Loan Modifications

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

by BuckleySandler LLP on 5/20/2013

On May 1, the Supreme Court of the State of New York, Appellate Division, overturned a lower court’s order requiring a lender to modify a borrower’s loan agreement under the terms employed in the trial period as the penalty...more

Loan Modification and the Failure to Mitigate Damages

by Anthony Narula, Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 5/20/2013

Freddie Mac has announced the immediate implementation of its Streamlined Modification program, a no-document modification program offered to severely delinquent borrowers. The implementation of the program, originally set to...more

New York AG Plans Suit Over Alleged Violations Of National Servicer Settlement

by BuckleySandler LLP on 5/15/2013

On May 6, New York Attorney General Eric Schneiderman announced his intent to sue two of the five mortgage servicers that entered the National Mortgage Settlement with 49 state attorneys general, the U.S. Department of...more

Federal District Court Denies Certification In Loan Modification Class Action

by BuckleySandler LLP on 5/10/2013

On April 29, the U.S. District Court for the Central District of California refused to certify a class seeking to challenge a mortgage servicer’s loan modification practices. Campusano v. BAC Home Loans Servicing, LP, No....more

Washington Amends Scope of Mortgage Broker Licensing Requirement

by Matthew Saunig | Ballard Spahr LLP on 5/8/2013

The state of Washington has recently amended its mortgage broker licensing statute. Under the new amendment, anyone who performs or holds themselves out as being able to provide residential mortgage loan modification services...more

New Loan Modification Program Announced! #LoanModAttorney

by Janet Spears | Rowley Chapman & Barney, Ltd. on 4/17/2013

The Federal Housing Finance Agency, the agency that oversees Fannie Mae and Freddie Mac, is launching a new loan modification program. The program is something quite different from HAMP and HARP. What is does is make the...more

What’s at the Bottom of the ‘Robosigning’ Scandal?

by Jeff Ifrah on 4/9/2013

The problematic practice of robosigning – whereby banks and other lenders improperly foreclosed on properties through formulaically processing foreclosure documents – has been much in the news over the past couple of years....more

FHFA Streamlined Modification Initative

by Orrick - Structured Finance Group on 4/4/2013

On March 27, the FHFA announced that Fannie Mae and Freddie Mac will offer a new streamlined loan modification initiative. Beginning July 1, servicers of Fannie and Freddie mortgage loans will be required to offer...more

FHFA Announces Streamlined Modification Initiative

by BuckleySandler LLP on 4/2/2013

On March 27, the FHFA announced that Fannie Mae and Freddie Mac will begin a new loan modification initiative on July 1, 2013. As described in more detail in Fannie Mae Servicing Guide Announcement SVC-2013-05 and Freddie Mac...more

Orrick's Financial Industry Week In Review - April 2, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/2/2013

In This Issue: *Financial Industry Developments - CFTC No-Action Relief for Commodity Trader Advisor Registration - CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants -...more

New Foreclosure Rules

by Howard Ankin on 4/2/2013

The new mandatory regulations regarding foreclosures, recently developed by the Illinois Supreme Court, went into effect on Match 1st. The rules came about due to the deceptive practices that judges observed as well as the...more

State Law Update: Colorado Protects Pending Modifications On Transferred Mortgage Loans

by BuckleySandler LLP on 3/26/2013

On March 15, Colorado enacted HB 1017, which requires a loan servicer to whom servicing rights for a residential mortgage have been sold or transferred to honor or continue processing any pending loan modification, as long as...more

Lenders Beware -- California decision may ignite next wave of lender liability litigation

by Reed Mercado | Sheppard Mullin Richter & Hampton LLP on 3/15/2013

In a recent decision from the California Court of Appeals entitled Jolley v. Chase Home Finance, LLC, the Court severely curtailed lenders’ ability to dispose of lender liability claims on summary judgment, thereby adopting a...more

Homeowners May Fight Foreclosures by Alleging That Lenders Acted in Bad Faith Concerning Loan Modification Programs

by Francis X. Riley, III, Michael Rowan | Saul Ewing LLP on 3/7/2013

In two recent decisions, the Superior Court of New Jersey, Chancery Division, Bergen County, held that homeowners may defend against foreclosure actions by asserting that lenders acted in bad faith with respect to post-notice...more

Orrick's Financial Industry Week In Review - March 4, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/4/2013

In This Issue: *Financial Industry Developments - Amendments to Fed and OCC Foreclosure Consent Orders - Fed Proposed Rule on Systemically Important Financial Market Utilities - Rating Agency...more

Florida Scammer Rented Out Neighbor’s Foreclosed Home

by Perry Draper Law on 2/26/2013

One Palm Beach neighbor borrowed more than just a cup of sugar. When Nathalie Heil noticed that the house next door was empty after it foreclosed, she posted an online ad offering the property for rent. Heil found some...more

Widow Foreclosure Catch-22 [Video]

by Lawyers.com on 2/20/2013

Losing a spouse is a very difficult time for most people. Imagine how difficult it would then be to lose the house you shared to foreclosure. Banks are under legal obligation to help avoid foreclosure by using loan...more

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New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

Loan Modification and the Failure to Mitigate Damages

New York AG Plans Suit Over Alleged Violations Of National Servicer Settlement

Federal District Court Denies Certification In Loan Modification Class Action

Washington Amends Scope of Mortgage Broker Licensing Requirement

New Loan Modification Program Announced! #LoanModAttorney

What’s at the Bottom of the ‘Robosigning’ Scandal?

FHFA Streamlined Modification Initative

FHFA Announces Streamlined Modification Initiative

Orrick's Financial Industry Week In Review - April 2, 2013

New Foreclosure Rules

State Law Update: Colorado Protects Pending Modifications On Transferred Mortgage Loans

Lenders Beware -- California decision may ignite next wave of lender liability litigation

Homeowners May Fight Foreclosures by Alleging That Lenders Acted in Bad Faith Concerning Loan Modification Programs

Orrick's Financial Industry Week In Review - March 4, 2013

Florida Scammer Rented Out Neighbor’s Foreclosed Home

Widow Foreclosure Catch-22 [Video]

House Democrats Urge President Obama To Nominate FHFA Director

"I Knew You Were Trouble": Recent Trends in Lender Liability Litigation

"Qualified Written Request" Under RESPA – No "Magic" Words, But the Right Questions Must be Asked

Think You Are Protected by the Clear Terms of a Written Contract? Think Again!

Massachusetts Division Of Banks Proposes Foreclosure Regulation Amendments

Former Congressman Steve Bartlett Joins the LEVICK Team [Video]

Independent Foreclosure Review Settlement

Massachusetts Offers Guidance On Mortgage Modifications For Non-Delinquent Borrowers And Troubled Debt Restructuring

Widow Foreclosure Catch-22 [Video]

Former Congressman Steve Bartlett Joins the LEVICK Team [Video]

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