Bill on Bankruptcy: Appeals Court Changes the Law on Fraud
Bill on Bankruptcy: What's in the $83M ResCap Examiner's Report?
Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk
Critical Mortgage Regulatory Updates by the Consumer Financial Protection Bureau for 2013 and 2014
On June 17, 2015, Governor Greg Abbott signed House Bill 2067, which amends the Texas Civil Practice and Remedies Code to provide a clear mechanism for lenders to unilaterally rescind acceleration of a defaulted loan. ...more
The Distressed Condominium Relief Act enacted as Part VII of the Condominium Act in 2010 (“Act”) was a temporary measure to encourage absorption of unsold condominium units arising as a result of the Great Recession. This...more
What is the difference between a Deed of Trust and a Mortgage?
The terms “Deed of Trust” and “mortgage” are often used by people interchangeably. Both serve to give the lender a lien as collateral for a loan but, these...more
Practitioners will be aware that the United Kingdom Government is set to ratify the Convention on International Interests in Mobile Equipment and the Protocol thereto on matters specific to Aircraft Equipment (the Cape Town...more
A Rhode Island superior court recently ruled that, pursuant to R.I. Gen. Laws § 34-27-3.2, foreclosing lenders are required to send mediation notices in any foreclosure initiated after the effective date (October 2014)...more
On June 3, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray responded to Congressional requests and industry pleadings for a grace period in enforcing the new TILA-RESPA Integrated Disclosures...more
Commercial real estate assets in major markets such as New York City, Washington, DC, Boston, Chicago, Los Angeles and San Francisco have experienced a strong rebound in values and are being transacted near, or above, their...more
In this Presentation:
- CFPB – Approach to Regulation
- CFPB – Hot Mortgage Topics
- Genuine Title, LLC, et al.
- New Day Financial, LLC
- American Preferred Lending, Flagship...more
In This Issue:
- Another Perspective
- Facing Merger Challenges. In 5, 4, 3, 2, 1....
- Real Property 101 for Community Bankers in the Spilman Footprint
- Facet One of Social Media and Community Banks - Employees...more
Yesterday, the United States Supreme Court ruled that debtors in Chapter 7 bankruptcy cases cannot “strip off,” or completely void, junior mortgages that—based on the value of the property and the amount of claims secured by...more
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
A snapshot of noteworthy cases from the past year related to lending practices, property rights and construction in North Carolina.
Comprehensive waiver language in loan workout...more
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
Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims.
In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more
On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors...more
"Courts have held that there is no duty on a lender to ensure that a loan is suitable for a borrower," wrote Judge Jones in a recent case dismissing a fraud and misrepresentation claim brought by a home owner against the...more
A cash basis taxpayer owes interest and principal to a lender on a home mortgage loan. The taxpayer goes to another lender, borrows additional money against the residence, and uses the loan proceeds to pay off the accrued...more
Last week the Missouri Supreme Court released two decisions on the same day that expanded Missouri's Merchandising Practices Act (MMPA) with regard to the origination and servicing of real estate mortgage loans. The effect of...more
The U. S. Department of Housing and Urban Development (“HUD”) recently entered into settlement agreements with two lenders that allegedly discriminated against mortgage loan applicants based on their maternity leave status....more
On August 13, HUD announced that a nonbank mortgage lender agreed to pay $104,000 to resolve allegations that the lender’s underwriting practices resulted in discrimination against mortgage applicants who rely on disability...more
Under California’s non-judicial foreclosure statutes, a defaulting borrower cannot enjoin a lender’s initiation of foreclosure proceedings by asserting that the lender lacks standing. (Keshtgar v. U.S. Bank, N.A. (2014) 192...more
On July 2, the Massachusetts Division of Banks published an industry letter regarding mortgage lenders’ obligation to timely fund and disburse mortgage proceeds and oversee internal and third-party compliance with that...more
On July 9, 2014, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued Policy Guidance on the issue of Mortgage Brokers Transitioning to Mini-Correspondent Lenders (“Policy Guidance”), which highlights risks...more
On May 29, 2013, the Nevada Supreme Court issued two decisions that all real estate lenders need to be aware of because they have the potential to eliminate the ability of a lender to recover a deficiency judgment from a...more
On July 11, 2014, the CFPB issued supervisory and enforcement guidance entitled “Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders.” The...more
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