Cities May Sue Banks Over Foreclosure, Industry Reacts

first_imgHome / Daily Dose / Cities May Sue Banks Over Foreclosure, Industry Reacts  Print This Post Cities May Sue Banks Over Foreclosure, Industry Reacts Data Provider Black Knight to Acquire Top of Mind 2 days ago Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer. In a 5-3 decision on Monday, the U.S. Supreme Court determined that cities can sue banks over lost tax revenue on foreclosed properties from urban blight. Law360 reported that Miami has the standing to sue Bank of America Corp. and Wells Fargo & Co. under the Fair Housing Act, stating that the banks’ discriminatory and predatory lending practices led to a major shortfall in city tax revenues.The final ruling is not up to the high court, however, as the Supreme court sent the case back to the Eleventh District, in order to determine whether the banks’ lending practices were “proximate cause” for the damages. Law360 reported that all eight justices rejected the probable cause argument.“The ruling is clearly a concern for lenders who believed cities did not have sufficient standing in order to assert claims that are more appropriate to be brought by the ultimate aggrieved parties, which should be the borrowers, assuming of course the allegations are true,” said Shaun K. Ramey, Shareholder, Sirote and Permutt, P.C. “That being said, although the Court granted cities the right to file suit, they set a high bar for proving proximate causation so the impact of the Supreme Court’s decision may not be as broad as it appears at first blush.”The Court found that the city’s claims fell within the “zone of interests” established by the Fair Housing Act (FHA), which means that Bank of America and Wells Fargo’s practices had led to decreases in tax revenue and increased costs for maintaining foreclosed properties.“The city will be required to show that the claimed damages were ‘proximately caused’ by the violation of the FHA,” said Roy A. Diaz, Managing Shareholder, SHD Legal Group. “The Court recognizes that Congress did not intend the FHA to provide a remedy for ‘ripples of harm’ that may flow from a violation of the FHA. The majority establishes that the FHA requires some direct relation between the injury asserted and the conduct alleged.”Justice Clarence Thomas dissented, saying that the FHA does not allow for expanded claims.“Nothing in the text of the FHA suggests that Congress was concerned about decreased property values, foreclosures, and urban blight, much less about strains on municipal budgets that might follow,” said Justice Thomas.The banks will not be held liable until the Eleventh Circuit can determine whether the bank’s actions have caused the foreclosures.”The Eleventh Circuit grounded its decision on the theory that proximate cause under the FHA is ‘based on foreseeability’ alone. We therefore lack the benefit of its judgment on how the contrary principles we have just stated apply to the FHA. Nor has any other court of appeals weighed in on the issue,” the majority opinion said. Foreclosure Miami Supreme Court 2017-05-01 Seth Welborn Subscribe About Author: Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles in Daily Dose, Featured, Foreclosure, News Servicers Navigate the Post-Pandemic World 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Foreclosure Miami Supreme Court Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Fannie Portfolio Sees Monthly Jump Next: Mnuchin: ‘I’m Committed to Housing Reform’ Share Save May 1, 2017 1,617 Views Demand Propels Home Prices Upward 2 days agolast_img read more

Read More »

No. 17 USC falls to No. 4 Oregon at the Coliseum

first_imgThe No. 17 Trojans couldn’t keep up with the No. 4 Ducks in Saturday’s 62-51 shoot-out. Carlo Acenas | Daily TrojanOn the game’s sixth play, Marcus Mariota, Oregon’s first-year starter at quarterback, took the snap, paced back not more than two steps and floated a pass almost effortlessly about 20 yards over the middle of the field. The ball landed in the hands of a wide open De’Anthony Thomas for a touchdown.An announced sellout Coliseum crowd that had waited months for a titanic clash between the Pac-12’s two premier programs was suddenly quieted. Sixty-five seconds in, the No. 4 Ducks were on the scoreboard, already leading an overwhelmed USC team 7-0.“We knew they were extremely fast,” sophomore linebacker Hayes Pullard said after the game. “We know their speed.”Pullard finished with a team-high 14 tackles last November as part of an upset road win over Oregon in Autzen Stadium, keeping the much talked about high-octane offense at bay. But a year later, that same group was pummeled and shredded by a new-and-improved spread attack. And for essentially all of Saturday, USC was forced to play catch up as a result.“They’re way better this year,” Pullard said of the Ducks, who have scored at least 50 points in all but three games this season. “They grew and they matured.”In a fight for conference supremacy Saturday, Oregon’s offense flexed its muscles and raced past a Trojan bunch that looked exhausted just trying to keep pace. In the end, it couldn’t and No. 17 USC (6-3, 4-3) was outslugged, 62-51.Pullard, along with the rest of the Trojans’ defense, surrendered the 62 points on nine touchdowns and 730 total yards — all single-game opponent records.And so it was left to the offense to, essentially, match Oregon point for point.“We felt it would be like a heavyweight championship fight, and there would be huge blows dealt throughout the day,” USC coach Lane Kiffin said. “We needed to sit down, take deep breaths between rounds and go back and do it again.”USC, which of course boasts talented playmakers of its own, was in fact able to trade blows for much of the game. Though trailing 21-3 by 14:48 in the second quarter, the unit would score three touchdowns in the second quarter behind a dynamic passing attack, engineered by senior quarterback Matt Barkley who would connect with wide receivers Marqise Lee, Robert Woods and Nelson Agholor on touchdown strikes throughout the period. And his throws to Lee and Agholor went for 75 and 76 yards, respectively, the third and fourth longest of his career.Barkley finished with 484 yards, four touchdowns and two interceptions on 33-of-54 passing.“We knew it would be a shoot-out,” said the right-handed signal caller. “We had to play perfect on offense and score every drive. And those three drives that weren’t productive came back to hurt us.”Aided by the return of senior running back Curtis McNeal and sophomore tight end Randall Telfer, the Trojans collected 615 total yards. But that wasn’t enough to slow down Oregon, which reasserted itself as the Pac-12’s top team, strutting past USC for its third win over the program in four years.That effort was evidently spearheaded by running back Kenjon Barner, who amassed 321 rushing yards and five touchdowns on 38 carries, another USC opponent record. Mariota added 96 yards on the ground, as well.Before the game, many carried the expectations USC could follow the same template from a season ago. After all, Oregon was held to just 35 points in the last meeting, including seven by halftime. But instead of producing a similar effort, the Trojans struggled to keep up with a team that many players called “faster” in 2011: faster passing down field and faster running the ball.“We played them last year,” said senior safety T.J. McDonald. “It looked faster than it was because we gave them the edges. You get tired as a defense, you get worn down.”Kiffin offered his own take, adding: “They’re better than we were because of the quarterback speed. He’s playing really well. We gotta find out how to make a sack and a fumble in those critical situations.”Mariota was never exactly rattled, throwing for 304 yards and four touchdowns, completing 87 percent of his passes.Next up, the Trojans will host Arizona State on Nov. 10 at the Coliseum. The Sun Devils are 5-4 this season.last_img read more

Read More »

Videoslots confirms senior games & HR appointments

first_imgShare Submit Malta-based online casino operator Videoslots (Videoslots.com) has confirmed two senior appointments strengthening its day-to-day operations.Updating the market, Videoslots promotes William Ahlberg to the position of Head of Games, Ahlberg has risen through the operator’s wider gaming department over the past 18-months.Ahlberg will now be a key stakeholder for Videoslots games department, leading its community management, expanding existing supplier relationships, and selecting upcoming content for Videoslots casino games portfolio.William Ahlberg, Head of Games at Videoslots, said: “In my time at Videoslots, I’ve seen a dynamic team that’s sole focus is on delivering the best gaming experience to the customer. I’m looking forward to utilising my expertise to confirm our position as the leading online casino.”Further to the promotion of Ahlberg as Head of Games, Videoslots confirms the appointment of Gemma Hodge as new Head of HR.Hodge joins the Videoslots operations team, from Stockholm-listed online gambling group Cherry AB.As Head of HR for Videoslots, Hodge will be tasked with leading strategic planning of staff hiring, compensation, benefits and training as the company expands its operations in 2018.Gemma Hodges, Head of HR at Videoslots, said: “Videoslots continue to be one of the most progressive operators around in terms of diversity, culture and work-life balance, and I’m pleased to join and be a part of this exciting company.”Confirming the two senior appointments, Alexander Stevendahl, CEO of Videoslots, said: “We’re very pleased to have secured two outstanding candidates for these key roles. With William’s knowledge of the wider gaming industry and Gemma’s previous experience leading the HR department at another major operator, we’re sure they’ll both add considerably to our growing team.” Related Articles StumbleUpon TVBET passes GLI test for five live games in Malta and Italy August 25, 2020 Genesis to appeal UKGC’s ‘disproportionate suspension’ July 23, 2020 Ray Wilson, AMLGS: Industry deserves praise for its reaction to a new normal July 23, 2020 Sharelast_img read more

Read More »