RESPA: Both Feet in the Tar Baby.
HUD has just issued another interpretive ruling on RESPA kickback rules. A real estate agent cannot accept compensation for “marketing” home warranties, but she can be paid for real services, like performing preliminary inspections.
Protecting Tenants at Foreclosure Act.
Judging from the number of questions by tenants on the AVVO Question Board, there are a great number of tenants being displaced by mortgage foreclosures on the residential properties they rent. Moreover, the attorneys who are answering the questions seem to be unaware of the “Protecting Tenants at Foreclosure Act.” This statute, effective last Spring, permits most residential tenants of foreclosed properties to stay for at least 90 days and perhaps until the end of the lease term.
Born to Lose: Goldman Sachs’ Abacus 2007 – AC1 and its victims.
What would have happened if these victims had been given disclosures that the people who put together the terms of the transaction actually expected them to default? Armed with that explosive fact, how many subprime borrowers would have decided to pass on the offer? We’ll never know.
Pittsburgh Legal Newslog:Obama Floats Trial Balloon to Stay All Residential Foreclosures Pending HAMP Modification Review.
Under this proposal, all residential mortgages in default would be screened to determine whether they could be modified under HAMP guidelines before foreclosure would be permitted to proceed.
Goodbye, Creditor’s Rights Endorsement.
So, Goodbye Creditor’s Rights Endorsement. We never needed you anyway.
Florida to Mediate Mortgage Foreclosures.
Posted by Cliff Tuttle
April Charney, a legal services lawyer in Jacksonville Florida who has been a leader in mortgage foreclosure defense, reported the following on a real estate listserve known as Dirt:
The attached Administrative Order was entered by the Florida Supreme
Court and is now online. In the order, which sets up mediation for
homestead (and other) [...]
Pittsburgh Legal Newslog: Foreclosure Mediation in Allegheny County has Saved 200 this Year.
Posted by Cliff Tuttle
Pittsburgh Tribune-Review, December 26, 2009.
Real Estate Lending: New Regs Require Greater Lender Compliance in Timing Preclosing Disclosures.
Posted by Cliff Tuttle (c) 2009
New Federal Regulations regarding, inter alia, the timing of pre-closing activity became effective for lenders on June 30. Wells Fargo provided a pamphlet on the subject for the retail and the wholesale departments of residential lenders.
CLT
Pittsburgh Legal Newslog: Home Mortgage Credit Standards “Stuck on Stupid.”
This has happened before and community-based thrifts, banks and credit unions made a niche for such borrowers. It may take a little time, but this phenomenon will happen again, subject to regulatory restraints. The article doesn’t say so, but well-qualified borrowers should look for portfolio lenders who do not follow Fannie Mae underwriting guidelines.
Its Starting to Happen at Dwelling House (and at Fort Pitt, too)..
Meanwhile, the Heinz History Center is saving the Fort Pitt Museum from closure by taking over the management from the State, which literally cut this priceless resource out of the budget.
keep looking »Welcome
CLIFF TUTTLE has been a Pennsylvania lawyer for over 36 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.
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