LIEB BLOG

Legal Analysts

Wednesday, October 10, 2012

Nation's largest lender of home mortgages sued by US Government


Wells Fargo was sued yesterday by the US Attorney's office for mortgage fraud because it allegedly certified loans improperly. The lawsuit seeks hundreds of millions of dollars in damages. The lawsuit was brought under the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.  The lawsuit deals specifically with the lender's participation in the FHA's Direct Endorsement Lender Program. 

Basically, the lawsuit says that FHA had to pay millions in insurance for defaulted loans based upon receiving inaccurate information by Wells.

This is yet another example about how the days of the smoke in the mirror test are over & lenders are now required to perform necessary due diligence to ensure that borrowers should be given loans.   

To read the US Attorney's Press Release concerning this lawsuit, click here

Saturday, October 06, 2012

The Suffolk Lawyer - Focus on Real Property

I am delighted to share a link to this month's The Suffolk Lawyer, which is the official publication of the Suffolk County Bar Association.

This month's edition Focuses on Real Property. Click here to read the publication.

Inside, you can read articles such as "Accommodating Companion Animals" written by the leading experts on the topic over at Jackson Lewis; or you can learn to "Avoid Non-Payment" by the likes of Alicia M. Menechino; and don't every forget the need for a Buyer's Real Estate Agent in  a terrific article by Denise Langweber and her daughter Rebecca entitled "Buyer Beware"; or there is "The Diligence That is Due" by Lance Pomerantz; and lastly everything you need to know about transactions for "Residential Waterfront Properties" by the refined Heather Wright.

I owe a debt of gratitude to these authors for making my task as the Special Section Editor for Real Property  one of the best experiences of my professional life.

Thursday, October 04, 2012

Green Guides - FTC's Regulations for Marking

The Federal Trade Commission has promulgated regulations to "help marketers avoid making environmental marketing claims that are unfair or deceptive under Section 5 of the FTC Act, 15 U.S.C. [section] 45".

To read the FTC's press release concerning the Green Guides, click here.

For a Summary of the Green Guides, click here.

For the complete Green Guides, click here.

To learn more about these Green Guides and how they relate to Long Island Real Estate, register for our upcoming continuing education course, "To be Green or not to be Green" by clicking here.