FAIRFIELD CONNECTICUT BUILDING EXPERT
DIRECTORY AND CAPABILITIES

SEC Approves New Securitization Risk Retention Rule with Broad Exception for Qualified Residential Mortgages

November 26, 2014 — Neil P. Casey & Lori S. Smith – White and Williams LLP
The Securities and Exchange Commission (SEC) and five other federal agencies recently approved a joint rule (the “Risk Retention Rule”) mandating that sponsors of certain types of securitizations retain a minimum level of credit risk exposure in those transactions and prohibiting such sponsors from transferring or hedging against that retained credit risk.[i]The final Risk Retention Rule will be effective one year after its publication in the Federal Register for securitizations of residential mortgages, and two years after publication for securitizations of all other asset types. The SEC vote was 3-2, with sharp dissents from Commissioners Gallagher and Piwowar concluding that the adopting agencies had missed a prime opportunity to rein in risky mortgage lending practices that had precipitated the 2008 financial crisis. Background Following the meltdown of the securitization markets in 2007 (particularly subprime residential mortgage-backed securities), and the resulting global financial crisis, the Dodd-Frank Act mandated that the U.S. federal banking, securities and housing agencies adopt and implement rules to require sponsors of most new securitizations to retain not less than five percent of the credit risk of any assets that the securitizer, through the issuance of an asset-backed security, transfers, sells or conveys to a third party. It was thought that requiring securitization sponsors to keep “skin in the game” would align the interests of the sponsors with the interests of investors and thereby incentivize the sponsors to ensure the quality of the assets underlying the securitization through appropriate due diligence and underwriting procedures when selecting assets for securitization. Although the Dodd-Frank Act explicitly exempted securitizations of certain types of mortgage loans called “qualified residential mortgages” (or “QRMs”) from this risk retention requirement, it invited the rulemaking agencies to define that key term, provided that their definition could be no broader than the definition of “qualified mortgage”adopted by the Consumer Financial Protection Bureau (CFPB) pursuant to the Truth in Lending Act.[ii] In considering how to define QRM, the rulemaking agencies were directed by the Dodd-Frank Act to take into consideration “underwriting and product features that historical loan performance data indicate result in a lower risk of default.”[iii] Reprinted courtesy of Neil P. Casey, White and Williams LLP and Lori S. Smith, White and Williams LLP Mr. Casey may be contacted at caseyn@whiteandwilliams.com; Ms. Smith may be contacted at smithl@whiteandwilliams.com Read the court decision
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Congratulations to Partner John O’Meara for Being Named as One of America’s Top 100 Civil Defense Litigators for Three Consecutive Years!

September 20, 2021 — Dolores Montoya - Bremer Whyte Brown & O'Meara LLP
Please join Bremer Whyte Brown & O’Meara, LLP in congratulating Woodland Hills Partner John O’Meara for being selected as one of America’s Top 100 Civil Defense Litigators for the third year in a row! Membership among America’s Top 100 Civil Defense Litigators highlights the accomplishments of the nation’s most esteemed and skilled Civil Defense attorneys. Only 100 attorneys in each state receive this honor and candidates for membership are identified through third-party research or peer nominations by America’s Top 100 or elite attorneys in the community. Candidates are judged by the attorney’s lifetime legal achievements, professional experience, significant case results, peer reputation, client satisfaction, other notable honors, media notoriety, and community impact. Reprinted courtesy of Dolores Montoya, Bremer Whyte Brown & O'Meara LLP Read the full story... Read the court decision
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California Court of Appeal Clarifies Intent of Faulty Workmanship Exclusions

October 26, 2017 — Tiffany Casanova – Saxe Doernberger & Vita, P.C.
Last month, in Global Modular, Inc. v. Kadena Pacific, Inc., 1 a California Court of Appeal clarified the meaning of the frequently asserted j.(5) and j.(6) exclusions of the standard commercial general liability policy; an issue the court deemed one of “first impression” for the state. The court took a close look at how courts nationwide handle the exclusions and relied on the policy language to come to a policyholder-friendly decision. Read the court decision
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Reprinted courtesy of Tiffany Casanova, Saxe Doernberger & Vita, P.C.
Ms. Casanova may be contacted at tlc@sdvlaw.com

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World-Famous Architects Design $480,000 Gazebos for Your Backyard

December 10, 2015 — Katya Kazakina – Bloomberg
Star architects known for dreaming up museums, concert halls, and stadiums are aiming to bring high design into a much more pedestrian segment: prefabricated, mixed-use structures. If you don't want to spring for one of Zaha Hadid's $50 million penthouses, you can now have your own outdoor dining pavilion by the Pritzker Prize winner. Price tag: $480,000. Made with wood, stainless steel, and aluminum, the curvy piece comprises a platform and a sprawling, perforated canopy, resembling a giant mushroom straight out of Alice in Wonderland. (This is a Hadid, after all.) It will be made in an edition of 24. Read the court decision
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Reprinted courtesy of Katya Kazakina, Bloomberg

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Federal District Court Continues to Find Construction Defects do Not Arise From An Occurrence

May 10, 2012 — CDJ STAFF

Coverage for construction defects continues to be hotly contested in Hawaii state and federal courts. In a recent decision, Judge Mollway felt bound to follow the Ninth Circuit’s decision in Burlington Ins. Co. v. Oceanic Design & Constr., Inc., 383 F.3d 940, 944 (9th Cir. 2004), where the court found construction defect claims arise from breach of contract, not from an occurrence. Judge Mollway’s most recent decision on the issue is Illinois Nat. Ins. Co. v. Nordic PCL Constr., Inc., 2012 U.S. Dist. LEXIS 58464 (D. Haw. April 26, 2012).



Nordic constructed a grocery store for Safeway. In addition to the grocery store, Nordic built a 165-space rooftop parking deck, retail shops and related improvements. After opening for business in 2007, Safeway experienced significant leaks. Safeway demanded that Nordic repair the parking deck. Nordic sent the demand letter to the insurer, who agreed to appoint counsel subject to a reservation of rights.



Safeway filed suit against Nordic in state court alleging, among other things, breach of contract and negligence. The insurer provided Nordic with a defense, but Nordic hired independent counsel.



The insurer filed for declaratory relief in federal district court.



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Three Key Takeaways from Recent Hotel Website ADA Litigation

April 26, 2021 — Shane Singh & Grace Mehta - Lewis Brisbois
Despite the COVID-19 pandemic and its chill on the hospitality industry, ADA-related digital lawsuits increased by approximately 23% in 2020. Many of these lawsuits are filed against hotels. The complaints allege that a hotel’s online reservation system failed to provide enough detail for individuals with disabilities to decide if the hotel meets their accessibility needs. These plaintiffs will often claim that it is insufficient to describe an aspect of a hotel or room as “accessible” because the term is an opinion or conclusion. Plaintiffs argue that a hotel’s reservation system must report specific information, such as the dimensions of space under accessible desks and sinks, the slopes of surfaces, doorway clearance, and numerous other technical requirements under the ADA. Many hotels are fighting back, arguing that the detail provided is sufficient and in compliance with the ADA. So far this year, in February 2021, two judges in the U.S. District Court for the Central District of California, Judge Percy Anderson and Judge Cormac Carney, agreed with the defendants, dismissing three cases with prejudice. Reprinted courtesy of Shane Singh, Lewis Brisbois and Grace Mehta, Lewis Brisbois Mr. Singh may be contacted at Shane.Singh@lewisbrisbois.com Ms. Mehta may be contacted at Grace.Mehta@lewisbrisbois.com Read the court decision
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Surfside Condo Collapse Investigators Have Nearly Finished Technical Work

March 11, 2024 — James Leggate - Engineering News-Record
Newly analyzed evidence in the investigation into the June 2021 partial collapse of Champlain Towers South that killed 98 people in Surfside, Fla., shows that the pool deck collapsed more than four minutes before the tower itself. But investigators are still working to determine the initiating event, and aim to finish their technical work this summer. Reprinted courtesy of James Leggate, Engineering News-Record Mr. Leggate may be contacted at leggatej@enr.com Read the full story... Read the court decision
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Dave McLain named Barrister’s Best Construction Defects Lawyer for Defendants for 2019

January 20, 2020 — David M. McLain – Colorado Construction Litigation
The attorneys and staff at Higgins, Hopkins, McLain & Roswell are proud to announce that Law Week Colorado named Founding Member Dave McLain as the 2019 People’s Choice for Best Construction Defects Lawyer for Defendants. According to the publication:

Law Week Colorado asked its readership to weigh in on the best attorneys in just about every practice area we could think of. We received hundreds of responses and sifted through the votes for each category to determine the “People’s Choice” winner – the top attorney in each practice area according to other attorneys. And then we handed it to the “Barrister” (the hive mind of Law Week staff, supplemented by public votes and a healthy dose of additional research) to determine the Barrister’s Choice.

In recognizing Mr. McLain this year, Law Week Colorado stated:

Previously appearing in Law Week’s 2015 Barrister’s Best issue [in which he was recognized as the Barrister’s Choice as Best Construction Defects Lawyer for Defendants], David McLain participates in numerous speaking engagements on construction defects claims and is seen as a leader in the field. His extensive experience over the last two decades of practice speaks for itself.

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Reprinted courtesy of David McLain, Higgins, Hopkins, McLain & Roswell
Mr. McLain may be contacted at mclain@hhmrlaw.com

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