One important issue for litigation experts to always consider is whether their draft reports can be obtained by another party via discovery. The rules vary by jurisdiction. Recently, the US Tax Court amended Rule 70 of its Rules of Practice & Procedure to exclude drafts of expert reports from discovery. This protection applies regardless of the form in
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Virginia Passes Eminent Domain Ballot Question
Earlier this year, I wrote about a Virginia eminent domain ballot question. That question passed yesterday with approximately 74% of the vote. Question 1 on the November 6, 2012 ballot in the state of Virginia was an amendment to its state Constitution restricting the power of eminent domain. It was passed by both houses of the VA…
Sandy Will Delay Loans And Require Reappraisals
Loans involving properties in the path of Hurricane Sandy will certainly be delayed according to National Mortgage News. In addition to the obvious business interruption, many properties will need to be reappraised to determine if the Hurricane caused a decrease in property value. Given the volume of reappraisals, the loan process will be severely impacted. David Stevens, president…
Foreclosures Reach Lowest Level Since 2007
The New Jersey Department of Banking and Insurance performed 173 examinations of mortgage licensees in 2011. According to National Mortgage News, these examinations concluded that 90 percent of the mortgage firms had some type of violation. The examinations showed a total 4,347 violations, or 25 per examination. The most common violations were deficiencies in loan…
NJ Agency: 90 Percent of Mortgage Firms Violate Laws
The New Jersey Department of Banking and Insurance performed 173 examinations of mortgage licensees in 2011. According to National Mortgage News, these examinations concluded that 90 percent of the mortgage firms had some type of violation. The examinations showed a total 4,347 violations, or 25 per examination. The most common violations were deficiencies in loan…
Realtors Criticize ‘Excessive’ Appraiser Comp Requirements
Appraisers have been the target of complaints since the fiscal crisis began in 2008. As a result, some lenders started requiring that appraisers provide as many as eight to 10 comparable transactions in their reports. Prior to the requirement, lenders generally required at least three comps on most residential appraisals. The National Association of Realtors…
PA Considers Controversial Park Sale Bill
The Pennsylvania General Assembly is considering a bill which would permit governmental entities to sell its public parks. The concern expressed by many – including newspaper columnists and groups such as the League of Women Voters – is that government officials will improperly use this as a “quick fix” to solve fiscal problems. For example…
PA Court Allows Approval Of Second Plan During Appeal Of First Plan Approval
The Commonwealth Court of PA has ruled that while an appeal of approvals for a development is pending, a municipality has the power to approve another development plan submitted by the same developer for the same property. In James DeFilippo v. Cranberry Township Board of Supervisors, the developer proposed to construct an automobile sales…
PA Legislature Holds Property Tax Hearings
The Pennsylvania House of Representatives’ bipartisan House Select Committee on Property Tax Reform held two days of hearings in Harrisburg to review local government property tax collection, reassessments and local tax structures. The committee is conducting a review of Pennsylvania’s local tax structure. According to an article in PA Law Weekly, State Representative Tom Quigley…
VA Has Eminent Domain Const. Amendment On Ballot
Question 1 on the November 6, 2012 ballot in the state of Virginia is an amendment to its state Constitution restricting the power of eminent domain. It was passed by both houses of the VA legislature. It has significant eminent domain restrictions including prohibiting using the power of eminent domain for private enterprise, job creation…