate-Related Laws Reflect Continuing Housing Woes

By Andrea Lee Negroni, Esq. and Mary M. Pfaff The continuing downdraft in the housing economy has stimulated adoption of a wide variety of consumer protection provisions in real estate laws and statutory requirements for accountability by lenders, real estate brokers, loan servicers, appraisers and...

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...