Originally published in Community Banker - Spring 2013.
When a bankruptcy intervenes to prevent the continuation of a restructuring or loan enforcement effort, it is too late to supplement or strengthen loan…more
Originally published in Washington Bankers' Issues & Answers - November/December 2012.
In August, the Washington State Supreme Court weighed in on the role of Mortgage Electronic Registration Systems, Inc. (“MERS”) in…more
The last three years have seen a tremendous increase in defaulted loans and the litigation that typically ensues in the loan enforcement process. In many cases, borrowers and guarantors allege that their lender informally agreed…more
Every year brings opportunities and challenges, and 2011 is likely to be no exception. Competitive pressures, economic woes, high rates of unemployment, difficult to obtain financing and slow economic growth are among the…more
In McCurry v. Chevy Chase Bank, an appeal of a dismissal of a nationwide class action filed against Chevy Chase Bank, F.S.B., a three-judge panel of the Washington Court of Appeals, Division One, recently affirmed a ruling that…more
On 11 March 2008, the Ninth Circuit Court of Appeals issued its opinion in Trans-Tec Asia v. M/V Harmony Container. The Court held that a lien under the Federal Maritime Lien Act ("FMLA") attached to a foreign-owned and…more
On March 13, 2008, House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Chris Dodd announced proposed legislation designed to further combat the rising tide of mortgage foreclosures by…more
Federal Reserve Proposes New Mortgage Regulations —
Public Comment Period Begins
Responding to increasing pressure from the financial sector and lawmakers, on December 18, 2007, the Federal Reserve released a lengthy…more
On November 15, 2007, by a vote of 291-127, the House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act of 2007 (“H.R. 3915”). Broad bipartisan support for the bill — 100 percent of Democrats and 67…more
Continuing its aggressive post-Enron investigation of white-collar crime, the federal government has trained its sites on the mortgage financing industry. For example, the FBI recently announced: “The FBI views mortgage fraud as…more
On October 22, U.S. Representative Barney Frank (D.-Mass.), chairman of the U.S. House Financial Services Committee, announced new details of his proposed bill, H.R. 3915, which
would make significant changes to the Truth in…more
A lawsuit filed last week against subprime lender Aegis Mortgage Corp. alleges that the company laid off hundreds of employees without giving them adequate notice. The class action lawsuit has been brought in U.S. Bankruptcy…more
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