Bank of America is getting slapped with another lawsuit by Dallas County, that if successful could be a harbinger for many similar suits to come, Bloomberg News reported. Meanwhile, according to Reuters, the bank — the largest in America — is selling off $880 million of U.S. real estate assets to a group of investors comprised of Square Mile Capital Management, Invesco and Canyon Capital Realty Advisors.

The lawsuit names BofA and MERS, an electronic system for processing mortgages that acts as the lender’s nominee and becomes the mortgagee, provided that the loan was originated by one of the financial institutions that owns MERS. Those include Citigroup, JPMorgan Chase, the Mortgage Bankers Association, American Land Title Association, Freddie Mac and Fannie Mae…. [more]

A high-end residential development in Greenpoint that was funded in part by basketball great Magic Johnson and that failed as a condominium but survived as a rental was sold in bankruptcy for $58.2 million.

Brooklyn investors Chaim Gross, Martin Friedman and Joseph Brunner signed a purchase agreement for the 130-unit property known as Viridian, at 110-130 Green Street between Franklin Street and Manhattan Avenue, Dec. 1, Brooklyn bankruptcy court records from the Eastern District show. The sale closed Dec. 13, said attorney Kevin Nash, who represented the project’s developer, Joel Schwartz.

The bankrupt seller known as 110 Green St. Development, a company headed by developer Schwartz, filed for chapter 11 bankruptcy in February 2009, citing an inability to sell the condos. Sales began in June 2008, but never caught on.
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Earvin “Magic” Johnson, the Isabella condominium and Alec Ornstein of Ornstein Leyton

A partnership co-founded by basketball legend Earvin “Magic” Johnson has recapitalized the stalled Isabella condominium in Clinton Hill, Brooklyn with $22.6 million in new financing, and the… [more]