Real Estate News – May 23, 2012

Bank of America Corp., the second- biggest U.S. lender, will repurchase $330 million of home loans from Freddie Mac, the mortgage company supported by taxpayers, after flaws were found in how they were created (via sfgate.com): http://bit.ly/KDsuX9

Federal Judge Agrees With MFI-Miami and Northern Michigan Attorney — Fannie Mae Foreclosure Could Violate Northern Michigan Couple’s Rights Under U.S. Constitution (via MarketWatch.com): http://on.mktw.net/LF2qQ5

The difference in how states handle foreclosures may determine how quickly their housing markets make a full recovery, according to a new report by Capital Economics (via REALTORMag): http://bit.ly/KM6exL

Star Wars filmmaker George Lucas is giving up his 25-year fight with residents in Marin County, Calif., over developing his ranch into a digital media production studio. Instead, he now wants to sell the land and have it turned into a low-income housing project (via REALTORMag): http://bit.ly/KM5DvU

A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved (via accountingtoday.com): http://bit.ly/K9CtnJ

FDIC Sues Bank Of America, JPMorgan, Others Over Toxic Mortgage Bonds That Sank Two Illinois Banks (via HuffingtonPost.com): http://huff.to/K91fo2

The Rodriquez family is about to lose their American Dream, over $250 dollars (via actionnewsjax.com): http://bit.ly/L1BSGq