Condo Adviser: What is 'FHA approved,' exactly?
Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk
The CFPB’s leadership ‘brain drain” seems to be continuing, with Politico reporting that Richard Hackett, the Bureau’s Assistant Director for installment and liquidity lending markets, is planning to leave the CFPB later this...more
In this issue: - Make–Whole Claim in the Amount of 37% of Loan Balance is Enforced by Delaware Bankruptcy Court - Seventh Circuit Requires Competition for Insider’s New-Value Plan of Reorganization -...more
Chicago Tribune Condo Adviser columnist Howard Dakoff on the benefits of, and myths surrounding, loans backed by the Federal Housing Administration....more
In 2007, the Department of Corporations issued this Desist & Refrain Order against Mahmoud Karkehabadi and others for violations of the Corporate Securities Law of 1968. The Department also made a criminal referall to the...more
Refinancing your home mortgage can improve your overall financial outlook but can have negative impacts on your credit score. Regardless of whether your decision to modify the terms of your loan stems from a need to free up...more
On May 24, several banks and asset management companies sued U.S. Bank in a Missouri state court over U.S. Bank’s alleged mismanagement of 28 RMBS trusts. Plaintiffs allege that U.S. Bank disregarded its duties as trustee by,...more
On May 29, Justice Eileen Bransten in the Supreme Court of the State of New York partially granted a motion to dismiss in a case by U.S Bank against Bank of America and Countrywide seeking the repurchase of 4,484 mortgages...more
A recent federal court decision illustrates how “loan” arrangements between physicians and their employers, if not properly structured, may be treated as the payment of taxable compensation and the employers may be hit with...more
If you are looking for a temporary reprieve from your loan obligations, you are probably falling behind on your payments — either because you were prequalified for a loan that is out of your reach or because you have recently...more
On May 17, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order to Paul Taylor Homes Limited, Paul Taylor Corp. and Paul Taylor individually (altogether “Taylor”) based on the CFPB’s findings that...more
On May 28, a group of 13 Democratic Members of the House Financial Services Committee sent a letter to CFPB Director Richard Cordray seeking “any and all background information about . . . [the CFPB’s] investigation into...more
Special servicers and lenders who have loans secured by real property in Nevada should be aware of a case that is on appeal in that state. Briefing is about to begin on what could be an important win, or loss, for the lending...more
Crowdfunding basically consists in the funding of a project by raising many small amounts of money from a large number of people, typically via the Internet. Primarily used in specific artistic sectors, such as the music or...more
In This Issue: - New Suits Filed as Credit Card Swipe Fee Settlement Deadline Looms - Sec. Lew Tells Senate Committee of Plans to Accelerate Dodd-Frank - New Mortgage Rule to Block Access to Credit, Witnesses...more
We have previously blogged about the CFPB’s laser-like focus on the fair lending practices of banks and non-banks purchasing auto finance consumer contracts from auto dealers....more
Vermont recently provided an exemption from the requirement that mortgage brokers provide a mortgage broker agreement in instances where the broker acts as an independent contractor loan processor or underwriter for a...more
Yesterday afternoon, the Consumer Financial Protection Bureau (“Bureau”) finalized important amendments (the “Amendments”) to its ability-to-repay/qualified mortgage rule (the “Rule”) concerning the extent to which loan...more
Sam J. Salario Jr. is a shareholder in Carlton Fields’ Tampa office specializing in securities litigation and class actions. Q: What is the most challenging case you have worked on and what made it...more
On May 22, Moody’s released its methodology for rating auto loan-backed ABS. On May 20, S&P released its methodology for revising reinvestment interest rates for fixed-rate bonds. On May 17, Fitch released its amended...more
After the housing bubble collapsed in the mid-2000s, many homeowners found themselves owing more on their mortgages than their homes are actually worth in today’s real estate market. Such mortgages are commonly called...more
With property values slowly increasing and borrowers beginning to see the light at the end of a long recession, the demand for renewal loans is slowly building. To that end, let’s briefly review a few of the key rules...more
In an age of historically low interest rates, lenders rely on fee income and other devices to enhance their returns. One of these mechanisms -- and one that can have dramatic consequences for a borrower -- is the inclusion of...more
After two years of negotiating with residential property owners, the Stanislaus County Board of Supervisors approved acquisition of the property by eminent domain. The Modesto Bee reports that the board approved the...more
A recent article in the New York Times reports on a development in the ongoing saga of how people will meet their expenses in retirement. A borrowing technique has been heavily marketed, called pension advances, which are...more
For the last 27 years, bankruptcy courts in the Ninth Circuit consistently held that debt could not be recharacterized as equity unless the movant proved inequitable conduct by the debt holder. On April 30, 2013, the Ninth...more
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