Finance & Banking, Residential Real Estate, Military Law

Spotlight On The SCRA (Part 1 of 3): Increased Enforcement Activity

by BuckleySandler LLP on 5/13/2013

The Servicemembers Civil Relief Act (SCRA) is designed to provide protection for military members as they enter active duty. The Act has origins dating back to the Civil War, but was first solidified in 1940 with the passage...more

CFPB issues report on servicemember complaints

by Barbara S. Mishkin | Ballard Spahr LLP on 5/3/2013

The CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through...more

Mortgagee and Mortgagor Standing and the Servicemembers’ Civil Relief Act

by Mark Adelman | Partridge Snow & Hahn LLP on 4/23/2013

The Massachusetts Supreme Judicial Court, in HSBC Bank USA, N.A., Trustee v. Jodi B. Matt, No. 11101 (Jan. 14, 2013), recently clarified the issue of standing for both plaintiffs and defendants in actions under the...more

TBTF Servicing: Another Issue for Originators to Consider

by Russell Koonin, Robert Siegel | Bilzin Sumberg Mortgage Repurchase Group on 4/18/2013

As widely reported recently, close to 1.2 million borrowers (about 30% of the more than 3.9 million households that faced foreclosure proceedings by the 11 leading financial institutions in 2009 and 2010), had to battle...more

DOJ Announces Payments Under 2011 SCRA Settlements

by BuckleySandler LLP on 4/12/2013

On April 4, the DOJ announced that two mortgage servicers will pay a combined $39 million to 316 servicemembers pursuant to SCRA settlements from 2011. Those settlement agreements resolved allegations that the mortgage...more

Fannie Mae Announces Numerous Servicing Policy Changes

by BuckleySandler LLP on 4/9/2013

On April 3, Fannie Mae issued Servicing Guide Announcement SVC-2013-07, which outlines policy updates regarding (i) lender-placed property insurance requirements, (ii) military indulgence reporting and reimbursement...more

Servicemembers Civil Relief Act: Provisions Affecting Banking Institutions

by Angela Beblo, Brienne Marco | Spilman Thomas & Battle, PLLC on 3/25/2013

According to December 2012 data from the federal Bureau of Labor Statistics, the unemployment rate for Gulf War Era veterans, hovering around eight percent, remains higher than the national rate. Over the last decade, more...more

Levick Weekly - February 15, 2013: S&P’S Ordeal IS There Life After Eric Holder?

by Ernest DelBuono, Kara Flynn, Richard S. Levick | LEVICK on 2/18/2013

In This Issue: - S&P’S Ordeal Is There Life After Eric Holder? - The PR problem the Pentagon & VA Share - Change.Org A powerful adversary for brands - Blogs worth following - Levick in the news - Excerpt...more

Massachusetts Supreme Court Holds Standing In Servicemember Proceeding Requires Evidence Of Mortgagee Status

by BuckleySandler LLP on 1/25/2013

On January 14, the Massachusetts Supreme Judicial Court (SJC) reversed a Land Court decision and held that a trustee lacked standing to bring a servicemember proceeding because the trustee was not the clear holder of either...more

CFPB Fair Lending Updates – Expectations for Enforcement and Regulation in 2013

by Melanie Brody, Tori K. Shinohara | K&L Gates LLP on 12/19/2012

Signaling that 2013 will be another eventful year in the fair lending world, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued two items this month that reveal an ambitious agenda for fair lending...more

Dismissal of Putative Class Action Lawsuit for Alleged Violations of the Servicemembers' Civil Relief Act

by Keith S. Anderson, Robert Maddox, Michael R. Pennington | Bradley Arant Boult Cummings LLP on 12/12/2012

In a putative class action handled by Robert Maddox, Mike Pennington, and Keith Anderson, the Northern District of Alabama recently dismissed a lawsuit for alleged violations of the Servicemembers’ Civil Relief Act (“SCRA”)....more

OCC Issues Bulletin Regarding Extended SCRA Protections

by BuckleySandler LLP on 11/27/2012

On November 19, the OCC issued Bulletin 2012-37, which advises all national banks and federal savings associations of the extension of certain servicemember protections afforded by the Servicemembers Civil Relief Act (SCRA)....more

National Mortgage Settlement Monitor Seeks Servicemember Complaints

by BuckleySandler LLP on 11/19/2012

On November 12, National Mortgage Settlement Monitor Joseph Smith, Jr. launched a military-specific outreach program to encourage servicemembers to report mortgage servicing complaints using an online form. The Monitor...more

Federal Regulators Host Webinar on SCRA Compliance

by BuckleySandler LLP on 9/18/2012

On September 10, federal banking regulators, the CFPB, and the FHFA conducted a webinar on federal servicemember financial protections, recent changes to the Servicemembers’ Civil Relief Act (SCRA), and recent changes to...more

The Rights of Tenants in Georgia After Foreclosure: Part I

by Jeff Field & Associates on 9/5/2012

Many of our clients have contacted us to ask what happens when the house a tenant is leasing or renting is sold at foreclosure. Landlord-tenant law and foreclosure law in Georgia historically have been local matters with the...more

Mortgage Banking Update - August 23, 2012

by Ballard Spahr LLP on 8/23/2012

In This Issue: - FHFA Questions Use of Eminent Domain for Underwater Mortgages - Only Promissory Note Holders Can Initiate Foreclosures in Washington State - Congress Amends SCRA and the Maximum Guaranty for VA...more

State Law Update: Illinois Enacts Servicemember Protections

by BuckleySandler LLP on 8/20/2012

On August 9, Illinois enacted SB 3287, a bill to expand and create various new protections for servicemembers. The bill clarifies the scope of coverage of servicemember protections by amending the definition of “military...more

President Obama Expands SCRA Protections for Servicemembers

by BuckleySandler LLP on 8/9/2012

On August 6, President Obama signed into law the Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012, H.R. 1627. Section 710 of this Act expands foreclosure protections for active duty servicemembers....more

State Law Update: Hawaii and California Take Actions on Mortgages and Privacy

by BuckleySandler LLP on 7/24/2012

California AG Announces Privacy Enforcement Unit. On July 19, California Attorney General Kamala Harris announced the creation of the Privacy Enforcement and Protection Unit. The unit will combine the various existing privacy...more

Federal Agencies Announce New Mortgage-Related Policies to Support Military Homeowners

by BuckleySandler LLP on 6/26/2012

On June 21, the CFPB, the federal prudential banking regulators, and the FHFA announced new policies to support servicemember homeowners. The CFPB, the Federal Reserve Board, the FDIC, the NCUA, and the OCC issued joint...more

Agency Guidance on Mortgage Servicing for Servicemembers

by Orrick, Herrington & Sutcliffe LLP on 6/26/2012

On June 21, the Fed, CFPB, FDIC, NCUA, and OCC issued guidance to mortgage servicers to address risks related to military homeowners who have informed the servicer that they have received military Permanent Change of Station...more

BofA to Pay $116K+ to Servicemembers for Illegal Foreclosures

by Lawyers.com on 11/17/2011

Thousands of men and women are coming home from Iraq within the next weeks, but some may not have a house to return to. That's because subsidiaries of Bank of America and Morgan Stanley illegally foreclosed on nearly 200...more

North Carolina Legislative Update: Session Law 2010-190

by Poyner Spruill LLP on 9/28/2010

The 2010 North Carolina General Assembly adopted an ACT TO PROHIBIT FORECLOSURES UNDER POWER OF SALE WHILE MORTGAGORS OR TRUSTORS ARE ON ACTIVE MILITARY DUTY. This act applies only to foreclosures under power of sale which...more

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