News & Analysis as of September 19, 2024

Foreclosure › Financial Institutions

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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 -

Consumer Finance State Roundup

Alston & Bird on 9/19/2024

The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from four states: Delaware: Effective August 9, Senate Bill 245 amends mortgage foreclosure provisions of...more

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

Alston & Bird on 7/23/2024

What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Promissory Notes - Banking & Finance Insights: V 4, Issue 2, March 2024

Spilman Thomas & Battle, PLLC on 3/5/2024

Volume 4, Issue 2, 2024 Welcome! Welcome to the second issue of Promissory Notes - our banking and finance e-newsletter - for 2024. Business today is characterized by relentless change. To assist our clients in navigating...more

Consumer Finance State Roundup - January 2024

Alston & Bird on 2/1/2024

With the beginning of the 2024 legislative session, we return to the Consumer Finance State Roundup, which is intended to provide a brief overview of recently enacted legislation of potential interest....more

The Court as Casino No More: Law Court Ends Stringent Foreclosure Rule

Pierce Atwood LLP on 1/15/2024

The Law Court has dramatically reshaped foreclosure law in Maine, ending the Court’s outlier position regarding the effect of a defective notice of default. In Finch v. U.S. Bank, N.A., the Court held that, when a lender...more

Correspondent Lending on the Rise: Increasing Gains Point to Increasing Risk

Alston & Bird on 12/1/2023

A&B Abstract: According to a recent edition of Inside Mortgage Finance, correspondent lending is the only lending channel that posted gains in Q3 2023. While it is always nice to see gains, it should also serve as a reminder...more

Wire You Foreclosing?

Cadwalader, Wickersham & Taft LLP on 10/27/2023

Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, but the payment does not make it to the lender’s account? A recent case, heard on appeal by the New York Supreme...more

Proper Evidentiary Support for Compliance with RPAPL 1304 Remains an Issue for Foreclosing Lenders

Freiberger Haber LLP on 7/10/2023

Because there have been a number of appellate decisions interpreting RPAPL 1304, this Blog has written frequently on that topic. By way of background, and as previously noted in the Blog, RPAPL 1304 requires that at least...more

Structured Finance Spectrum – February 2023

Alston & Bird on 2/28/2023

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more

New York Enacts Retroactive Foreclosure Legislation

Mayer Brown on 1/6/2023

While many around the world are setting their calendars forward for the year 2023, residential mortgage loan owners and servicers may need to also look backward in time now that New York Governor Kathy Hochul signed the...more

Our Top 8 Most Popular Insights of 2022

McGlinchey Stafford on 12/23/2022

As 2022 draws to a close, what better time to revisit our most popular insights of the last year and see what topics have engaged our client industries? Our attorneys work hard to stay on the cutting edge of industry...more

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 9

Spilman Thomas & Battle, PLLC on 10/5/2022

Is SAFE Banking Act Getting Closer to Passage? Senators Agree Public Safety Issues are at Play "Sen. Jeff Merkley (D-OR), the sponsor of the SAFE Banking Act, talked about violent crime targeting marijuana businesses and...more

Inside Georgia’s Abandoned Motor Vehicle Act

McGlinchey Stafford on 9/22/2022

Many states have laws that provide “super liens” to facilities that tow, repair, and store vehicles. Georgia’s current abandoned motor vehicle statute is an example of how these statutes can put the secured party financing...more

Lenders Have No Duty to “Process, Review, and Respond Carefully and Completely” to Loan Modification Applications

Patton Sullivan Brodehl LLP on 4/29/2022

One of the unresolved issues over the past several years in the realm of lender liability law is whether lenders owe tort duties to borrowers in connection with loan modification applications. Until now, case law has been all...more

All Consuming - Financial Litigation Insights, Volume 3, Issue 2

Spilman Thomas & Battle, PLLC on 2/9/2022

Buying Virtual Real Estate in the Metaverse Now has Its Own Mortgage - "A Vancouver firm has provided one of the first lending solutions for the whole new world we need to learn about." Why this is important: A...more

Promissory Notes - Banking & Finance Insights, Issue 6

Spilman Thomas & Battle, PLLC on 8/4/2021

Welcome to our sixth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. SBA to Drop Its Review of PPP Loans of $2 Million and Above - "The effort marks an about-face for the agency...more

CFPB Bites of the Month - July Top 10

Hudson Cook, LLP on 7/27/2021

So what happened at the CFPB in the past month? Bite #10 - The CFPB released its Spring 2021 rulemaking Agenda. The CFPB published its Spring 2021 rulemaking Agenda, which outlines the current plans for the CFPB...more

All Consuming - Financial Litigation Insights, Volume 2, Issue 11

Spilman Thomas & Battle, PLLC on 6/3/2021

A New Bill Could Allow Digital Closings Nationwide "Dubbed the SECURE Notarization Act, the bill would allow for remote online notarization services nationwide." Why this is important: In the wake of the coronavirus...more

CFPB Proposes Mortgage Servicing Changes to Prevent Wave of COVID-19 Foreclosures

Orrick - Finance 20/20 on 4/28/2021

On April 5, the Consumer Financial Protection Bureau (CFPB) proposed rule changes intended to prevent avoidable foreclosures as emergency federal foreclosure protections put in place due to the global pandemic expire. The...more

Top 10 Takeaways: Predictions and Trends for Distressed Assets

Greenberg Glusker LLP on 2/1/2021

On January 26, 2021, I participated in a distressed asset panel at the Dressed for Distressed Forum hosted by Commercial Observer along with Aaron Ratner of Empire State Realty Trust, Michael May of Silverstein Properties,...more

COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr & Forman on 12/7/2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt...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

Distressed Real Estate During COVID-19: Options Beyond PPP Loans

Pillsbury Winthrop Shaw Pittman LLP on 8/13/2020

Commercial real estate owners may find relief under the Main Street Lending Program, but with many unable to qualify, the recently introduced HOPE Act, if enacted, will fill a much-needed gap. Although the possibility may...more

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on 6/26/2020

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...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

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Foreclosure › Financial Institutions

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