Our rates are low, our application is quick and easy! We can get you clear to close in as little as 10 days!
NMLS ID # NMLS # 228246
William Rapp, based in Houston, TX, US, is currently a Capital Advisor at Medallion Funds, bringing experience from previous roles at eXp Commercial, NEXA Mortgage, Viking Enterprise LLC and Sun Realty - Houston. William Rapp holds a 1997 - 2001 BBA in Finance @ Texas A&M University. With a robust skill set that includes REO, Sellers, SFR, FHA financing, Reverse Mortgages and more, William Rapp contributes valuable insights to the industry.
Great experience purchasing our first home! Bill was easy to reach and always able to answer any questions or concerns.
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The recent Supreme Court decision to overturn the decades-old precedent allowing federal agencies to interpret vague laws marks a significant shift in regulatory power. This ruling opens the door for businesses to more easily challenge regulations they find unfavorable.
In a 6-3 decision, the Court overturned the 1984 Chevron v. Natural Resources Defense Council case, thereby limiting the regulatory powers of numerous federal agencies overseeing sectors such as the environment, public health, and employment. Legal experts suggest that this decision will have profound effects on commercial real estate, a sector deeply intertwined with various laws and regulations.
Impact on Commercial Real Estate
Lynn Calkins, a partner at Holland & Knight who leads the firm’s Chevron deference working group, highlighted the extensive reach of federal regulations in real estate. She emphasized the need for property owners to reassess their operations to identify areas regulated by federal agencies.
The Chevron precedent had mandated courts to defer to federal agencies on how to implement legislation passed by Congress. This deference has played a role in tens of thousands of cases over the past four decades. The precedent was contested in cases involving National Marine Fisheries Service regulations on overfishing, leading to the Supreme Court's recent decision.
Department of Housing and Urban Development (HUD) and Fair Housing Act
Calkins pointed out that one of the most significant impacts of the ruling could be on the Department of Housing and Urban Development's (HUD) interpretation of the 1968 Fair Housing Act. Given the Act’s broad and vague language, HUD has historically exercised considerable discretion in its regulations and guidance. The new ruling raises questions about the continued validity of these policies.
Political and Legal Repercussions
The Chevron ruling has been a focal point for conservatives, who argue that it allowed federal agencies to impose varying rules with each new administration. Geoffrey Manne, president of the International Center for Law & Economics, praised the decision, stating it promotes legal stability and shifts the responsibility of legislative clarity back to Congress.
The Supreme Court’s conservative majority, led by Chief Justice John Roberts, argued that the Chevron doctrine disrupted the separation of powers by enhancing executive agency authority at the expense of judicial power. The dissenting liberal justices contended that the majority overstepped by assuming that judges are better equipped than specialized agency experts to interpret complex regulations.
Broader Implications
Rafe Petersen, an environmental policy expert at Holland & Knight, noted that laws related to climate change, resiliency, and environmental justice could also face challenges under the new ruling. Zoning rules, while not federal laws, could be contested based on local interpretations of statutes.
Calkins and Petersen foresee an increase in legal challenges from businesses against federal regulations. This ruling could level the playing field, allowing businesses to present objective arguments without the presumption of agency deference.
In conclusion, the Supreme Court's decision to limit federal agency power is poised to reshape the regulatory landscape, particularly impacting commercial real estate. Property owners and businesses should stay vigilant and prepared for the changing legal environment.
Should you need an experienced Commercial Real Estate Mortgage Broker, please feel free to contact me at 281-222-0433.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....
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Copyright ©2021 | Mortgage Viking Team
Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Medallion Funds
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014
Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/
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