#realestate, #cre, #commercialappraiser FW: Banking Summaries Distributed January 31, 2014

#realestate, #cre, #commercialappraiser Thanks!
Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO ConsultantCTAC LEED CertificationThe Harris Company, Forensic Appraisers and Real Estate Consultants
*PIRS/Harris Company and the Science of Real Estate-Partners*630 North Sepulveda Boulevard, Suite 9A, Number 702
El Segundo, CA. 90245
310-337-1973 Office
310-251-3959 Cell424-218-9580 Skype WebSite: http://www.harriscompanyrec.com ;Resume: http://www.harriscompanyrec.com/commercialappraiserresume2013locked.pdf ;Commercial Appraiser Blog: http://commercialappraiser.typepad.com/blog/ ; http://harriscompanyrec.com/blog/ ;The LOoP! a Google CSE: http://www.google.com/cse/home?cx=000747579154309164948%3Annakvu69iqy ; We Make a Simple Pledge to

Communicate, in a timely fashion, each appraisal, analysis, and opinion without bias or partiality

Abstain from behavior that is deleterious to our clients, the appraisal profession, and the public

Hold paramount the confidential nature of the appraiser/consultant - client relationship

and

Comply with the requirements of the Uniform Standards of Professional Appraisal Practice and the
Code of Professional Ethics of the National Society of Real Estate Appraisers
IT'S THE LAW- Statement 7: Prohibition Against Discrimination
State agencies should be aware that Title XI and the Agencies' regulations prohibit federally regulated financial institutions from excluding appraisers from consideration for an assignment by virtue of their membership, or lack of membership, in any appraisal organization. Federally regulated financial institutions should review the qualifications of appraisers to ensure that they are qualified for the assignment for which they are being considered. It is unacceptable to assume that an appraiser is qualified solely due to membership in, or designation from, an appraisal organization, or the lack thereof. The Agencies have determined that financial institutions' appraisal policies should not favor appraisers from one or more organizations or exclude individuals based on their lack of such membership. If a State agency learns that a certified or licensed appraiser allegedly has been a victim of such discrimination, the State agency should inform the Agency which has regulatory authority over the involved financial institution. INCLUDING THE APPRAISAL INSTITUTE-MAICONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal From: Justia Practice Area Opinion Summaries [mailto:[email protected]] On Behalf Of Justia Practice Area Opinion Summaries
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Weekly Opinion SummariesBanking
Weekly Summaries Distributed January 31, 2014 · Richardson v. Wells Fargo Bank, N.A., et al.
Banking, Contracts
U.S. 5th Circuit Court of Appeals· Bank of New York Mellon v. GC Merchandise Mart, L.L.C., et al.
Banking, Bankruptcy, Contracts
U.S. 5th Circuit Court of Appeals· Inland Mortg. Capital Corp v. Chivas Retail Partners, LLC
Banking, Business Law, Contracts, Real Estate & Property Law
U.S. 7th Circuit Court of Appeals

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Richardson v. Wells Fargo Bank, N.A., et al.Court: U.S. 5th Circuit Court of Appeals Docket: 13-10002Opinion Date: January 24, 2014Judge: Jones Areas of Law: Banking, Contracts Plaintiff filed suit against Wells Fargo in state court, raising claims related to Wells Fargo's foreclosure and Freddie Mac's attempts to evict plaintiff. Wells Fargo then removed the case to federal court where the district court dismissed all of plaintiff's claims. At issue on appeal was whether Wells Fargo could move for attorney's fees pursuant to Federal Rules of Civil Procedure 54(d)(2). Here, the deed of trust at issue provided for attorney's fees to compensate Wells Fargo, inter alia, for the prosecution or defense of a claim. The language of the contract and the nature of the claim were the dispositive factors concerning whether the fees were an element of damages or collateral litigation costs. In this instance the court concluded that the motions for attorney's fees provided by contract were permissible under Rule 54(d)(2). Accordingly, the court reversed and remanded. http://j.st/vd7 View Case on: Justia Google Scholar
Bank of New York Mellon v. GC Merchandise Mart, L.L.C., et al.Court: U.S. 5th Circuit Court of Appeals Docket: 13-10461Opinion Date: January 27, 2014Judge: Davis Areas of Law: Banking, Bankruptcy, Contracts This dispute arose out of a complicated bankruptcy proceeding. On appeal, Lender challenged the district court's judgment which, in relevant part, disallowed Lender's claim for a contractual prepayment consideration. Applying Colorado law, a lender was not entitled to a prepayment penalty when the lender chooses to accelerate the note. Absent a clear contractual provision to the contrary or evidence of the borrower's bad faith in defaulting to avoid a penalty, a lender's decision to accelerate acts as a waiver of a prepayment penalty. In this instance, the plain language of the contract plainly provided that no Prepayment Consideration was owed unless there was an actual prepayment, whether voluntary or involuntary. Accordingly, the acceleration of the Note due to GCMM's default by nonpayment under Article 4 did not trigger the obligation to pay the Prepayment Consideration under Article 6. http://j.st/vsP View Case on: Justia Google Scholar
Inland Mortg. Capital Corp v. Chivas Retail Partners, LLCCourt: U.S. 7th Circuit Court of Appeals Docket: 12-3648Opinion Date: January 29, 2014Judge: Posner Areas of Law: Banking, Business Law, Contracts, Real Estate & Property Law IMCC loaned Harbins $60 million to buy Georgia land to construct a shopping center. In addition to a mortgage, IMCC obtained a guaranty from Chivas, providing that if IMCC “forecloses … the amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price.” Harbins defaulted; IMCC foreclosed in a nonjudicial proceeding, involving a public auction conducted by the sheriff after public notice. IMCC successfully bid $7 million and filed a petition to confirm the auction. Unless such a petition is granted, a mortgagee who obtains property in a nonjudicial foreclosure cannot obtain a deficiency judgment if the property is worth less than the mortgage balance owed. A Georgia court denied confirmation. Chivas refused to honor the guaranty. A district court in Chicago awarded IMCC $17 million. The Seventh Circuit affirmed, noting that the Georgia statute “is odd by modern standards,” but does not prevent a suit against a guarantor. The agreement guaranteed IMCC the difference between what it paid for the land and the unpaid balance of the loan, even if the land is worth more than what IMCC paid for it. The agreement is lawful under Georgia and Illinois law. http://j.st/v8s View Case on: Justia Google Scholar


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