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UDAAP Council Weekly UDAAP Standards Report - 2/25/2015

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning...more

CFPB Takes Action Against Mortgage Companies for Deceptive Advertising

On February 12, the CFPB announced a civil suit against a Maryland-based mortgage company and consent orders with two additional mortgage companies headquartered in Utah and California for allegedly misleading consumers with...more

Rating Agency Developments

On February 18, DBRS released its methodology for assessing RMBS servicing advance transactions. On February 16, Fitch released its criteria for assessing covered bonds of European public entities....more

OIG criticizes HUD’s enforcement of community service requirement

This week, HUD’s Office of Inspector General (OIG) issued a report critical of HUD’s oversight of the community service and economic self-sufficiency requirement (CSSR). This federal requirement, applicable only to public...more

Is the Attorney's Fees Clause Moot in an Illegal Contract? – Depends On Your Involvement, Explains First Appellate District Court

The Court of Appeal recently clarified when a party can recover attorney's fees under a real estate purchase contract that is ruled to be illegal. California courts have previously enforced attorney's fees provisions in a...more

Land Contracts: Mortgage Priority and Other Complications

Liebzeit v. Intercity State Bank (In re Blanchard), 520 B.R. 740 (Bankr. E.D. Wis. 2014) – A Chapter 7 trustee sought to avoid a mortgage on the debtors’ property using the “strong arm” powers of a hypothetical bona...more

Forbear or Beware: Are Forbearance Agreements the Solution to California Creditors' Nightmares?

In commercial and real estate disputes, the creditor oftentimes agrees to settle his claim for a discounted amount payable in fixed installments over time, but, at the same time, the creditor requires the debtor to secure its...more

Goldman Sachs Settles RMBS Suit

On February 6, 2015, plaintiffs Union Central Life Insurance, Ameritas Life Insurance, and Acacia Life Insurance filed a letter with the court stating that they had reached an agreement with Goldman Sachs to settle claims...more

RMBS Fraud Claims Against Bank of America Dismissed

On February 6, 2015, Judge Stanley Chesler of the United States District Court for the District of New Jersey granted in part and denied in part Bank of America’s motions to dismiss two related cases filed against it by...more

HUD Secretary Defends FHA in House Testimony

On February 11, HUD Secretary Julián Castro delivered remarks at the U.S. House Financial Services Committee (HFSC) hearing, “The Future of Housing in America: Oversight of the Federal Housing Administration.” ...more

Large Global Bank Settles Legacy Claims Surrounding Mortgage-Backed Securities

On February 2, a major bank agreed to a $500 million settlement to resolve years of litigation surrounding the sale of mortgage securities by Bear Stearns, which the company acquired. In re: Bear Stearns Mortgage Pass-Through...more

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

Foreclosure: trial court violated purchaser’s procedural due process rights in setting aside judicial sale of property without giving notice to purchaser. Further, trial court abused its discretion in setting aside judicial...more

Abu Dhabi Global Market: Real Estate Strata Title Regulations

Consultation Paper No. 6 of 2015: Real Property Regulations & Strata Title Regulations - On 6 January 2015, the Abu Dhabi Global Market (“ADGM”), the newly created free-zone and international financial centre located...more

Recording Notice of Default as Trustee Before Being Formally Made the Trustee Does Not Make Foreclosure Sale Void

In Ram, et al. v. OneWest Bank, FSB, et al. (filed 2/6/15, No. A139055), the California Court of Appeal held that a nonjudicial foreclosure sale is not void merely because the notice of default was recorded by an entity who...more

S&P Settles RMBS Lawsuits for $1.375 Billion

On February 2, Standard & Poor’s Ratings Services settled claims brought by the Department of Justice, 19 states and the District of Columbia related to credit ratings it issued and maintained for RMBS and CDOs before the...more

Glass Lewis Enhances its Pay-for-Performance and Equity Plan Models

Glass Lewis, a leading proxy advisory firm, recently announced enhancements to the performance metrics used in both its US and Canadian pay-for-performance (PFP) models and its US equity plan model. The current Glass Lewis...more

JP Morgan Settles RMBS Lawsuit for $500 Million

On February 1, JP Morgan Chase & Co. settled federal securities claims brought by investors led by the Public Employees’ Retirement System of Mississippi and the New Jersey Carpenters Health Fund related to Bear Stearns’ sale...more

Fair Housing Organization Files Suit for Alleged Racial Bias

On February 3, the Fair Housing Justice Center (FHJC), a regional fair housing non-profit organization based in New York City, filed a complaint alleging that a large bank discriminated in its mortgage lending practices on...more

Title Insurance Regulatory and Legislative Update - February 2015

FEDERAL - New CFPB Compliance Bulletin Impacts Service Providers: The Consumer Finance Protection Bureau (“CFPB”) recently issued Compliance Bulletin 2015-01, which reminds persons subject to the regulatory authority...more

Supreme Court’s Jesinoski Ruling Provides Clarity on TILA Rescission While Creating Many Questions

On January 13, 2015, the U.S. Supreme Court settled a circuit court split regarding how and when a mortgage borrower may exercise the right of rescission under the Truth-in-Lending-Act (“TILA”) and the CFPB’s implementing...more

Chancery Court Applies New Statutory Amendment Retroactively

Before the newly enacted statutory amendment, 10 Delaware Code Section 8106(c), parties could shorten, but were not permitted to lengthen, an applicable limitations period by contract because an extension of the statute of...more

Huge Settlements Between S&P, Government

2015 is leaving Standard and Poor’s (S&P) quite a bit poorer. Yesterday, the major credit rating agency agreed to pay $1.375 billion to resolve lawsuits brought against it by the U.S. Department of Justice and attorney...more

Lender-Placed Insurance Actions Continue to Simmer

Litigation and regulatory scrutiny surrounding lender-placed insurance (“LPI”) practices, initiated in large part on the heels of the mortgage crisis, continues to simmer. While the largest LPI class actions have settled,...more

Leases and Bankruptcy

WHEN THE TENANT FILES BANKRUPTCY I. Before the Bankruptcy is Filed. The Bankruptcy Code, found at 11 U.S.C. §§ 101, et seq., creates a category of rights known as “executory contracts.” An executory contract, in...more

Loan Document Interpretation – Wow! Drafter Beware.

A California Court of Appeals recently opined on what appear to be fairly normal yield maintenance provisions. The Borrower defaulted. The bank accelerated the note and later foreclosed. The note provided that the prepayment...more

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