Cambridge Massachusetts Building Expert Directory

Banks Loosening U.S. Mortgage Standards: Chart of the Day

August 13, 2014 — Jody Shenn – Bloomberg
Perhaps more U.S. banks than at any time in two decades are making it easier to qualify for a mortgage. The CHART OF THE DAY shows the net share of banks telling the Federal Reserve that they’re tightening standards in the home-loan market. In the central bank’s July survey of senior loan officers released last week, the net percentage for prime mortgages was negative 18.3 percent, by far the most loosening since it started asking the question by loan-quality category in 2007. It was also greater than the highest net share of banks easing in “all” mortgages in the 1990s or 2000s. Still, lenders have a long way to go before they unwind the restrictions they imposed in the wake of the global financial crisis that risky home loans helped to create. The current trend is mainly about “small tweaks around the edges,” according to JPMorgan Chase & Co. mortgage-bond analysts. Read the court decision
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Reprinted courtesy of Jody Shenn, Bloomberg
Ms. Shenn may be contacted at jshenn@bloomberg.net

Court Retained Jurisdiction to Enforce Settlement Under Code of Civil Procedure Section 664.6 Despite Dismissal of Complaint

October 21, 2024 — Garret Murai - California Construction Law Blog
Attorneys will commonly add a Code of Civil Procedure section 664.6 provision in their settlement agreements to ensure that courts have continuing jurisdiction to enforce the terms of a settlement, as opposed to having to file a new complaint in the event of a breach of a settlement agreement. Oral settlements before a trial court are also enforceable under Section 664.6, but as discussed in Eagle Fire and Water Restoration, Inc. v. City of Danuba, Case No. F086052 (May 30, 2024), in cases involving a complaint and multiple cross-complaints, questions can arise as to whether a trial court has in fact retained jurisdiction under Section 664.6 to enforce an oral settlement and even what the terms of the settlement were. The Eagle Fire Case Eagle Fire and Water Restoration, Inc. was hired by the City of Dinuba to reroof the City’s police station and courthouse building. The contract was for approximately $500,000. Before completion of the project, a rainstorm caused significant water damage to the interior of the building. The City incurred over $330,000 in clean-up and repair costs and withheld approximately $319,000 from Eagle as an offset. Read the court decision
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Reprinted courtesy of Garret Murai, Nomos LLP
Mr. Murai may be contacted at gmurai@nomosllp.com

‘Revamp the Camps’ Cabins Displayed at the CA State Fair

July 30, 2014 — Beverley BevenFlorez-CDJ STAFF
This year, the California State Fair is displaying “four modern, environmentally friendly cabins” as “part of the ‘revamp the camps’ mission by the Forward Parks Commission, California State Parks and 12 architecture graduate students at Cal Poly Pomona,” according to the Sacramento Bee. The commission’s purpose is “to find solutions for the financial, cultural and population changes affecting state parks” including “drawing millennials and urban residents who live far from traditional state parks.” Guidelines stated that the cabins “had to be portable, accessible to the physically disabled and made from sustainable materials.” Furthermore the cabins had to be under $15,000 each, have no running water or electricity, and “[y]et the design had to appeal to a younger market.” “After a review of the surveys and recommendations from the Parks Forward Commission, the hope is to place the prototypes in state parks for public use,” the Sacramento Bee reported. Read the court decision
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S&P 500 Little Changed on Home Sales Amid Quarterly Rally

July 01, 2014 — Lu Wang and Jacob Barach – Bloomberg
June 30 (Bloomberg) --The Standard & Poor’s 500 Index was little changed, capping the longest string of quarterly gains since 1998, as a jump in pending home sales offset weaker-than-forecast manufacturing data. D.R. Horton Inc. rallied 3.2 percent, leading gains among homebuilders. Yahoo! Inc. (YHOO) rose 2.6 percent after Piper Jaffray Cos. recommended buying the stock. MannKind Corp. jumped 9.6 percent as the maker of diabetes drugs rebounded from its worst week in two months. Allergan Inc. declined 2.7 percent following regulatory decisions on its drugs. The S&P 500 fell less than 0.1 percent to 1,960.23 at 4 p.m. in New York. The equity benchmark gauge rose 4.7 percent for the quarter, a sixth consecutive advance. The Dow Jones Industrial Average lost 25.24 points, or 0.2 percent, to 16,826.60 today, trimming its quarterly advance to 2.2 percent. The Nasdaq Composite Index rose 0.2 percent, giving it a 5 percent increase for the three months. Ms. Wang may be contacted at lwang8@bloomberg.net; Mr. Barach may be contacted at jbarach1@bloomberg.net Read the court decision
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Reprinted courtesy of Lu Wang and Jacob Barach, Bloomberg

Parties Can Agree to Anything In A Settlement Agreement………Or Can They?

October 17, 2023 — Alexa Stephenson & Ivette Kincaid - Kahana Feld
A settlement agreement is a contract. When parties to pending litigation enter into a settlement, they enter into a contract. Such a contract is subject to the general law governing all contracts. (T. M. Cobb Co. v. Superior Court (1984) 36 Cal.3d 273, 280 [204 Cal. Rptr. 143, 682 P.2d 338] [offers by a party to compromise under Code Civ. Proc., § 998].) Courts seek to interpret contracts in a manner that will render them “lawful, operative, definite, reasonable, and capable of being carried into effect’” without violating the intent of the parties. (Robbins v. Pacific Eastern Corp. (1937) 8 Cal.2d 241, 272–273; Kaufman v. Goldman, (2011) 195 Cal. App. 4th 734, 745. A settlement agreement like a contract is a document that is typically negotiated between the parties to the agreement and it is up to the parties to determine its terms. Settlements take time and sometimes negotiating the settlement terms takes longer. This is especially true in complex litigation and multiparty matters where negotiating the settlement terms is just as contentious as litigating the matter. Just like contracts, in a settlement agreement the parties cannot agree to terms that violate public policy. A contract is thought to be against public policy if it results in a breach of law, harms citizens, or causes injury to the state. Contracts that are voided on public policy grounds carry no legal obligations. For example, an employer cannot force an employee to sign a contract that forbids the worker from joining a union. Reprinted courtesy of Alexa Stephenson, Kahana Feld and Ivette Kincaid, Kahana Feld Ms. Stephenson may be contacted at astephenson@kahanafeld.com Ms. Kincaid may be contacted at ikincaid@kahanafeld.com Read the court decision
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Plans Go High Tech

April 25, 2012 — CDJ STAFF

One construction executive described it as “the wave of the future.” What is it? Accessing building plans on an iPad. According to an article in MacWorld, several companies are now offering solutions to distribute and update construction plans on iPads. Changes to plans and notes can be distributed quickly through cloud computing.

Alan Dillon, a senior superintendent at DPR Construction told MacWorld, “I can take my iPad into the field and have my whole set of drawings.” He described a set of drawings for a large construction project as “five or six inches thick.” Danielle Douthet, of Level 10 Construction said it “can help everyone be on the same page more quickly, and make sure that everybody is working off the most current set of documents.”

And it’s not just building plans. Other firms offer building management applications designed to be taken into the field on mobile devices.

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John Aho: Engineer Pushed for Seismic Safety in Alaska Ahead of 2018 Earthquake

February 06, 2019 — Christine Kilpatrick - Engineering News-Record
The son of a pioneer bush pilot in Alaska, structural engineer John Aho spent decades working toward earthquake preparedness. He helped found a key seismic safety commission in the state, and serves on the City of Anchorage’s geotechnical advisory group. The fruits of his labor were clearly demonstrated on the morning of Nov. 30, when the magnitudes 7.0 and 5.7 earthquakes that struck the city caused limited structural damage, partly due to stringent building requirements. Read the court decision
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Reprinted courtesy of Christine Kilpatrick - ENR
Ms. Kilpatrick may be contacted at kilpatrickc@enr.com

Contractors Set to Implement Air Quality Upgrades for Healthier Buildings

April 12, 2021 — Nate Echtenkamp - Construction Executive
As people spend more time in offices, stores and other buildings, and colder weather forces many outdoor activities to be held indoors during the COVID-19 pandemic, construction contractors are increasingly being asked by building owners and operators to provide various mitigation strategies to improve indoor air quality to help occupants avoid being exposed to lingering airborne viral particles. Lowering the concentration of SARS-CoV-2 and other pathogens in enclosed public spaces is of the utmost importance nowadays given that Americans, on average, spend nearly 90% of their time indoors, according to the EPA. It’s fairly common knowledge that the best way to avoid infection is to follow guidelines issued by the Centers for Disease Control and Prevention that include:

wearing masks or other face coverings;
frequent hand-washing;
physical distancing of at least six feet; and
deep-cleaning procedures.

Reprinted courtesy of Nate Echtenkamp, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved. Read the court decision
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CAMBRIDGE MASSACHUSETTS BUILDING EXPERT DIRECTORY AND CAPABILITIES