Lenders

News & Analysis as of

Study Concludes That California’s Lending Laws Are Number One

In a recently published paper, Colleen Honigsberg, Sharon P. Katz, and Gil Sadka examine the relationship between debt contracts and state law.  Perhaps only Captain Renault will be shocked by their finding that “California...more

A Borrower and a Lender Be: Irish Central Bank’s Loan Origination Fund Rules

There has been an increasing focus within Europe on alternatives to bank-based credit. Loan origination funds, which look to source loan assets for their investment portfolio by directly originating loans (rather than...more

(US) Are Small Business Administration 504 Loans Exempt from High Volatility Commercial Real Estate Regulations?

As discussed in a prior blog , Basel III regulations governing high volatility commercial real estate (HVCRE) went into effect. The HVCRE rules require lenders to assign a higher risk weighting to loans for the acquisition,...more

Payday lenders remain a focus for ASIC

ASIC has released a statement as well as a video from Deputy Chairman Peter Kell setting out its agenda with respect to payday lenders. ...more

New Interest Rate Thresholds

On 9 March 2015 Federal Law No. 32-FZ “On Amending Part II of the Tax Code of the Russian Federation”, dated 8 March 2015, entered into force. The Law is aimed at softening the negative tax effect on borrowings resulting...more

Real Estate Gazette - Issue 19 (Global)

In This Issue: - INTERNATIONAL: Key Issues For Real Estate In The Implementation Of The AIFMD Across Europe - ASIA: Understanding Four Key Changes To The Hong Kong REIT Code -...more

Security Interests in Intellectual Property

As collateral for a loan, lenders are accustomed to obtaining a security interest in the property of the borrower. Such property usually includes tangible assets of the borrower such as real estate, machinery and other...more

What Lenders and Investors in E&P Companies Need To Know As Oil Prices Drop

“In 2008, the United States produced on average approximately 5 million barrels of oil a day. By the end of 2014, that number had increased to more than 9 million barrels and the Energy Information Agency predicts production...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

The Not-So-Remote Possibility of the Bankruptcy of a Bankruptcy Remote Entity

A bankruptcy remote entity is a special-purpose vehicle (or special purpose entity) (“SPV”) that is formed to hold a defined group of assets and to protect them from being administered as property of a bankruptcy estate. See...more

The Sixth Circuit, Relying upon Michigan’s Nonrecourse Mortgage Loan Act, Rejects the Enforceability of an Insolvency Covenant

Notwithstanding Michigan’s 2012 Nonrecourse Mortgage Loan Act (NMLA), which provides that solvency covenants in nonrecourse loans unenforceable, in Borman, LLC v. 18718 Borman, LLC, a third-party purchaser of a foreclosed...more

Locke Lord QuickStudy: Texas Supreme Court Authorizes Attorney Fees’ Awards in Home Equity Cases

On Friday, February 6, 2015, the Texas Supreme Court issued its decision in Case No. 13-0236, Wells Fargo Bank, N.A. v. Murphy, and held that the Texas Constitution’s prohibition against non-recourse home equity loans, see...more

Considerations For Lenders in Workouts & Loan Restructurings

Despite the improvement in the economy since the advent of the “Great Recession,” many businesses nevertheless continue to struggle. Accordingly, lenders are well advised to stay up to date on  “best practices” when facing a...more

(US) Revised Pennsylvania Statute Creates Power of Attorney Chaos

The Pennsylvania Legislature enacted extensive changes to Title 56 of the Decedents, Estates and Fiduciaries Code affecting powers of attorney, effective as of January 1, 2015. The amendments create a number of issues for...more

Dead Hand Provisions: A Lesson for Lenders from the Delaware Chancery Court

In Pontiac General Employees Retirement System v. Ballantine, et al., the Delaware Chancery Court refused to dismiss a claim against a lender for aiding and abetting a breach of fiduciary duty by the borrower’s directors. ...more

A New Balancing Act: The DOJ Provides New Direction Regarding the SCRA's Interest Rate Benefit

When Congress reenacted the Servicemembers’ Civil Relief Act (“SCRA”) in 2003, Congress designed the SCRA to balance the interests of active duty servicemembers and their creditors, as it had done under the SCRA’s predecessor...more

Guidance on Private Student Loans With Graduated Repayment Terms Released

On January 29, federal financial regulatory agencies in partnership with the State Liaison Committee (SLC) of the Federal Financial Institutions Examination Council, issued guidance for financial institutions on private...more

CFPB Proposes Changes to Mortgage Rules for Small Lenders

On January 29, the CFPB announced a proposed rule that would provide regulatory relief to more small lenders. Among other things, the proposed rule would (i) increase the loan origination limit to qualify for “small creditor”...more

Acceleration and Florida’s Five-Year Statute of Limitations

Florida’s Third District Court of Appeal recently filed an opinion that illuminates when a lender’s acceleration of debt triggers the five-year statute of limitations. In Snow v. Wells Fargo Bank, N.A., 2015 WL 160326 (Fla....more

Money, Dirt & Steel: 2014-2015 NC Real Property Litigation Update

A snapshot of noteworthy cases from the past year related to lending practices, property rights and construction in North Carolina. Money - Lending: Comprehensive waiver language in loan workout...more

CFPB seeks information from industry on student loan modification options and issues guidance on private student loans with ...

As a follow up to a January 2014 meeting with private student loan lenders and servicers convened by Director Cordray and Education Secretary Arne Duncan, the CFPB sent letters last week to certain “market participants”...more

Marriage Equality and The Equal Credit Opportunity Act

On January 1, 2015, United States District Judge Hinkle issued an Order ruling that all Florida counties are to start issuing marriage licenses to same-sex couples as of January 6, 2015. The implications of this ruling are...more

Typo Disastrous for Lender

The United States Court of Appeals for the Seventh Circuit recently issued a harsh opinion for lenders in In re: David L. Duckworth. The case provides a startling example of the drastic consequences of failing to carefully...more

Deference in Decline: ECOA’s Regulation B and Agency Discretion Might Not Be Broad Enough to Include Spousal Guarantors

For more than 40 years, the Equal Credit Opportunity Act (‘‘ECOA’’) has prohibited lenders from discriminating against applicants for credit on various prohibited bases, including marital status. The policy reasons for such...more

The Business Records Exception As It Applies to Prior Loan Servicer Records - January 2015 Fourth District Court Ruling Provides...

Last week, in Bank of New York v. Andrew Calloway, the Fourth District Court of Appeals provided some long-awaited clarity to the business records exception as it relates to a prior loan servicer's records under Florida law....more

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