On August 27, HUD announced that it is extending its Covid-related foreclosure and eviction moratoriums for FHA insured loans set to expire on August 31, until December 31, 2020, and issued a Mortgagee Letter implementing the...more
On June 8, the Federal Housing Finance Agency (FHFA) announced that it is extending the available date of certain Covid-19 related origination process flexibility modifications for Fannie Mae and Freddie Mac customers. These...more
On June 4, the Consumer Financial Protection Bureau (CFPB) took steps to provide rules and guidance for the upcoming transition away from LIBOR for adjustable rate loans. The CFPB issued the following:
A revised version...more
On May 27, the Alternative Reference Rates Committee (ARCC) published recommendations for the transition from LIBOR in different financial transactions, including residential mortgage transactions. Given prior pronouncements...more
On April 16, the CFPB issued a HMDA final rule increasing the number of closed-end mortgage loans and/or open-end mortgage loans an institution must originate before it meets HMDA’s coverage thresholds. Effective July 1,...more
In a Policy Statement effective on January 24, 2020, the CFPB addresses perceived uncertainty as to the scope and meaning of the abusiveness standard, and that the CFPB had in various enforcement actions asserted claims for...more
1/27/2020
/ Banking Sector ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Disgorgement ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
Good Faith ,
Policy Statement ,
Safe Harbors ,
Unfair or Deceptive Trade Practices
On December 12, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued a proposed rule that would result in major changes to the rules applying the Community...more
12/16/2019
/ Banking Sector ,
Comment Period ,
Community Reinvestment Act ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Low Income Housing ,
OCC ,
Proposed Rules ,
Regulatory Standards ,
Small Banks
On November 20, 2019, the California Court of Appeal confirmed that a patent for a formula does not destroy a formula’s trade secret status so long as the patent does not disclose the process for applying the trade...more
On November 19, the Federal Deposit Insurance Corporation issued a Notice of Proposed Rulemaking (FDIC Notice) setting forth a proposed rule that, if ultimately adopted, would confirm that the “valid-when-made” doctrine...more
Having a well-drafted contract is one of the most important acts you can take to minimize your risks. As such, you should consider including in your next contract a limitation of liability for consequential and punitive...more
Today, the Alternative Reference Rates Committee (ARRC) released “ARRC RECOMMENDATIONS REGARDING MORE ROBUST LIBOR FALLBACK CONTRACT LANGUAGE FOR NEW CLOSED-END, RESIDENTIAL ADJUSTABLE RATE MORTGAGES” (Recommendations)...more
On Monday, October 28, Attorney General William Barr and Department of Housing and Urban Development Secretary Ben Carson signed a memorandum of Understanding (MOU) between the Department of Justice (DOJ) and HUD. The MOU...more
There Ought to be a Law: Consider This Alternative To Litigation -
Government is becoming more intrusive. At the state and federal levels, a host of agencies and departments continuously create new rules for us to live...more
8/19/2016
/ Attorney's Fees ,
Chapter 11 ,
Commercial Bankruptcy ,
Copyright Infringement ,
Employer Liability Issues ,
Good Faith ,
Independent Contractors ,
Kirtsaeng v. John Wiley & Sons ,
Lobbyists ,
Misclassification ,
Open Meetings Act ,
Rescission ,
SCOTUS ,
Statute of Limitations ,
Truth in Lending Act (TILA)
Before the United States Supreme Court opinion in Jesinoski v. Countrywide Home Loans, Inc. (2015) __ U.S. __, 135 S.Ct. 790, the law in the Ninth Circuit was that a borrower who sought to exercise a conditional right of...more
Whether a mortgage broker is acting as the agent of a borrower in negotiating a loan from a wholesale lender, or arranging a loan by bringing together a proposed borrower and lender, or acting as a lender and originating the...more
Historically low interest rates have led to the substantial growth in real estate lending, especially construction lending. Unfortunately, the lead article in the Business Section of the January 28, 2016, issue of the Los...more
In this Issue:
- Negotiating Strategies for the Successful Sale of Technology Companies
- Broker Beware: Are Real Estate Brokers Susceptible to Agent v. Agent Fee Splitting Disputes After Sanowicz v. Bacal?
-...more
5/28/2015
/ Borrowers ,
Commercial Leases ,
Debt Financing ,
Duty to Mitigate ,
EBITDA ,
Fee-Splitting ,
Foreclosure ,
Homeowner Bill of Rights ,
Joint Venture ,
Landlords ,
Mortgages ,
Private Equity ,
Real Estate Brokers ,
Safe Harbors ,
Selling a Business ,
Tech Industry ,
Tenants
I. Introduction -
It is difficult to imagine a substantial real estate transaction which does not have title insurance coverage and an escrow agent, although one can occur at times. Unfortunately, many of the beliefs...more
A Loan Policy Of Title Insurance. It is required as part of every loan originated by members of the California Mortgage Bankers Association – or at least it should be. Title insurance is supposed to protect lenders and...more