In an attempt to redefine what is considered the unauthorized practice of law, a task force was recently formed in South Carolina to examine what guidelines should be implemented that would establish the best practices for attorneys conducting residential and commercial real estate closings in the Palmetto State. The South Carolina Bar Task Force on Closing Responsibilities developed these guidelines and submitted them to the Supreme Court of South Carolina for its review and possible adoption. Prior to implementing the changes, however, the Supreme Court is holding a public hearing where they will be discussed.

Weekly developments in the title insurance industry (May 3 - May 9, 2008)

The changes reflect the growth that Cyberhomes experienced during its introductory year, including access to more than 500,000 virtual tours and 700,000 property listings.

The two men, who are the former principals of Olympia Mortgage Corporation, a Brooklyn-based mortgage firm, were charged with conspiracy, wire fraud and bank fraud.

House Resolution 5818, entitled "The Neighborhood Stabilization Act of 2008," would provide assistance to communities where foreclosures have severely impacted neighborhoods.

The Connecticut Senate passed legislation that implements several new tactics aimed at helping homeowners avoid foreclosure while also providing funding for future real estate calamities.

Americas Watchdog and its National Mortgage Complaint Center are contesting Henry Paulson's recent statement that the U.S. credit crisis is nearing an end, as "a self-serving lie."

The comment period for the proposed rule to simplify and improve the process of obtaining mortgages and reducing settlement costs under RESPA will be extended 30 days until June 12, 2008.

ZipRealty homebuyers in the following five cities received the most in rebates from the company since its birth in 1999: San Francisco, Los Angeles, Boston, Seattle and Phoenix.

On June 3, 2008 residents of California will go to the voting booths and decide whether they support one of two pieces of eminent domain legislation that are currently being haggled over by numerous politicians and private and public interest groups throughout the Golden State. The two propositions, which stand in stark contrast to one another, are the result of the U.S. Supreme Court's decision in Kelo v. New London. Despite claims that each represents the interests of California's homeowners, a battle has begun over which one will become law.

Members of the U.S. Senate unanimously approved the passage of Senate Amendment 4387, The Foreclosure Prevention Act of 2008, on April 10, 2008. The legislation is comprised of several key elements, including aiming to ensure that more families can benefit from FHA programs; assisting communities plagued by foreclosures; providing families with pre-foreclosure counseling and enhancing mortgage disclosure. The legislation, which was crafted by Democratic Senator Christopher Dodd and Republican Senator Richard Shelby, calls for significant changes aimed at helping Americans realize and maintain the American Dream.