December 18, 2019
EDITOR'S NOTE: This is the final issue of Dateline for 2019. The next issue will be published on Thursday, Jan. 2, 2020, and we will return to our normal schedule (i.e., delivery of Dateline every Wednesday) the following week. Thank you for the opportunity to continue sharing news you can use. We hope you enjoy a refreshing holiday break and a healthy, prosperous new year!
In This Issue:
- Texas Supreme Court Grants Petition for Review in Chicago Title v. Cochran
- TREC Seeks Public Input on Recently Proposed Rules
- Are There 'No-Risk' Areas on Flood Maps?
- World’s Biggest Banks Paying $386 Million to Settle Allegations of Price-Fixing Fannie Mae, Freddie Mac Bonds
- U.S. Finally Giving Boot to Official Foot Measurement
Texas Supreme Court Grants Petition for Review in Chicago Title v. Cochran
TLTA | Dec. 16, 2019
The Supreme Court of Texas granted the petition for review in Chicago Title v. Cochran on Dec. 13. In September of 2018, TLTA submitted an amicus letter to the Supreme Court requesting the Court's review of this case, as its outcome could affect thousands of real estate transactions every year.
In TLTA's request that the state Supreme Court address the case, it is noted that the Court of Appeals opinion challenges the use and viability of special warranty deeds, which are generally used by governmental entities, lenders and creditors, and commercial property owners.
Read the Amicus Letter Submitted by TLTA Sept. 24, 2018 »
TLTA's Judiciary Committee, which is chaired by Leslie Johnson, is responsible for recommending to our board of directors TLTA's position on court decisions that could affect the defense of title companies and title agents.
TLTA Judiciary Committee Members »
TREC Seeks Public Input on Recently Proposed Rules
TREC | Dec. 16, 2019
At their meeting on Nov. 19, 2019, the Texas Real Estate Commission adopted rules and two contract addenda based on recommendations received from the Sunset Advisory Commission and TREC's education, inspector and broker-lawyer committees. In addition, four rule amendments were proposed. License holders and the public are encouraged to review and comment on any proposed changes to the rules by emailing
[email protected] through Jan. 12, 2020.
These proposed rules will be up for adoption in February.
Review the Proposed Rules »
Are There 'No-Risk' Areas on Flood Maps?
Texas Realtors | Dec. 17, 2019
Everyone lives in an area with some measure of flood risk, according to Gilbert Giron, of the Federal Emergency Management Agency, who this month led a webinar for Texas REALTORS®. In fact, a Flood Insurance Rate Map (FIRM) provided by FEMA does not contain “no-risk” areas. The line on a FIRM shows the boundary of Special Flood Hazard Areas (SFHA) for insurance purposes, but it does not predict where floods can happen or the full risk of flooding.
Giron explained the terminology behind a number of concepts related to flooding, flood insurance, and included in new flood-related questions on the Seller’s Disclosure Notice (TXR 1406). The burden to fill out the Seller’s Disclosure Notice rests with homeowners, but realtors benefit from being able to understand the concepts contained in the form.
Watch a Video of the Webinar »
Download the Webinar Slides »
World’s Biggest Banks Paying $386 Million to Settle Allegations of Price-Fixing Fannie Mae, Freddie Mac Bonds
HousingWire | Dec. 17, 2019
Sixteen of the world’s biggest financial institutions will pay a total of $386.5 million to settle claims that the banks conspired to fix the prices of bonds issued by Fannie Mae and Freddie Mac over a seven-year period.
Earlier this year, Pennsylvania Treasurer Joe Torsella filed a proposed class action lawsuit on behalf of the state, alleging that a number of banks, including Deutsche Bank, Goldman Sachs, Barclays, Citigroup, JPMorgan Chase, and several others, conspired to both overcharge and underpay investors on debt bonds issued by Fannie and Freddie between 2009 and 2016.
After suing the 16 financial institutions, Pennsylvania was eventually named the representative for a class that included several pension funds that all invested in the bonds in question.
Read More »
U.S. Finally Giving Boot to Official Foot Measurement
Associated Press | Dec. 14, 2019
Change is afoot for the official measuring stick used to size up big places in America.
The reason? There are actually two different definitions of the 12-inch measurement known as a foot.
Some land surveyors use what’s known as the U.S. survey foot. Others use the definition that’s more accepted by the broader world: the international foot.
The difference between them is so tiny that you can’t see it with the naked eye on a 12-inch ruler. But over big distances, it matters. So, to reduce the chance for errors and confusion, the federal government has announced it’s finally giving the boot to the survey foot.
Read More »
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