Homebuyers Get Break as Loan Rates Defy Fed Tapering: Mortgages
February 14, 2014 —
Kathleen M. Howley – BloombergAshley Underwood is taking advantage of the unexpected drop in mortgage rates by rushing to buy her first home before they go up again.
“I’m ready to cancel plans at a moment’s notice to go look at a house,” said Underwood, 27, who lives in Indianapolis, Indiana. “I didn’t expect to see rates falling again, and I want to lock in something before I lose out.”
The drop in the last month proved forecasters wrong, said Douglas Duncan, chief economist of Fannie Mae in Washington. After the Federal Reserve announced in December that it would begin tapering purchases of mortgage-backed securities, all the major housing forecasters said rates would jump this quarter. Economists didn’t foresee that investors would react to the Fed’s retreat by moving money from emerging markets into U.S. Treasuries, driving down home-loan rates.
Read the court decisionRead the full story...Reprinted courtesy of
Kathleen M. Howley, BloombergMs. Howley may be contacted at
kmhowley@bloomberg.net
Beyond the Disneyland Resort: Dining
May 03, 2018 —
Beverley BevenFlorez-CDJ STAFFFor fine dining experiences outside of the Disneyland Resort, try
Summit House Restaurant or the
Anaheim White House Italian Steak House .
A more unusual and upscale restaurant, try
The Hobbit in nearby Orange, California. They offer a seven-course, prix-fixe menu by reservation only. It’s a four-hour dining experience that begins in their Wine Cellar, then guests are taken to their tables in the dining room. Next, is an intermission where guests are encouraged to relax on the patios or visit the kitchen to chat with the chef. Guests then return to their table to finish their entrees and dessert.
If you’d rather spend your time in a unique lounge or bar, try
the Blind Rabbit, which calls itself Orange County’s speak easy. Located in the Anaheim Packing District, the Blind Rabbit’s tables are all reserved after 5pm, and you might want to brush up on their list of rules prior to visiting.
For something casual, try
Hollinghead’s Delicatessen in Orange, where you can purchase hand crafted sandwiches and beers.
Read the court decisionRead the full story...Reprinted courtesy of
Lasso Needed to Complete Vegas Hotel Implosion
February 18, 2015 —
Beverley BevenFlorez-CDJ STAFFThe Miami Herald reported that “demolition workers used an Old West method on Tuesday to finish an incomplete casino implosion in Las Vegas.”
The Clarion Hotel and Casino owner Lorenzo Doumani told the Miami Herald that “[t]hey lassoed the building with steel cables, got a crane, and pulled and pulled and pulled.”
Burke Construction used a 2-ton explosive punch to bring the structure down, however, the concrete building dropped four stories but remained upright.
Burke Construction’s corporate safety coordinator, Anthony Schlect, told the Miami Herald that he was investigating the incident.
Read the court decisionRead the full story...Reprinted courtesy of
New York State Legislature Passes Legislation Expanding Wrongful Death Litigation
July 18, 2022 —
Lisa M. Rolle & Justyn Verzillo - Traub LiebermanIn early June, New York State Legislature passed legislation, often referred to as “The Grieving Families Act” (A.6770/S.74-A), which expands New York’s Wrongful Death Statute. This legislation is pending approval from Governor Kathy Hochul and has the ability to drastically impact wrongful death litigation by expanding how parties can bring an action, as well as expanding on recoverable compensation.
Pursuant to the existing statute (EPTL §5-4.1), the statute of limitations requires commencement of an action within two years after the decedent’s death. The proposed Grieving Families Act expands the statute of limitations for a wrongful death action to three years and six months after the decedent’s death.
Further, under the existing statute (EPTL §11-3.3), recovery in a wrongful death action is restricted to distributees (the intended beneficiaries under the will). The proposed legislation expands the parties permitted to bring a wrongful death action, replacing the term distributees with surviving close family members. These may include, but are not limited to, spouse or domestic partner, issue, parents, grandparents, step-parents, and siblings, leaving it to the finder of fact to determine which persons are close family members of the decedent based upon the specific circumstances relating to the person’s relationship with decedent. It remains to be seen what the burden of proof will be for the surviving close family members, as well as what process will be instituted with respect to the finder of fact. Presumably, the finder of fact will be a Judge.
Reprinted courtesy of
Lisa M. Rolle, Traub Lieberman and
Justyn Verzillo, Traub Lieberman
Ms. Rolle may be contacted at lrolle@tlsslaw.com
Mr. Verzillo may be contacted at jverzillo@tlsslaw.com
Read the court decisionRead the full story...Reprinted courtesy of
Contractor’s Claim for Interest on Subcontractor’s Defective Work Claim Gains Mixed Results
April 27, 2020 —
John J. Gazzola, Associate, Pepper Hamilton LLP - ConsensusDocsThis case concerns calculation of a damages award to a general contractor, Skanska USA Building, Inc., on its claim for breach of contract against its masonry subcontractor, J.D. Long Masonry, Inc., arising from Long’s faulty construction of a masonry façade at a medical research facility in Baltimore. When the façade collapsed and Long failed to repair it, Skanska hired a replacement subcontractor, C.A. Lindman, to remediate Long’s defective work and filed suit against Long to recover the resulting damages. After the court granted Skanska’s motion for summary judgment as to liability, Skanska moved for summary judgment on the issue of damages, relying on the indemnification provision of the subcontract to seek compensatory damages, pre- and post-judgment interest, and litigation fees. In the subcontract, Long agreed to indemnify and hold Skanska harmless from all claims, losses, costs and expenses, including attorneys’ fees, arising before or after completion of Long’s work, caused by, arising out of, resulting from, or occurring in connection with Long’s performance of the work or breach of the subcontract.
The court first applied the terms of this provision to award Skanska compensatory damages, holding that Skanska was, as a matter of law, entitled to recover the amount of the Lindman subcontract and general conditions incurred to supervise remediation of Long’s work. The court, however, denied Skanska’s claim for pre-judgment interest on the entirety of these damages. Skanska asserted that it was entitled to pre-judgment interest on the full award, calculated from the date on which it first paid Lindman. The court disagreed, explaining that, under Maryland law, a claimant is entitled to an award of pre-judgment interest as of right only when the amount due is certain, definite and liquidated by a specific date prior to judgment. The court reasoned that, because much of the Lindman subcontract value was composed of later-executed change orders, an award of pre-judgment interest could not be uniformly calculated back to the date of Skanska’s first payment to Lindman. And moreover, because Skanska continued to withhold sums due to Lindman pending resolution of certain issues, awarding Skanska pre-judgment interest on amounts it had not yet paid would result in a “windfall” to Skanska because there was no “use of income” loss to be compensated.
Read the court decisionRead the full story...Reprinted courtesy of
John J. Gazzola, Pepper Hamilton LLPMr. Gazzola may be contacted at
gazzolaj@pepperlaw.com
DIR Reminds Public Works Contractors to Renew Registrations Before January 1, 2016 to Avoid Hefty Penalty
December 17, 2015 —
Garret Murai – California Construction Law BlogI know.
You’re busy.
Perhaps even a bit overwhelmed.
You’ve got trees to trim, halls to deck with boughs of holly, and when you throw in (the office, your kids’ school, and the bowling league’s) holiday parties, you’re at the point where you’ve got visions of sugar plums (although it may vary) dancing through your head.
Well, the DIR has come to give you its own yuletide greeting.
Think of it as a Christmas card of sorts.
Merry Christmas.
The Department of Industrial Relations (DIR) announced today that a mandatory renewal deadline is approaching for contractors who bid or work on public works projects in California. Contractors whose public works contractor registration expired June 30, 2015, and have ongoing public works projects or plan to bid on new ones, must pay the $300 renewal fee before January 1, 2016 or face an additional
$2,000 late penalty after that date.
Read the court decisionRead the full story...Reprinted courtesy of
Garret Murai, Wendel Rosen Black & Dean LLPMr. Murai may be contacted at
gmurai@wendel.com
Does a Landlord’s Violation of the Arizona Residential Landlord-Tenant Act Constitute Negligence Per Se?
September 21, 2020 —
Kevin J. Parker - Snell & Wilmer Real Estate Litigation BlogIn a recent Arizona Court of Appeals case, Ibarra v. Gastelum, 2020 WL 4218020 (7/23/20), the Court of Appeals addressed the question whether – in a tenant’s personal injury claim against the landlord – a landlord’s violation of the Arizona Landlord-Tenant Act constituted negligence per se. The tenant alleged he was injured by stubbing his toe on a crack in the floor. The tenant alleged that he had made repeated demands that the landlord repair the crack. The statute required the landlord to make all repairs and do whatever is necessary to put and keep the premises in a fit and habitable condition. The tenant argued that a violation of the statute constituted negligence per se, meaning that the violation of the statute satisfied (as a matter of law) the first two elements of a negligence claim – duty and breach of duty. The tenant requested a negligence per se jury instruction. The trial court declined that request and refused to give the requested instruction. The tenant lost the jury trial and appealed.
Reprinted courtesy of
Kevin J. Parker, Snell & Wilmer
Mr. Parker may be contacted at kparker@swlaw.com
Read the full story... Read the court decisionRead the full story...Reprinted courtesy of
Breach of Fiduciary Duty Claim Against Insurer Survives Motion to Dismiss
June 10, 2015 —
Tred R. Eyerly – Insurance Law HawaiiWhile some of their claims were dismissed, plaintiffs' breach of fiduciary duty survived the insurer's motion to dismiss. Senft v. Fireman's Fund Ins. Co., 2015 U.S. Dist. LEXIS 61870 (D. N.J. May 12, 2015).
Plaintiffs' waterfront home was insured by Fireman's Fund. Plaintiffs alleged that the broker represented that the policy would provide (1) coverage in the event of a hurricane,(2) the "highest level of protection" offered by Fireman's Fund, and (3) "exceptional" services in the event of a catastrophe. The policy included a 2% hurricane deductible because of the home's proximity to the ocean.
Hurricane Sandy badly damaged plaintiffs' home. Plaintiffs alleged that the winds from Sandy battered their home long before the storm surge reached the structure.
Read the court decisionRead the full story...Reprinted courtesy of
Tred R. Eyerly, Insurance Law HawaiiMr. Eyerly may be contacted at
te@hawaiilawyer.com