Mortgages

Hawaii Supreme Court measures deficiency judgment by reference to fair market value rather than foreclosure price

The Hawai'i Supreme Court held that deficiency judgments should be measured by the difference between the unpaid debt and the property's fair market value rather than by reference to the difference between the unpaid debt and the foreclosure price. ...

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Nonjudicial foreclosure requires appraisal to ensure foreclosure price is close to fair market value

The Massachusetts Appeals Court has held that nonjudicial foreclosures must be conducted in a fair manner and that the burdens on the party who is foreclosing are greater precisely because the auction sale is not be supervised or conducted by judicial officials. Prop. Acquisition Group, LLC v. Ivester, 2019 Mass. App. LEXIS 44,...

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To avoid engaging in discrimination, Facebook changes its policy that had allowed advertisers for housing, employment, and credit to select which users could see their ads

Responding to a lawsuit filed by the National Fair Housing Alliance and others that alleged discrimination against families with children, women, persons with disabilities, and on the basis of national origin, Facebook announced changes in its policies to avoid engaging in discriminatory advertisements. Brakkton Booker, ...

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Time-barred claim in bankruptcy held not to violate Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act, 15 U.S.C. §§1692e, 1692f, probibits debt collectors from using "any false, deceptive, or misleading representation or means in connection with the collection of any debt. §1692e, as well as prohibiting any "unfair or unconscionable menas to collect or attempt to collect any debt," §1692f. In Midland Funding, LLC v. Johnson, 197 L.Ed.2d 790 (2017), the... Read more about Time-barred claim in bankruptcy held not to violate Fair Debt Collection Practices Act

Supreme Court rules that a city has a claim against a bank for the consequences of discriminatory subprime mortgages

In Bank of America Corp. v. City of Miami, 137 S.Ct. 1296, 197 L. Ed. 2d 678 (2017), the Supreme Court held that the City of Miami was an "aggrieved person" within the meaning of the Fair Housing Act, 42 U.S.C. §3602(i), and that it could sue the Bank of America (and other banks) for lost tax revenue and other municipal expenses resulting from alleged discriminatory grants of subprime mortgages to Miami residents that... Read more about Supreme Court rules that a city has a claim against a bank for the consequences of discriminatory subprime mortgages

Mortgage of joint tenancy interest does not encumber interests of joint tenants who do not join the deal

In Bac Home Loans Servicing, L.P. v. Savankham, 2016 Mass. LCR LEXIS 86 (Mass. Land Ct. 2016), a mother gave a bank a mortgage on her joint tenancy interest in property she shared with her two children. The children did not know about or participate in the transaction. Apparently, the bank thought it was getting a mortgage on the whole property rather than just the joint tenancy interest of one joint tenant and...

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