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Disparate impact cases against HUD: Illinois federal court issues decision; update on D.C. case

Because of their potential impact on the CFPB’s conclusion that the ECOA and Regulation B encompass disparate impact claims, we have been following two insurance industry lawsuits involving a challenge to HUD’s Federal...more

Treasury Department and OCC Sued for Discriminatory Conduct in LIHTC Program

A lawsuit was recently filed alleging that the U.S. Department of Treasury (Treasury) and Office of Comptroller of the Currency (OCC) perpetuated racial segregation in the City of Dallas in their administration of the Low...more

Federal Court Finds No Willful Violation for Misclassification of Mortgage Loan Officers

A federal court in Oklahoma delivered another blow to claims by mortgage loan officers that they are entitled to overtime under the Fair Labor Standards Act (FLSA). In Chapman v. BOK Financial Corporation, the court...more

FHFA Proposes Revised Eligibility Requirements for FHLB Membership

On September 2, the Federal Housing Finance Agency (FHFA) issued a proposed rule that would revise the requirements for financial institutions to apply for and retain membership in the Federal Home Loan Banks (FHLB)....more

D.C. Court of Appeals Extinguishes Lender’s Mortgage Lien Following Association Lien Foreclosure

A recent decision by the District of Columbia Court of Appeals brings into renewed focus the tension between condominium and homeowner associations and lenders when it comes to payment of delinquent association assessment...more

Summary of HUD’s LEAN 232 Program E-Mail Blast: Office of Residential Care Facilities (ORCF), September 2014

End of Fiscal Year! ORCF has asked us to emphasize that it is very close to meeting their 2014 fiscal goals. The ORCF Closing team invites all complete closing packages to be submitted to the assigned HUD Attorney and...more

Real Property, Financial Services & Title Insurance Update: September 2014 #1

REAL PROPERTY UPDATE - - Foreclosure/Standing: to establish a prima facie case for mortgage foreclosure, successor mortgagor must introduce evidence it was in possession of original note with blank endorsement at time...more

FinCrimes Update - August 2014 Summary, Volume 1, Issue 6

In This Issue: - BSA/AML & OFAC - Virtual Currency & Payment Systems - FCPA & Anti-Corruption - Criminal Enforcement - Excerpt from BSA/AML & OFAC: FINCEN PUBLISHES LONG-AWAITED...more

Abandonment: When Property Drops Out of the Bankruptcy Estate

In re Rich, 510 B.R. 366 (Bankr. D. Utah 2014) – In a case that was converted from a chapter 11 reorganization to a chapter 7 liquidation, the debtor sought an order directing the trustee to abandon certain real...more

Ninth Circuit Holds That Loan Purchasers Are Victims Under the MVRA

The US Court of Appeals for the Ninth Circuit recently affirmed a restitution order in favor of both the originator and purchaser of two fraudulently obtained mortgages under the Mandatory Victim Restitution Act (MVRA). ...more

Comments requested regarding proposed guidance on the Community Reinvestment Act

The Office of the Comptroller of the Currency, Treasury, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation are the federal agencies that implement the Community Reinvestment...more

New York AG Sues Bank for Alleged Redlining

On September 2, the NY AG sued a regional bank claiming the bank engaged in unlawful discriminatory practices by intentionally avoiding offering mortgage loan products to predominately African-American neighborhoods in...more

FHFA Proposes Affordable Housing Goals for GSEs

On August 29, the FHFA released proposed affordable housing goals for Fannie and Freddie that would leave in place the benchmark requiring the government-owned mortgage companies finance 23% of their mortgages in low-income...more

Proposed Rules Published on Dodd-Frank Changes to Home Mortgage Disclosure Regulations

On August 29, 2014, the Bureau of Consumer Financial Protection (the “Bureau”) issued a proposed rule and request for public comment on changes to its Regulation C (Home Mortgage Disclosure) to implement changes to the Home...more

Illinois Adds Omitted Subordinate Interest Provisions to Mortgage Foreclosure Law

On August 26, Illinois amended its Code of Civil Procedure by adding Section 15-1603.5 to address situations where a foreclosure sale occurred, but a junior lienholder was not named in the foreclosure complaint. Specifically,...more

Orrick's Financial Industry Week in Review

ESMA Publishes Guidelines on the EU Implementation of CPSS-IOSCO Principles - On September 4, ESMA published the translation of guidelines and recommendations on implementing the principles for financial market...more

Improperly Indexed Mortgage: How Far Does Your Record Review Need to Go to Be Safe?

Albert v. Green Tree Servicing, LLC (In re El Erian), 512 B.R. 391 (Bankr. D. D.C. 2014) – A chapter 7 trustee sought to avoid the lien of a recorded deed of trust because (1) it contained both correct and incorrect...more

Mortgage Servicers Partner With Obama Administration To Enhance SCRA Protections

On August 26, the Obama Administration announced a new partnership with residential mortgage servicers designed to enhance protections under the Servicemember Civil Relief Act (SCRA). Speaking to the American Legion...more

NY Attorney General Files Redlining Lawsuit Alleging Mortgage Discrimination

The New York Attorney General filed a complaint this week in a New York federal court against a national bank headquartered in the state and its holding company alleging that the defendants violated the federal Fair Housing...more

Is gambling the next innovation in resident supportive services?

Recently, the New York Times published an article about the trend among some credit unions to offer “prize-linked savings accounts” as a means of encouraging saving among low-income families. The article explains that the...more

Former Analyst Claims Moody’s Falsely Inflated Ratings

Former Moody’s analyst, Ilya Kolchinsky, has accused the credit rating powerhouse of overstating its ratings for countless toxic mortgage-backed securities that caused the financial meltdown in 2008, misleading investors and...more

FHFA Announces Settlement Of Litigation With Investment Bank

On August 22, the Federal Housing Finance Agency (FHFA) announced that it settled litigation with a major investment bank, other related companies, and several individuals over alleged violations of federal and state...more

More on the controversial affordable housing “Poor Door”

The New York Times has published more articles on “Poor Door” developments. As we reported here a few weeks ago, the term “Poor Door” refers to a separate entrance for a property’s subsidized tenants in a market rate housing...more

Mortgage Loans: Deutsche Bank v. Quicken Loans

We previously posted about ACE Securities Corp. v. DB Structured Products, Inc., 977 N.Y.S.2d 229, 231 (N.Y.A.D. 1st Dept. Dec. 19, 2013), which is a critical ruling out of New York’s intermediate state appellate court. In...more

Increased Muni Power Means Larger Fines For NJ Mortgagees

As a result of the recent changes in New Jersey law, mortgagees and servicers should review their practices and procedures to ensure timely response to notices of municipal code violations on abandoned or vacant properties in...more

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