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Supreme Court Provides TILA Home Loan Rescission Guidance

In a recent unanimous decision, the United States Supreme Court held that a borrower exercising her right to rescind a mortgage loan under the Truth in Lending Act (“TILA”) merely had to provide written notice of rescission...more

Court Exclaims “Enough!” To Homeowner Who Kept Raising Wrongful Foreclosure Claims

“There are no free houses,” began the decision issued by the Court of Appeal on March 23, 2015 in Boyce v. T.D. Service Company (B255958). Examining three years of litigation in bankruptcy court, unlawful detainer court, and...more

Manufactured Home Lien: Forget Perfection, You Need To Have A Lien In The First Place

Morris v. Ark Valley Credit Union (In re Gracy), 522 B.R. 686 (Bankr. D. Kan. 2015) – A chapter 7 trustee sought to avoid a credit union’s security interest in a manufactured home by asserting his strong arm powers as a...more

Orrick's Financial Industry Week in Review

European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 20, 2015

REAL PROPERTY UPDATE - Probate/Quit Claim Deeds: trial court correctly ordered personal representative to issue deeds conveying properties to son and mother, subject to life estate held by son – Ciungu v. Bulea, Case...more

FHFA OIG: Continued Enterprise Profitability Is Not Assured

On March 18, the FHFA Inspector General released a white paper detailing the challenges faced by the government-sponsored enterprises (GSEs) that could adversely affect their future profitability. According to the white...more

Defeating Another Challenge to the Mortgage Electronic Registration System

Since the mortgage crisis began several years ago, the Mortgage Electronic Registration System (“MERS”) has faced numerous legal attacks relating to foreclosures, assignments and what interest MERS holds in a deed of trust or...more

US Bank Cannot Revive Majority of MBS Suit Against Citigroup

U.S. Bank NA v. Citigroup Global Markets Realty Corp., No. 1:13-cv-06989 (S.D.N.Y. Oct. 1, 2013) - On March 16, 2015, Judge George B. Daniels of the United States District Court for the Southern District of New York denied...more

If Receiver’s Sales Aren’t Foreclosures, What Are They?

When no statute specifically authorizes a court-appointed receiver to sell real property, what type of sale is it? The Supreme Court of Nevada recently addressed this question, holding that “a receiver sale of real property...more

All Consuming - Legal Updates for Consumer Finance Professionals

In This Issue: - Supreme Court Provides TILA Home Loan Rescission Guidance - West Virginia Legislature Proposes Changes to the WVCCPA - Defeating Another Challenge to the Mortgage Electronic Registration...more

Ninth Circuit Opinion May Open Litigation Doors Most Thought Closed

A recent Ninth Circuit Court of Appeals opinion charts potential new pathways for claims for damages resulting from portfolio losses by mutual fund shareholders against both a fund’s trustees and its investment adviser....more

To Fund or Not to Fund – that is the Question

On Friday the 13th (3/13/2015), the Court of Appeals for the 7th Circuit decided that a title insurer did not have to provide coverage to its insured – the perfected, first lien lender – for priming mechanics’ liens that –...more

LIHTC exit strategies: Loan sale

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

Seventh Circuit Court of Appeals: No Coverage under Title Insurance for Mechanics’ Liens Arising after Construction Lender Stops...

On March 12, 2015, the United States Court of Appeals for the Seventh Circuit entered an opinion interpreting “the most litigated provision in the standard-form title-insurance policy purchased by real-estate lenders to...more

Court Allows Putative Class Action To Proceed With Discovery Regarding Equitable Tolling Of RESPA Violations

M&T Bank Corporation, M&T Bank, and M&T Mortgage Reinsurance Company unsuccessfully sought to stay all discovery in a suit brought against it in a putative class action involving allegations that M&T violated the federal Real...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 6 & 13, 2015

Real Property Update: Deed Restriction: genuine issue of material facts remains concerning whether original parties to deed with restrictions contemplated future unilateral amendments to restrictions that would bind...more

Court Approves RMBS Settlement, Rejecting Institutional Investors’ Attempts to Scuttle It

On March 12, 2015, Judge Katherine B. Forrest of the United States District Court for the Southern District of New York approved a $69 million settlement between the plaintiffs and defendants in Policemen’s Annuity & Benefit...more

Mid-South Regulatory Compliance Group Quarterly Report Vol. 12 No. 1

In this Report: - CFPB Adopts Final Changes to TILA-RESPA Integrated Disclosure Rule - “Know Before You Owe” Deadline Disclosure - TILA-RESPA Disclosure Compliance Guides Available - What Constitutes...more

Locke Lord QuickStudy: New Jersey Appellate Court Rules That HAMP Does Not Bar State Breach of Contract Claims

In Miller v. Bank of America Home Loan Servicing, L.P., A-0169-13T2, the New Jersey Appellate Division recently held that while HAMP precludes a private right of action, it “does not preempt pursuit of valid state law claims...more

New Developments In The VAT Treatment Of Securitisation Servicing

HMRC are expected to consult on revisions to their published guidance to clarify the circumstances in which they will treat loan servicing in securitisation arrangements as exempt for VAT purposes....more

Germany's Amended Investment Ordinance

The Investment Ordinance (Anlageverordnung – “Investment Ordinance” or “AnlV”), as recently amended and as discussed in more detail below, applies to the investments and the asset allocation of insurance companies and pension...more

SDNY Declines to Reconsider Denial of Plaintiffs’ Summary Judgment Motion in RMBS Putback Case

On February 25, 2015, Judge P. Kevin Castel of the S.D.N.Y. issued an opinion denying reconsideration of a January 9, 2015 order that granted in part and denied in part the parties’ competing motions for summary judgment in...more

New York Supreme Court Holds RMBS Claims Are Timely, But Accrual Provision Unenforceable

On March 3, 2015, Justice Marcy S. Friedman of the New York Supreme Court granted in part and dismissed in part Defendant Greenpoint Mortgage Funding, Inc.’s Motion to Dismiss an action in which it was said to have...more

Summary of HUD’s LEAN 232 Program Email Blast: Office of Residential Care Facilities (ORCF), February 2015

In an effort to summarize the highlights of the LEAN Email Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our aim...more

Locke Lord QuickStudy: Illinois Supreme Court Closes Back Door on Dina - Holds Only Absence of Jurisdiction Renders a Judgment...

In LVNV Funding, LLC v. Trice, 2015 IL 116129, the Illinois Supreme Court recently held that only the absence of personal or subject matter jurisdiction renders a circuit court’s judgment void. Thus, a judgment entered with...more

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