Real Estate & Property Law

House Nixes $700B Bailout; What’s Next for Regulators?

Developing: In a U-turn from initial predictions last week that emergency financial bailout legislation proposed by Bush administration officials would soon be enacted, the House today defeated the package by a 228-205 vote, creating, at least for the moment, a brave new world for federal regulatory agencies. U.S. Treasury Secretary…

Sep 29, 2008 8:20 PM CDT

Philadelphia Courts Adopt ‘Massively Effective’ Foreclosure Rescue Program

A program to curb foreclosures by the city and courts of Philadelphia has staved off the sale of nearly 80 percent of the properties referred to it in the first three months of operation. The plan requires courts to review all scheduled residential foreclosures with borrowers and lenders before the…

Sep 29, 2008 12:43 PM CDT

As U.S. Economy Tailspins, Lawmakers Inch Closer to $700B Bailout Pact

As federal lawmakers inch toward agreement on an emergency bailout plan for the U.S. economy that could cost taxpayers some $700 billion, government regulators both announced the biggest bank failure ever and offered specifics about the multimillions of dollars that state and local government officials can expect to help struggling…

Sep 26, 2008 8:45 PM CDT

$700B Bank Bailout Uncertain, Despite Bernanke-Paulson Push

Congressional leaders are hesitating about whether to approve a pricey emergency plan by Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson to spend some $700 billion to shore up the nation’s severely struggling financial institutions, despite their predictions of dire consequences if the legislation isn’t immediately enacted.…

Sep 23, 2008 9:15 PM CDT

1 Family + 43 WaMu Mortgages = $2.7M in Likely Lender Losses Since 2007

Since 2007, one California family reportedly bought and sold 43 properties with the help of at least 43 mortgages from Washington Mutual that added up to a total of nearly $25 million. Now, the lender is likely to take a $2.7 million bath on six problem properties among the 43…

Sep 22, 2008 10:20 PM CDT

Nonprofits Oppose Jones Day Trademark Suit Over Associate Home Purchase Posts

The Electronic Frontier Foundation and Public Citizen have filed an opposing amicus brief in federal trademark litigation brought by Jones Day over a website’s postings about home purchases by two of the law firm’s associate attorneys. The posts should be considered news reporting, as well as an allowable fair use…

Sep 19, 2008 9:46 PM CDT

As Banks Reel, Regulation is Suddenly a Hot Topic

It has been less than a decade since the Glass-Steagall Act was repealed, and it is now becoming increasingly clear why we may have needed it. Enacted after banks failed in the Great Depression because of reckless investment in nontraditional areas, it restricted commercial banks from the kind of lending…

Sep 18, 2008 6:34 PM CDT

Buying a Home Where Buffalo Roam Lands Software CEO in Criminal Court

Keeping a 2,000-pound animal contained when the grass looks good on the other side of the fence isn’t easy. And it isn’t required under Colorado’s open-range law, which allows livestock to roam wherever they wish. If property owners don’t want animals on their land, they are the ones who must…

Sep 12, 2008 10:43 PM CDT

Jones Day Sues Over Website Posting Attorney Home Purchase Info

Jones Day has sued a website that highlights lawyers—even posting their photos and linking to firm biographies—and other professionals who buy and sell their homes in Chicago, Las Vegas, St. Louis and South Florida. After two Jones Day associates were featured on the BlockShopper site, the Cleveland-based BigLaw firm sued,…

Sep 11, 2008 5:08 PM CDT

South Florida Developers Winning Cases Brought by Unhappy Condo Buyers

Several buyers of new condos in South Florida who are dissatisfied with their properties are failing to get courts to allow them to cancel the deals. Many condo investors in the state had intended to buy condominium units and flip them for a quick profit, an unlikely prospect now that…

Sep 9, 2008 2:41 PM CDT

Bianca Jagger Battles Eviction, Says NYC Apt. is Her Primary Residence

The chance to keep living in a rent-stabilized New York City apartment that costs a mere $4,614 per month has motivated Bianca Jagger to pursue a case that could help define what constitutes a legal residence. The ex-wife of Rolling Stones lead singer Mick Jagger was in the state’s highest…

Sep 4, 2008 5:54 PM CDT

N.Y. Lawyer Accused of $5M Fraud Via Ponzi Scheme, Other Scams

A New York lawyer for more than 25 years has been accused of defrauding victims, including his clients and friends, of $5 million via various real estate-related schemes. Stuart Moshell surrendered yesterday to FBI agents, and pleaded not guilty in U.S. District Court in Central Islip to charges concerning three…

Sep 4, 2008 4:31 PM CDT

R.I. Lawyer Admits He Stole $2.5M in 13 Real Estate Deals and is Disbarred

A lawyer in Cranston, R.I., was disbarred by the state’s supreme court last week after his counsel disclosed that Pasquale Scavitti III had admittedly stolen $2.5 million in more than a dozen real estate transactions and submitted his affidavit consenting to disbarment. The amounts taken by Scavitti from 12 homeowners…

Sep 2, 2008 6:48 PM CDT

Prime Aid, Subprime Crisis

Pro bono efforts flourish despite conflict issues

Sep 1, 2008 1:00 PM CDT

1912 ‘Gold Coin’ Lease Payment Term is Enforceable, 6th Circuit Rules

A 1912 lease provision that requires payment in gold coin is enforceable, a federal appellate panel held yesterday, even though the U.S. withdrew the gold coin from circulation in 1933 and the building owner, for decades after that, didn’t attempt to enforce the payment term. Because the price of gold…

Aug 28, 2008 3:58 PM CDT