Monday Morning Cup of Coffee: Countrywide, LandSafe accused of fraudulent appraisals during housing boom

In today’s Monday Morning Cup of Coffee: A federal judge recently granted class-action status to a lawsuit alleging that Countrywide Financial used LandSafe to conduct “sham” appraisals to increase the number of loans Countrywide originated during the mid-2000s. Plus, former Trump campaign manager Paul Manafort was accused of some mortgage misconduct. Click the headline for more.

Adequate Reserves – (Finally!) Defined

Many, if not most Governing Documents require the Board to set aside “adequate Reserves” to care for the common areas. But what exactly are “adequate Reserves”?  I was recently challenged to define the concept of adequate Reserves by a number of attorneys and D&O carriers. The attorneys wanted to know how to give liability exposure counsel to Boards to help them avoid claims of “inadequate Reserves”. The D&O carriers wish to understand what is and isn’t responsible behavior, as it affects their loss exposure from claims levied by disgruntled homeowners.   Read the article……………….

HOA Committees – Does your Association Need Them?

In HOAs there are the board members, the HOA property management company, and in most cases committee members. We’ve talked a lot on this blog about the roles and responsibilities of board members and property managers, but today we want to take a closer look at committees and their value.  Depending on your governing documents, your HOA may or may not be required to select a committee. Either way though, we want to highlight five reasons your board should want the support of one. Let’s start the roles and benefits of a committee.    Read the article………………

HOA Homefront: El presidente is not el jefe

The office of HOA president is often misunderstood. And very serious dysfunction for associations and their boards, as well as heartburn for the president, can be the outcome.  At the outset, it is critical to understand that the role of the homeowners association president is dramatically different than the for-profit corporate president.    Read the article…………………

Hurricane impact lessens as mortgage delinquencies drop

As the impact from last year’s turbulent hurricane season fades, mortgage delinquencies once again began to decline in November. But while delinquencies may be down overall, serious delinquencies are still up, especially in Texas and Florida.

Democrats call out Mulvaney’s reported changes to CFPB fair lending enforcement

A group of more than 50 Congressional Democrats are questioning the motivation of Consumer Financial Protection Bureau Acting Director Mick Mulvaney’s reported decision to strip the agency’s Office of Fair Lending and Equal Opportunity of its enforcement powers. The Democrats want to know what exactly Mulvaney is planning to do when it comes to fair lending.

Hensarling blames Watt for GSEs needing Treasury money, demands answers

One of the top Republicans in Congress lays the blame for Fannie Mae and Freddie Mac needing money from the government for the first time since 2012 not on the Republican tax plan’s reduction of the corporate tax rate, but rather, squarely at the feet of Federal Housing Finance Agency Director Mel Watt.

Do you make enough to buy a home in America’s most expensive cities?

As home prices rise across the U.S., and wage increases fail to keep up, affordability continues to slip. Using data from the National Association of Realtors, here are the top seven most expensive cities in the U.S., and how much homebuyers need to earn in annual income to afford to buy a home.

Morningstar Credit Ratings names Brian Grow president

Morningstar Inc., the parent company of Morningstar Credit Ratings, announced this week that Brian Grow has been named president of the credit rating agency. He will now oversee the day-to-day operations of Morningstar’s credit ratings business.