Real Estate News – September 2, 2012






The owner of a property-listing website based in California is suing Nebraska to dispute a state requirement that she obtain a license to market homes in the Midwestern state (via mercurynews.com): http://ow.ly/dojp6


Three reports released this week demonstrated positive trends in the U.S. housing market, but experts warn that a real recovery is still months away (via ibtimes.com): http://ow.ly/dojCl


That President Obama’s signature anti-foreclosure measure never reached its full potential is conventional wisdom by now. No one expects the Home Affordable Modification Program (HAMP) to hit its original goal of modifying the loans for 3 million to 4 million struggling homeowners. A new academic paper using data from more than 30 million mortgages now quantifies just how limited the impact will be (via Businessweek.com): http://ow.ly/dojIg


Citigroup on Wednesday agreed to pay $590 million to settle a class-action lawsuit brought by investors alleging that the New York bank failed to disclose its exposure to toxic subprime mortgage debt (via washingtonpost.com): http://ow.ly/dojRh


In an attempt to reduce the government’s role in housing finance, the nation’s regulator for Fannie Mae and Freddie Mac announced Friday that it is raising the fees that the two government-seized housing giants charge for guaranteeing credit risk (via marketwatch.com): http://ow.ly/dpJX3


A mortgage company has agreed to pay more than $3.5 million to settle allegations by federal prosecutors that it charged higher interest rates and fees on mortgages to nonwhite borrowers than to whites with similar financial backgrounds, federal officials announced on Tuesday (via nytimes.com): http://ow.ly/dpKeQ


Banks labeled ‘slumlords’ over foreclosure neglect (via money.cnn.com): http://ow.ly/dpKni


Community association under sexual discrimination litigation (via thetimes-tribune.com): http://ow.ly/dpKKu


Hennepin County elected officials have filed a $10 million civil lawsuit against Fannie Mae and Freddie Mac in U.S. District Court. The suit contends the two privately held home loan corporations owe the state of Minnesota for unpaid deed transfer taxes (via Minnesota.publicradio.com): http://ow.ly/dpKNw



 

Posted in Blog, Real Estate Law