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News & Analysis as of

Deed of Trust Provisions Allowing Lenders/Servicers to Enter, Maintain, and Secure Encumbered Properties May be Unenforceable...

On July 7, 2016, the Supreme Court of the State of Washington issued its opinion in Jordan v. Nationstar Mortgage, LLC, which, prior to foreclosure, may prevent servicers from securing property after a default or, at least,...more

T&E Litigation Newsletter- July 2016 #2

The first two weeks of July have brought us some warm weather and three new decisions worth noting: First, in Bank of America, N.A. v. Commissioner of Revenue, Docket No. SJC-11995 (July 11, 2016), the Supreme Judicial...more

Brexit; Assessing the impact on Middle Eastern issuers accessing the UK and European Capital Markets

Many companies and other entities in the Middle East tap the UK and/or European debt and equity capital markets as part of achieving their corporate funding and broader strategic objectives. Whilst the precise legal and...more

Is Brexit “materially adverse” to you? Perhaps, if it triggers an ‘event of default’ under your agreement(s).

While the impact of the EU referendum decision on outstanding financing transactions is still to be determined, both lenders and borrowers may be wondering if the ramifications of Brexit have or could be considered to...more

Real estate finance transactions and valuation uncertainty – an unhelpful trigger?

The outcome of the EU referendum has put valuers in an unenviable position. The RICS Red Book requires a valuer to identify a situation where a reduced level of certainty should be attached to their valuation (VPGA 9 –...more

Bankruptcy Beat: Default Judgment Is Not Automatic Following Entry Of Default

On May 12, 2016, the Honorable Julie A. Manning issued a decision in an adversary proceeding entitled Law Office of W. Martyn Philpot, Jr., LLC v. Day, which addressed two issues. The first issue was whether the plaintiff was...more

Loan Enforcement and Creditors’ Rights

At times, lenders lose the promissory notes on defaulted loans. Lost notes are problematic because, in order to have standing to foreclose, a lender may be required in many states, including in New York, to possess the...more

Contractual interpretation disputes from the Trustee's perspective: The saga continues

In the first four months of 2016 three more judgments relating to issues of contractual interpretation of provisions contained in documents of securitisation transactions (all three of them for legacy CMBS deals) and...more

Third Circuit: The Repossession of Your Car as Collateral on a Usurious Loan is Not an FDCPA Violation

The U.S. Court of Appeals for the Third Circuit recently held that a repossession company did not violate the Fair Debt Collection Practices Act (“FDCPA”) when it repossessed the defaulting debtor’s car, even though the loan...more

Ninth Circuit Bankruptcy Appellate Panel Holds that an Oversecured Creditor Is Entitled to Default Interest After the Petition...

In Wells Fargo Bank, N.A. v. Beltway One Dev. Grp., LLC (In re Beltway One Dev. Grp., LLC), 547 B.R. 819 (B.A.P. 9th Cir. 2016), the Ninth Circuit Bankruptcy Appellate Panel recently held that an oversecured creditor is...more

Eleventh Circuit Holds that Borrower’s TILA Claims Are Subject to Agreement’s Forum Selection Clause

The Eleventh Circuit Court of Appeals recently held that a borrower’s Truth-in-Lending-Act (“TILA”) claim fell within the scope of a loan agreement’s forum selection clause. Stiles v. Bankers Healthcare Grp., Inc., ___ Fed....more

Risks of Withdrawing a Case: Reciprocity of Attorneys’ Fees in Connecticut Consumer Contract Default Actions

Lenders beware! If you have brought an action to seek recovery of a defaulted consumer loan whether it be foreclosure or a breach of contract action, Connecticut has a statutory scheme which provides that the debtor, if it...more

The Class X Factor: It’s a NO from the Chancellor

It’s not been a good month for Class X Noteholders. Following the judgment in the Windermere VII case in which Snowden J found against the Class X Noteholder, the Chancellor of the High Court, Etherton J, in Titan Europe...more

Fourth Circuit Case on Modification of Residential Mortgage

The Fourth Circuit has held that in a case where the rate of interest on a residential mortgage loan had been increased upon default, a Chapter 13 Plan proposing to “cure” default under 11 U.S.C. §1322(b) is an impermissible...more

Your daily dose of financial news The Brief – 5.10.16

Big news out of the online lending space, as Lending Club’s chair and CEO—Renaud Laplanche—has resigned after an internal review “showed a violation of the company’s business practices” related to sales of $22 million in...more

US Federal Reserve Board Proposes Rule on Close-Out of Qualified Financial Contracts Involving Large, Complex Financial Firms

The US Federal Reserve Board proposed a rule to support US financial stability by enhancing the resolvability of large, complex financial firms. The proposed rule would require US global systemically important banking...more

4 Landlord Considerations When a Tenant Defaults

When a tenant defaults, landlords have a difficult choice: do they immediately repossess the tenant’s space, sometimes referred to as self-help, or do they wait until they are formally awarded the right to possession? It’s a...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19493 - Standard Oil of Connecticut, Inc. v. Administrator, Unemployment Compensation Act - SC19493 Dissent - Standard Oil of Connecticut, Inc. v. Administrator,...more

Connecticut Collections: How to get paid if you are owed money? Part 1: Pre and Post-Judgement Collection Specifics [Video]

Collections in Connecticut - how to get paid if you are owed money? Collecting money owed to you or your company can be frustrating. You or your company are owed money and have not been paid. What are your legal options? ...more

Corporate Trustees and Cash Managers: can historic miscalculations and underpayments be an Event of Default? The English High...

We now have the English High Court’s first judgment concerning the position of Class X Notes in a CMBS structure. The rights of the Class X Notes in the Windermere VII CMBS were considered by the Court in Hayfin Opal Luxco 3...more

X-tra X-tra read more about it! First English Court Ruling on Class X Notes in European CMBS

As outlined in our previous blog, X-tra, X-tra, Real All About It! published on Friday 8 April, Mr Justice Snowden handed down judgment of the High Court in the much anticipated Windermere VII Class X Notes dispute (Hayfin...more

New York Federal Judge Approves Wells Fargo $1.2 Billion Settlement with FHA

On April 8, U.S. District Judge Jesse M. Furman approved a $1.2 billion settlement paid by Wells Fargo NA to the Federal Housing Administration (“FHA”) over allegations that Wells Fargo submitted insurance claims for...more

Implementation Mortgage Credit Directive; What Changes?

The EU Mortgage Credit Directive (the "Directive") aims to create an efficient and competitive internal market for mortgage credit with a high level of consumer protection. The Directive requires European member states to...more

Florida’s Third District Court of Appeal Reverses Earlier Decision in Beauvais and Holds That Statute of Limitations Does Not Bar...

Action Item: Florida’s Third District Court of Appeal finds that Florida’s statute of limitations for foreclosure actions does not bar a second foreclosure action filed on a subsequent payment default occurring within the...more

Fla. Appellate Court Reverses Itself In Key Foreclosure Victory For Mortgage Industry

The Florida Third District Court of Appeal (DCA), sitting en banc, reversed itself this week and held that the five-year statute of limitations did not bar a second foreclosure suit filed on a subsequent payment default so...more

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