This case arose from a dispute regarding where housing for low-income persons should be constructed in Dallas, Texas-that is, whether low-income housing projects that received government tax credits should be built in the predominantly white suburbs or the predominantly minority-represented inner city. The case was founded on a disparate impact theory of liability. In contrast to a disparate treatment theory, where a plaintiff must establish that the defendant employed a discriminatory intent or motive, a disparate impact claim challenges practices that have a ...
In Sas v. Federal National Mortgage Ass'n., No. 2D14-1003, 2015 WL 3609508 (Fla. 2d DCA June 10, 2015) the appellate court was faced with the issue of whether there was a requirement that the records custodian of the current loan servicer have personal knowledge of the manner in which the prior loan servicer maintained and created its business records in order for the records to be introduced into evidence under section 90.803(6), Fla. Stat. During the hearing on damages before the trial court, the current loan servicer, Seterus, had its records custodian testify that: he was familiar ...
In a ruling that may signal the end to much of the litigation over mortgage-backed securities, New York's highest court held limitations for breach of warranty litigation over portfolio loans run from the MLSA closing date and not from breach of the contractual repurchase obligation. Many investors have argued that a sponsor's obligation to repurchase non-conforming loans constitutes a separate "springing" obligation 150 days after notice of a non-conforming loan (60 for cure, then 90 for repurchase). The Court rejected that notion, in favor of its long-standing preference ...
The Alabama Legislature recently amended sections 6-5-248, 6-5-252, and 8-1-172 of the Alabama Code, which govern redemption in the State of Alabama. Prior to the amendments, the redemption period for all real property was one year from the date of the foreclosure sale. The amendments reduce the redemption period to 180 days for residential property on which a homestead exemption was claimed in the tax year during which the sale occurred. The amendments also require a mortgagee who forecloses residential property on which a homestead exemption was claimed in the tax year during ...
On June 5, the Tennessee Supreme Court rejected a per se rule of unconscionability for non-mutual arbitration clauses, holding them enforceable if not too-one-sided and commercially reasonable under the circumstances. Berent sued his mobile-home sellers in chancery court, arguing that foreclosure exceptions for the seller within a generally broad-form arbitration clause rendered it unconscionable and unenforceable. The trial and intermediate appellate courts agreed, under the Supreme Court's prior decision Taylor v. Butler, 142 S.W.2d 277 (TN 2004). The Sellers sought ...
In Lankhorst v. Independent Sav. Plan Co., No. 14-11449, 2015 WL 3440288 (11th Cir., May 29, 2015), the Eleventh Circuit Court of Appeals held that the credit agreement the Plaintiff's entered into did not convey the requisite security interest in the Plaintiffs' primary residence in order to trigger the TILA protections on which the Plaintiffs relied. Therefore, the district court did not err in granting summary judgment in favor of the defendants. The Plaintiffs agreed to purchasing a water treatment system and having it installed in their home. However, the purchase and ...
On June 1, 2015, the United States Supreme Court issued its decision in Bank of America, N.A. v. Caulkett, in which all nine Justices joined in an opinion that reversed an Eleventh Circuit ruling that chapter 7 debtors may "strip off" wholly unsecured junior liens. The Caulkett opinion largely relies upon the Supreme Court's prior decision in Dewsnup v. Timm, 502 U.S. 410 (1992), in which the Court held that a chapter 7 debtor may not "strip down" liens where the value of the property partially secures the underlying claim. The Eleventh Circuit previously recognized but distinguished ...
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