Condo Media - July 2017 - 12
News Desk
FHFA and Priority Lien
Update on Efforts to Extinguish the Super Lien
[By Ellen Shapiro, Esq.]
At the CAI national conference in
Las Vegas earlier this year, I was
privileged to accept the CAI Award
for Excellence in Government &
Public Affairs on behalf of the "Fab5"-Wes Blair, Laura Cardoos, Stephen
Marcus, Esq., Scott Wolf, CMCA, AMS,
PCAM, and myself, for fighting, under
the leadership of Stephen Marcus, to
combat efforts of FHFA to extinguish
the super lien of the 21 states and D.C.
PRIORITY LIEN THREAT
FHFA has taken the position that the
Housing Economic Recovery Act of
2008 prevents any mortgages held by
FNMA and Freddie Mac from being
wiped out by a priority lien foreclosure
action because those institutions are in
receivership. (It should be noted when
they were placed in receivership during
12
CONDOMEDIA
the housing crisis, they were required to
repay the government the bailout money
received; however, the bailout money
has been repaid and they are paying $2
billion a month to the government.)
Nevada is the state under attack at this
time, but while Nevada state courts have
upheld the super lien, the Federal courts
for the district have not. Currently there
is a "pro bank" case that has petitioned
the U.S. Supreme Court to hear their
appeal. CAI attorneys Marvin Nodiff and
Jamie Fraser have petitioned to file an
amicus brief on behalf of CAI. For more
information or to find out how you can
assist in this important fight, please contact any one of us or the chapter office.
Ellen Shapiro, Esq., is a partner in the
law firm Goodman, Shapiro &
Lombardi, LLC.
FHFA has taken the
position that the
Housing Economic
Recovery Act of
2008 prevents any
mortgages held
by FNMA and
Freddie Mac from
being wiped out by a
priority lien foreclosure action because
those institutions
are in receivership.
Condo Media - July 2017
Table of Contents for the Digital Edition of Condo Media - July 2017
Table of Contents
Condo Media - July 2017 - Cover1
Condo Media - July 2017 - Cover2
Condo Media - July 2017 - Table of Contents
Condo Media - July 2017 - 2
Condo Media - July 2017 - 3
Condo Media - July 2017 - 4
Condo Media - July 2017 - 5
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Condo Media - July 2017 - 8
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Condo Media - July 2017 - Cover3
Condo Media - July 2017 - Cover4
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