Law on Rice

So, as you are painfully aware by now, easy mortgage credit, especially cash out mortgages, really fueled the real estate bubble.  So, how did Texas–the land of bubbles–miss the foreclosure tsunami (over 13% of Arizona mortgages are in foreclosure)?  Maybe this Washington Post article has the answer:

[In Texas] cash-outs and home-equity loans cannot total more than 80 percent of a home’s appraised value. There’s a 12-day cooling-off period after an application, during which the borrower can pull out. And when a borrower refinances a mortgage, it’s illegal to get even a dollar back. Texas really means it: All these protections, and more, are in the state constitution. The Texas restrictions on mortgage borrowing date from the first days of statehood in 1845, when the constitution banned home loans.

Jeffrey I. Schindler wrote:

Plaintiffs’ lawyers and class actions have been the “whipping boy” of the tort reform movement for far too long. Indeed, the drum has been beaten so consistently during the past decade that it is now accepted as truth in many quarters that only trial lawyers (and their nefarious lobby) get anything of value from these lawsuits. What this perspective deliberately ignores is the litany of cases in which private lawyers step in when regulators abdicate their responsibilities. It also ignores how often the “little guy” who has been wronged would never have gotten his day in court without the ability to join with others who have been similarly wronged.

• Are you afraid of bankruptcy?
  March 8, 2010
  Bankruptcy Law Network
  People tell me that they are afraid of filing for bankruptcy. Fear of the unknown is a reasonable emotion. I am afraid of the dentist. I’m afraid of the pain from the drilling. I am afraid that the shot will...
• 'Poor man's attorney' John Pintek most proud of miners' rights cases
  March 6, 2010
  Search Results - Arizona Daily Star
  Injustice infuriated John Pintek.
• Phoenix pays millions in vehicle-related claims
  March 6, 2010
  azcentral.com | news
  City of Phoenix vehicles are involved in at least one accident a day on average, according to an Arizona Republic analysis of liability claims filed against the city in the past five years.
• Chapter 13 Eligibility Limits Increase on April 1, 2010
  March 6, 2010
  BankruptcyProf Blog
  Debt limits for Chapter 13 increase April 1, 2010, to $360,475 of unsecured debt and $1,081,400 of secured debt. This change represents an increase of about 7% over the previous Chapter 13 debt limits.
• Meet the Clerk - Program by cdcbaa on March 20, 2010
  March 6, 2010
  BankruptcyProf Blog
  The program will be coordinated by KEITH HIGGINBOTHAM and moderated by JEFF SMITH. It will be entitled MEET THE COURT CLERKS OFFICE: THE POWER BEHIND THE POWER Location: Southwestern Law School, March 20, 2010...
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• A-PEE-als Court: Tucson ban on public urination legal
  March 4, 2010
  Search Results - Arizona Daily Star
  An Arizona appellate court's ruling upholds the constitutionality of Tucson's ordinance against urinating in public.
• New Rules for "Free" Credit Reports
  March 3, 2010
  California Credit Law Blog
  In 2003, the federal Government required the three national credit agencies to establish a website where consumers could download their credit reports free, once a year. Unfortunately, the Government foolishly...
• Lap-band promoters' troubled history
  March 3, 2010
  RSS Personalised Feed
  My Note: These signs were evvvvvverywhere while I was driving through LA.
  The waiting room of the Beverly Hills surgery clinic was teeming with customers on a recent Saturday, with many of the patients there for the weight-loss operation hawked on freeway billboards, bus placards, a...
• Creditors file suits vs. car-wash mogul
  March 4, 2010
  azcentral.com | business
  Four creditors have filed lawsuits against Valley car-wash mogul, restaurateur and developer Daniel "Danny" Hendon, his business partners and their various companies, claiming a total debt of more than $50 mill...
• Valet Your Bike For FREE In Santa Monica!
  March 3, 2010
  Shortcuts
  Sustainable Santa Monica just posted this on their Face Book Page.      How cool is this!!! The City is hosting a free Bike Valet on Friday evenings on Main Street, including Last Fridays. The Bike...
• Bank of America moves to foreclose on Viad Tower in midtown Phoenix
  March 3, 2010
  Downtown Voices Coalition
  [Source: Ken Alltucker, Arizona Republic] — A lender is seeking to foreclose on the Viad Corporate Center, a high-rise office tower on Central Avenue in Phoenix, the latest example of the region’s commercia...
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• Senate kills texting while driving ban
  March 3, 2010
  Arizona Capitol Times
  My Note: This surprises me in surprising ways.
  For the second year in a row, the Arizona Senate on March 2 shot down an attempt to ban texting while driving amid concerns about imposing too much government regulation.
• Senate votes to tighten evidence standard
  March 3, 2010
  Arizona Capitol Times
  My Note: Interesting. Good law review fodder.
  State court judges would have a tighter screen to use when deciding expert testimony that juries hear in civil cases under a bill approved 20-8 by the Arizona Senate, sending the measure to the House.
• A Tucson Monorail?
  March 2, 2010
  Tucson Weekly
  This week in his column in Inside Tucson Business (which shares office space, a coffee machine and ownership with the Weekly), David Hatfield asks why the city is building a streetcar system when a monorail sys...
• Orange officials sue couple who removed their lawn
  March 2, 2010
  RSS Personalised Feed
  City codes require that live landscaping cover 40% of the yard. Quan and Angelina Ha say their water use has dropped 80% since they replaced the grass with wood chips and drought-tolerant plants. Some Southern...
• Feds may force mods
  March 2, 2010
  Bankrate.com: Mortgage Matters Blog Headlines
  My Note: Interesting idea.
  Feds might prohibit foreclosures until borrowers have been found ineligible for mods.
• Foreclosure scams add to homeowner misery  
  March 1, 2010
  Arizona Capitol Times
  Gregory Nave wanted justice after he was bilked out of $3,495 by a foreclosure consultant, but the state Attorney General's Office told him there were no laws to protect against the kind of scam that victimized...
• Legislature attacks foreclosure problem with 16 bills 
  March 1, 2010
  Arizona Capitol Times
  Sen. John Nelson's S1130 would establish rules for mortgage consultants who claim to negotiate with lenders on behalf of homeowners facing foreclosure.
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• Mohave County supervisors consider dress code
  March 1, 2010
  Arizona Capitol Times
  My Note: Can they do that? Probably.
  KINGMAN - The way you dress could determine in the future whether you are allowed to attend a Mohave County Board of Supervisors meeting.
• Swearing in the workplace can get you fired in Arizona
  February 27, 2010
  azcentral.com | business
  Terminated for using profanity at work? It may seem surprising or excessive, but it is usually legal.
• Supreme Court Rules On “Principal Place of Business” Definition
  February 24, 2010
  NACM Blog
  The U.S. Supreme Court recently found in favor of the Hertz Corporation in a case that tackled the definition of a corporation's "principal place of business." Read more...
• Arizona banking industry continues to struggle
  February 25, 2010
  azcentral.com | business
  Performance of Arizona-based banks is projected to improve. But bad loans, rising delinquencies marked a weak 2009.
• Supervisor cases collapse
  February 25, 2010
  azcentral.com | news
  Three politically explosive criminal cases against Maricopa County officials collapsed Wednesday after a judge ruled that County Attorney Andrew Thomas had a conflict of interest.
• 1931 bank building in downtown Phoenix headed for foreclosure
  February 24, 2010
  Downtown Voices Coalition
  [Source: Jahna Berry, Arizona Republic] – A downtown Phoenix 1931 bank building that was entangled in Mortgages Ltd.’s collapse appears headed for foreclosure.  The 12-story Professional Building at 15 E....
• Questions mount over drop in illegal immigrant population
  February 22, 2010
  azcentral.com | news
  My Note: I hate this entire debate, so it would be nice if the problem just kind of "mooted" itself.
  Arizona has seen the sharpest decline in the size of its undocumented population of any state.
• Failure of HAMP, Possibility of Do-Over?
  February 19, 2010
  Americans for Fairness in Lending
  A recent article in the Washington Post offered a fresh look at the Home Affordable modification program (HAMP). The program is not faring nearly as well as the administration had hoped it would for a variety...
• What border agents search and seize
  February 19, 2010
  RSS Personalised Feed
  Cellphones top the list of the 1,644 electronic devices scrutinized in a 9-month period. In the last year and a half, civil liberties groups and business travel leaders have complained about U.S. Border Patrol...
• Fewer homeowners falling behind on mortgage payments
  February 20, 2010
  RSS Personalised Feed
  Delinquency rate at the end of December falls to a seasonally adjusted rate of 9.47% from 9.64% in the third quarter, according to a mortgage bankers group. But troubles are not over, experts say. The clouds ma...
• Consumers who buy individual health policies feel trapped
  February 19, 2010
  RSS Personalised Feed
  They have few options other than dropping coverage as insurers raise rates and slash benefits. Insurers blame the soaring cost of medical care and the churn of customers in the individual market. Health insurer...
• Lawmakers want to tax Amazon sales in California
  February 20, 2010
  RSS Personalised Feed
  The retail giant is among several that have no physical presence in the state. Legislative Democrats think a levy on them could bring in up to $150 million annually. State lawmakers hunting for revenue are eyei...
• Building credit when you're young is getting tougher
  February 21, 2010
  RSS Personalised Feed
  Dear Liz: I am 20 and trying to build my credit. I rented an apartment for a year, and I bought a car last year but needed a cosigner to get the loan. It seems like none of this is factoring into my credit scor...
• Board should set boundaries for its meddlesome attorney
  February 21, 2010
  RSS Personalised Feed
  One way to deal with legal counsel who shows up on the property unannounced and attends board meetings uninvited is to revise the terms of his agreement. Another is to replace him. Question: Our associations at...
• Group fights plan to fine tax cheats
  February 21, 2010
  RSS Personalised Feed
  Corporate opposition to penalizing false claims could scuttle a state tax-relief bill. Manufacturing businesses, big financial firms and energy companies are eager for new tax breaks in California -- but not if...
• Opinion: Fighting for the rights of the average Californian
  February 19, 2010
  Capitol Weekly
  My Note: Interesting oped about consumer lawyers, by a consumer lawyer.
  When government fails to protect the public, the attorney steps in
• 'Crash tax’ gaining ground in California
  February 17, 2010
  Capitol Weekly
  But critics cite inequities, double taxation
• Editorial: The Year in Foreclosures
  February 15, 2010
  NYT > Opinion
  To stem foreclosures, banks must be compelled to get on board with a Treasury plan to get second-mortgage owners to write down their debt once the first mortgage is modified.
• Premature tightening
  February 19, 2010
  (title unknown)
  My Note: I really want an answer to the same question: is the fall in liquidity due to demand for credit, tightening credit standards, or a decline in willing lenders?
  Free exchange The money supply R.A. | WASHINGTON...
• Traffic is a Culture, Not Just a Pain in the A**
  February 18, 2010
  Shortcuts
  Take, for example, how it can nurture comradery at work – water cooler chat if you will.   “Were you on the 405 today? Wasn’t it the worst!?” Bam! With that one question people have something in common...
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• New Study - Foreclosures' Impact on Families
  February 16, 2010
  CL&P Blog
  The National Council of La Raza and the Center for Community Capital at UNC have published The Foreclosure Generation: The Long-Term Impact of the Housing Crisis on Latino Children and Families.   This unique...
• Update on the job
  February 16, 2010
  johnaugust.com
  My Note: Things like this so-called project make me so happy to be out of tech.
  I’ve culled 66 applications down to a final few candidates for the new Director of Digital Things job. Since several candidates live outside Los Angeles, we did video interviews by iChat — which was a rem...
• Nodar Kumaritashvili RIP
  February 15, 2010
  Life is a Dream
  My Note: You know how the IOC made a bunch of changes to the track after Kumaritashvili died? It seems like that would be great evidence in a wrongful death suit, but it would be inadmissible in a US federal court under the subsequent remedial measures rule.
  Nodar Kumaritashvili RIP
• Relatives of professors killed in Alabama question hiring of woman with troubled past
  February 15, 2010
  RSS Personalised Feed
  My Note: Yep. I was just talking to someone about this and whether it would spark a negligent hiring suit.
  Amy Bishop had loudly decried being denied tenure by the University of Alabama. She is charged in the three deaths and the wounding of three other professors on Friday. Grieving relatives of three professors g...
• Lawsuit Alleges Experian's FreeCreditReport.com ads Are Deceptive
  February 12, 2010
  California Credit Law Blog
  A Wisconsin woman has filed a class action alleging that Experian's FreeCreditReport.com ads led her to believe she could go to that site for a free credit report. Once she signed up for her "free" credit repor...
• Happy Statehood Day, Arizona!
  February 14, 2010
  Downtown Voices Coalition
• La Grande Orange founder opening spot in downtown Phoenix
  February 13, 2010
  Downtown Voices Coalition
  [Source: Howard Seftel, Arizona Republic] – The downtown Phoenix restaurant scene has been speeding down the runway for the past couple of years.  Now, it looks like it may achieve lift-off.  Bob Lynn, fou...
• Citizens for Phoenix coalition offers proposal to deal with city budget crisis
  February 11, 2010
  Downtown Voices Coalition
  In early February, the Phoenix City Manager proposed $140 million in budget cuts to the Mayor and City Council.  In response, a nascent coalition of neighborhood groups and non-profit organizations began meeti...
• Tedeschi Report on Effect of the New RESPA Disclosure Regulations
  February 14, 2010
  CL&P Blog
  by Jeff Sovern Bob Tedeschis Mortgages Column in todays Times reports on the effect of the new RESPA disclosure regs, which went ino effect January 1.  According to the column, some brokers say that borrowers...
• Roben Farzad, Bloomberg BusinessWeek, Senior Writer
  February 14, 2010
  C-SPAN Recent Video
  Roben Farzad, Bloomberg BusinessWeek, Senior Writer, discusses how the Federal Reserve is beginning to wind down its efforts to prop up the U.S. economy. The guest will also discuss the latest economic report f...
• Pick your own prosecutor? Really?
  February 10, 2010
  E.J. Montini's Columns & Blog - EJMontini's Blog - azcentral.com
        Ask yourself this question, and be honest.   If you were in legal trouble, facing fines and jail time, and you had the opportunity to pick the attorney who would prosecute your case would y...
• Court Approves FCRA Class Action On Credit File Disclosures
  February 9, 2010
  Strasburger FCRA Blog
  Searcy v. eFunds Corp., 2010 U.S. Dist. LEXIS 4334 (N.D. Ill. Jan. 20, 2010)Facts: Plaintiff filed suit against Defendants alleging multiple FCRA violations. Defendants contracted with a number of retailers to...
• Poll: Should California regulate the price of health insurance?
  February 9, 2010
  Opinion L.A.
  Jon Healeys blog post on the plan by WellPoints Anthem BlueCross to raise health insurance premiums by up to 39% raises an interesting question:  Should California regulate such price hikes, just as it does w...
• Bills involving transparency include plan to put local government spending online
  February 10, 2010
  Arizona Capitol Times
  Requiring local governments to post records of all financial transactions online would make officials better stewards of the public's money, a state lawmaker contends.
• New leader for US Attorney’s Office in Tucson
  February 10, 2010
  Arizona Capitol Times
  Shelley Clemens has been named to lead the U.S. Attorney's Office in Tucson.
• Stapley will use tax increase as litmus test to appoint legislators
  February 8, 2010
  Arizona Politics for Conservatives by Sonoran Alliance
  A m e r i c a n P o s t – G a z e t t e Distributed by C O M M O N S E N S E , in Arizona Monday, February 8, 2010 Stapley supports 18% tax increase Threatens to appoint like minded legislato...
• Mortgage Bankers Association walks away
  February 6, 2010
  CL&P Blog
  In todays can-you-top-this-for-irony story, the Wall Street Journal reports today that the trade group representing Americas mortgage lenders sold its severely underwater Washington DC headquarters for $41.3 mi...
• Times Reports that Senate Financial Regulation Talks Break Down Over Consumer Financial Protection Agency
  February 6, 2010
  CL&P Blog
  by Jeff Sovern Here.  The article reports that Democrats will proceed on their own with the proposal.  The ranking Republican on the Committee, Richard Shelby, explained his position: “I fully support enha...
• JD Hayworth formally launches US Senate campaign February 15
  February 8, 2010
  Arizona Politics for Conservatives by Sonoran Alliance
  For Immediate Release: Monday, February 8, 2010 PHOENIX, ARIZONA.  FEBRUARY 8, 2010. Conservative J.D. Hayworth will formally launch his Republican primary challenge to 24-year incumbent John McCain from his...
• January Filings
  February 8, 2010
  BankruptcyProf Blog
  There were 102,600 total bankruptcy filings in January 2010. This compares to 117,000 in December, 115,500 in November, and 130,200 in October, 2009. The rest of the year is: 125,500 September; 120,000 in Augus...
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