News & Analysis as of September 24, 2024

Foreclosure › Banks

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

There’s No Going Back: The Finality of Mortgage Foreclosures

Cadwalader, Wickersham & Taft LLP on 3/1/2024

In New York, it is settled precedent that a judgment of foreclosure and sale is final as to all questions at issue between the parties. Thus, once a final judgment is entered, both parties have no recourse or ability to raise...more

District Court grants summary judgment to bank in discriminatory lending suit

Orrick, Herrington & Sutcliffe LLP on 1/6/2023

On December 19, the U.S. District Court for the Northern District of Illinois granted summary judgment in favor of a national bank with respect to discriminatory lending allegations brought by the County of Cook in Illinois...more

New 6th Circuit opinion puts the brakes on expedited tax foreclosures by county land banks

Bricker Graydon LLP on 11/16/2022

You knew the wheels were falling off the (medieval) cart when the federal 6th Circuit Court of Appeals rattled off English legal theory from the year 1470, right? Advocates for county land banking activities in...more

Banks Sue Over Oregon’s Foreclosure Moratorium

Tonkon Torp LLP on 10/21/2020

Two recent lawsuits filed in the U.S. District Court for the District of Oregon illustrate that Oregon banks are none too pleased about HB 4204. This legislation, passed by the Oregon legislature in June 2020, prohibits...more

West Virginia Foreclosures in the Age of Corona

Steptoe & Johnson PLLC on 9/16/2020

Economic turmoil brought on by the coronavirus pandemic has created much concern about a potential rise in residential foreclosures. On August 5, 2020, Governor Jim Justice followed his presentation on school reopening...more

All Consuming - Financial Litigation Insights: Issue 3, July 2020

Spilman Thomas & Battle, PLLC on 7/11/2020

Welcome! Welcome to the new format of All Consuming . We listened to the feedback. A newsletter filled with long articles gives the detailed information some are looking for but becomes another thing that others have to...more

Summary of 28th Annual Conference on Fair Lending and Consumer Financial Protection

Skadden, Arps, Slate, Meagher & Flom LLP on 5/13/2020

Year In Review - Anand Raman, the head of Skadden’s Consumer Financial Services (CFS) practice, began the conference by providing a summary of notable events and trends over the past year relating to consumer financial...more

Key Provisions of the CARES Act Affecting Mortgage Servicers

Alston & Bird on 3/31/2020

A&B ABstract: In response to COVID-19, on Friday March 28, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”). This is a monumental $2 trillion stimulus...more

CARES Act Provides Much-Needed Stimulus for U.S. Businesses, Individuals

Skadden, Arps, Slate, Meagher & Flom LLP on 3/31/2020

On March 27, 2020, Congress approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial assistance to individuals and businesses, which in aggregate greatly exceeds the financial package...more

COVID-19 National and State Relief Efforts Focus on Single Family Mortgage Loans

Moore & Van Allen PLLC on 3/30/2020

The shuttered storefronts and grounded airplanes that by now have become an all too familiar image of the COVID-19 pandemic are quickly creating a ripple effect through the U.S. economy. As unemployment rises and Americans...more

New York Issues Series of Executive Orders Providing Relief to Borrowers Impacted by COVID-19

McGlinchey Stafford on 3/25/2020

On March 7, 2020, Governor Andrew Cuomo issued Executive Order 202 declaring a state of emergency for the entire State of New York as a result of the COVID-19 pandemic. Since that time, the Governor has issued a series of...more

COVID-19 Legal Update: How Are Evictions And Lien Foreclosures Impacted Following California Executive Order N-28-20?

Stoel Rives LLP on 3/23/2020

On March 16, 2020, Governor Gavin Newsom issued Executive Order N-28-20 (“Order”) regarding evictions and foreclosures in California. This Order is relevant to every person and business involved in the rental, ownership, or...more

Damages Under Dodd-Frank: Federal Court Awards CFPB $59 Million in Unprecedented Penalties and Restitution Analysis

ArentFox Schiff on 11/13/2019

So much to say, so little time. Historically groundbreaking, a federal court in Madison, Wisconsin engaged in the most robust, methodical damages analysis under the Consumer Financial Protection Act, found in Title X of the...more

[Event] Residential Mortgage Regulatory Enforcement & Litigation - October 29th-30th, Dallas, TX

American Conference Institute (ACI) on 9/11/2019

Attend the only forum designed to help you navigate the Residential Mortgage Industry’s evolving landscape. Now in its 26th installment, ACI’s Residential Mortgage forum has become a premier gathering of the key industry...more

Real Property & Financial Services Update: Week Ending July 5, 2019

Carlton Fields on 7/25/2019

Real Property Update- Landlord-Tenant: rider to a lease, containing clear and unambiguous language, controlled over the terms in the lease and limited the increase in the operating expenses charged to the tenant by the...more

Fair Lending Developments: Wrestling with Causation

Hudson Cook, LLP on 6/18/2019

The past year saw the lower courts wrestle with the aftermath of the U.S. Supreme Court’s decision in Bank of America Corp. v. City of Miami that, like the Court’s previous ruling in Texas Department of Community Affairs v....more

Cartel Snapshot - June 2019

McDermott Will & Emery on 6/14/2019

The Department of Justice (DOJ) Antitrust Division announced three new investigations and several developments in its other investigations, including new investigations in the commercial flooring industry, online auctions for...more

New York Appellate Court Decision Provides Guidance for Lenders in Foreclosure Actions

Troutman Pepper on 4/5/2019

The New York Appellate Division for the Second Department recently issued a ruling that makes it more difficult for mortgage holders to foreclose on certain properties. ...more

Real Property, Financial Services, & Title Insurance Update: Week Ending February 22, 2019

Carlton Fields on 3/20/2019

Real Property Update - Foreclosure / Paragraph 22: bank failed to introduce sufficient evidence to prove default letter was sent to borrower pursuant to paragraph 22 of the mortgage where bank's witness never testified that...more

Despite Acceleration of Debt Through Prior Dismissed Foreclosure Action, Bankruptcy Petition Tolls Statute of Limitations on...

Hinshaw & Culbertson LLP on 4/18/2018

In Lubonty v. U.S. Bank National Association, a mortgagor sought to void a mortgage loan claiming that the six-year statute of limitations to foreclose had expired. The mortgagor had commenced multiple bankruptcy proceedings...more

Chris Lazarini Examines Statute of Limitations Related to Breach of Fiduciary Duty

Bass, Berry & Sims PLC on 4/3/2018

Bass, Berry & Sims attorney Chris Lazarini examined a case of alleged breach of trust and breach of fiduciary duty against a bank acting as the indenture trustee related to a foreclosure action on defaulted mortgage revenue...more

Conflicts of Laws, Deficiency Actions, and Statutes of Limitations – Oh My!

Snell & Wilmer on 5/3/2017

What law governs a deficiency action if the choice-of-law provisions in the note and deed of trust conflict? The Arizona Court of Appeals answered that very question in ZB, N.A. v. Hoeller, No. 1 CA-CV 16-0071 (Ct. App. April...more

Bank of America Must Pay $46 Million for Improper Foreclosure

Greenberg Glusker LLP on 4/18/2017

Brian Davidoff was quoted in a Los Angeles Daily Journal article on March 28, 2017, discussing U.S. Bankruptcy Judge Christopher M. Klein’s ruling in Sundquist v. Bank of America NA which awarded Erik and Renee Sundquist...more

Burr Alert: “Alakazam”(or not): No Magic Language Necessary for Confirmation Waivers as Georgia Courts Continue to Allow...

Burr & Forman on 2/28/2017

In last March’s edition of this newsletter, we discussed the Supreme Court of Georgia’s decision in PNC Bank, National Association v. Smith, in which the Court held that compliance with O.C.G.A. § 44-14-161 “is a condition...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/23/2017

A review of the Fed minutes released yesterday shows the willingness of some Fed Governors to start rate raising again sooner rather than later....more

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Foreclosure › Banks

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