Sheppard Mullin Financial Institutions Law Blog

HUD's Office of Inspector General (OIG) recently completed audit reports with respect to marketing, noncompetition and volume-based incentive arrangements entered into by First Magnus Financial Corporation, and concluded that these arrangements violated the Real Estate Settlement Procedures Act ("RESPA").

Effective July 8, 2008, the State of California enacted new requirements for foreclosures on owner-occupied properties, as well as a new requirement for eviction of tenants by the purchaser at a foreclosure sale. The new law applies to residential mortgage loans that were made between January 1, 2003 and December 31, 2007 and will expire on January 1, 2013. The new law can be found at California Civil Code Sections 2923.5, 2923.6, 2924.8and 2929.3, and California Code of Civil Procedure Section 1161b. The key provisions of the new law provide that: