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Banking & Financial Services E- Note - October 2015

Last week the Federal Trade Commission ("FTC") issued its muchanticipated Staff Guidance on what sort of supervision states should provide to regulatory boards in order for those boards to qualify for antitrust...more

United States District Court: Mortgagor Lacks Standing to Bring RESPA Claim

On August 11, the U.S. District Court for the District of New Hampshire rejected the addition of a potential RESPA claim to plaintiff’s complaint due to lack of standing, and the court dismissed the remaining counts for...more

It’s Not Personal: Ninth Circuit Denies Putative Class Representative’s Appeal as Moot

In Campion v. Old Republic Protection Company, Inc., No. 12-56784, (Dec. 31, 2014) the Ninth Circuit Court of Appeals held that a putative class representative’s appeal was moot because he had no personal stake in the case...more

New Mexico Supreme Court Analyzes State’s Foreclosure Standing Requirements, Ability To Repay Standard

On February 13, the New Mexico Supreme Court held that a borrower’s ability to repay a home mortgage loan is one of the “borrower’s circumstances” that lenders and courts must consider in determining compliance with the New...more

Update: Condemnation of Underwater Mortgages Closer to Reality

It's been a while since we focused on the whole condemnation of underwater mortgages scheme but that doesn't mean the idea has died off. To the contrary, apparently at least four California cities have now signed advisory...more

CFPB: Spying to Protect the Consumer

It all began with a Bloomberg article. Although the CFPB spying on the financial habits of at least 10 million consumers seems to be a far cry from NSA's spying on the telephone calls, emails, snail mails, website usage, and...more

Nevada Locality Latest To Explore Use Of Eminent Domain To Seize Mortgages

On June 19, the city council of North Las Vegas, Nevada, reportedly voted to explore the potential use of the government’s eminent domain powers to seize underwater mortgages from trusts, write down the loan principal, and...more

Municipalities Continue to Advance Plans to Use Eminent Domain to Seize Underwater Residential Mortgages

A number of industry groups1 (the “Industry Groups”) raised concerns recently when Mortgage Resolution Partners (“MRP”) entered into contracts with two additional municipalities to formalize the use of eminent domain programs...more

Past CFPB actions may portend fate of mortgage rules

Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v. NRLB, theories continue to swirl about the fate of Director Cordray....more

New Jersey Courts Require Homeowners to Act Promptly in Defense of Foreclosure

The New Jersey Appellate Division found that homeowners' excessive delay in raising their standing arguments precluded potential defenses and affirmed that a foreclosure judgment received by a party lacking standing is not...more

The Fight Over the Use of Eminent Domain to Seize Underwater Mortgages: Recent Updates

The latest developments in the fight over the use of eminent domain to seize underwater mortgages in California and elsewhere have important implications for lenders nationwide. The debate over the use of eminent domain...more

Florida Fair Foreclosure Act

Banks, lenders and mortgage servicers have added a new weapon to their arsenal to defeat homeowners in the foreclosure crisis. . .legislation. Unhappy with crowded court dockets and the prying eyes of homeowners’ attorneys...more

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