Residential Real Estate Finance & Banking

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Mortgage Notes: Those Nasty Assignments!

In re Baber, 523 B.R. 156 (Bankr. E.D. Ark. 2014) – The debtors objected to a proof of claim filed on behalf of a mortgagee based on issues arising from assignment of the mortgage note by the lender that originated the...more

Erasing The Invisible Line In The Sand: The Need To Amend Section 1307(C) Of The Bankruptcy Code To Establish A Statutory Basis Of...

Bad faith. These two words alone are troublesome to almost all attorneys, especially those who regularly practice in bankruptcy court. Yet there have always been Petitions for Relief filed for improper reasons. ...more

New York Bank Sued for Fair Housing, Lending Violations

Why it matters - New York banks are continuing to face lawsuits over alleged discriminatory lending practices. In September 2014, the state’s Attorney General, Eric T. Schneiderman, filed a “redlining” suit against...more

When "Shall" Means "May": Wisconsin Court of Appeals Allows Mortgage Lenders to Slow the Foreclosure Sale Process

Last week we discussed the Wisconsin Supreme Court’s decision in Bank of New York v. Carson permitting circuit courts to force a mortgagee to hold a sheriff’s sale. Today we rewind the clock a bit to a decision last December...more

CFPB Takes Action Against Mortgage Lender Targeting Veterans, Imposes $2M Penalty

Why it matters - Alleged deceptive marketing by a mortgage lender to veterans was at the heart of the Consumer Financial Protection Bureau’s (CFPB) latest enforcement action. NewDay Financial, LLC, “profited from the...more

Morgan Stanley Reaches Agreement to End DOJ Investigation into MBS Deals

On February 25, 2015, Morgan Stanley announced that it reached an agreement in principle with the U.S. Department of Justice, Civil Division, and the U.S. Attorney’s Office for the Northern District of Califoirnia, Civil...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 27, 2015

Foreclosure/Statute of Limitations: filing date of amended complaint for purposes of statute of limitations relates back to filing date of original complaint – HSBC Bank USA, National Association as Trustee for Nomura Asset...more

Statutory Class Actions: Developments and Strategies

In this Newsletter: - An Aspect Of Adequacy: Do Traditional Standing Requirements Apply To Statutory Class Actions? - The Fair Debt Collection Practices Act: A Constantly Shifting Battlefield. - Telephone...more

FHFA House Price Index Shows Increases for Fourteen Consecutive Quarters

On February 26, the FHFA House Price Index showed that U.S. house prices rose 1.4 percent in the fourth quarter of 2014. This marked the fourteenth consecutive quarterly price increase in the purchase-only, seasonally...more

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

When "Shall" Means "Shall": Wisconsin Supreme Court Requires Mortgage Lenders to Sell Abandoned Properties in Foreclosure

Last week the Wisconsin Supreme Court issued its decision in Bank of New York v. Carson, 2015 WI 15. The case is significant for its potential lasting effects on mortgage foreclosures in Wisconsin. The Carson case involves...more

Authenticating Evidence In Support of Summary Judgment

Florida’s Fifth District Court of Appeal recently filed an opinion that emphasizes the importance of properly authenticating evidence in support of a motion for summary judgment. In Colon v. JP Morgan Chase Bank, N.A. et al.,...more

California Amends Mortgage Originator Testing and Education Requirements

The state of California has made significant changes to the testing and education requirements for its mortgage loan originators licensed under the California Finance Lenders Law and the California Residential Mortgage...more

New HECM Rules For Surviving Spouses Fall Short

The Department of Housing and Urban Development recently published Mortgagee Letter 2015-03, which provides servicers of FHA-insured Home Equity Conversion Mortgages a way to proceed after a borrower dies and is survived by a...more

Montana Amends Mortgage Licensing Requirements

On February 17, Governor Steve Bullock of Montana signed S.B. 98 into law, which amends the Montana Mortgage Act to clarify licensing requirements. Among other things, the revised Montana Mortgage Act (i) modifies education...more

FDIC Releases Final Technical Assistance Video to Cover Mortgage Servicing Rules

On February 13, the FDIC released the third and final technical assistance video intended to assist bank employees to comply with certain mortgage rules issued by the CFPB. The final video addresses the Mortgage Servicing...more

The Lien Stripping Saga Continues in Chapter 7 Bankruptcy Cases

In the latest chapter of “lien stripping,” the Honorable Judge Erik P. Kimball of the Southern District of Florida, Bankruptcy Court, recently grappled with the issue of whether a debtor can strip a completely unsecured...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

Bankruptcy Beat: Payments Made Directly From A DIP Account More Likely To Be “Unauthorized” Post-Petition Transfers

On December 19, 2014, The Honorable Julie A. Manning issued a Memorandum and Decision in the In re Louis Gherlone Excavating, Inc. case with respect to a Complaint filed by the Chapter 7 Trustee, Richard M. Coan (“the Trustee...more

District Court Denies Motion to Dismiss in Ongoing CFPB Litigation

On February 12, 2015 the U.S. District Court for the Western District of Kentucky held that claims presented by the CFPB regarding a Kentucky-based law firm’s alleged violations of Section 8 of the Real Estate Settlement...more

Substantive Consolidation: When Abuse Goes Too Far An LLC Will Not Shield Assets

In re Carroll, 520 B.R. 491 (Bankr. M.D. La. 2014) – A chapter 7 trustee sought to substantively consolidate the bankruptcy estates of individual chapter 7 debtors with the separate bankruptcy estate of their wholly owned...more

Wisconsin Courts Can Force Lenders to Make Prompt Sales of Foreclosed Properties Which Have Been Abandoned by the Borrowers

In a case that “radically revises the law on mortgage foreclosure,” the Wisconsin Supreme Court recently held in Bank of New York Mellon v. Carson, 2015 WI 15, that Wisconsin circuit courts have the authority to order a sale...more

FCA Matters: Department of Justice Touts Record Recoveries in False Claims Act Cases (2/15)

The U.S. Department of Justice collected a record $5.69 billion through settlements and judgments in False Claims Act cases during the fiscal year ending September 30, 2014, according to a recent announcement by DOJ...more

CFPB Details Complaints About Reverse Mortgages

On February 9, the CFPB released a report detailing complaints associated with reverse mortgages. According to the report, a high volume of complaints concern requests for changes to loan terms, issues related to loan...more

Bad Day for NewDay: CFPB Section 8 Enforcement Continues

On February 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) added another company to its litany of alleged Real Estate Settlement Procedures Act (“RESPA”) Section 8 offenders (Michigan Title, PHH Corporation, New...more

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