Condo Adviser: What is 'FHA approved,' exactly?
Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk
On November 26, the FHFA announced that the 2014 maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac will remain at the existing levels in most areas....more
On December 4, Fannie Mae issued Servicing Guide Announcement SVC-2013-24, which: (i) updates the modification terms for the “Cap and Extend Modification for Disaster Relief” to require servicers to set the interest rate to a...more
On November 20, 3013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more
S&P announced this week that over €10bn of loans backing European CMBS transactions that it rates could need refinancing next year (SCI 3 December). About €3bn of the €13bn of loans scheduled to mature in 2014 has been...more
The Chancellor of the Exchequer today delivered a 130-page Autumn Statement that contained a number of surprises, as well as expected updates on areas such as partnership taxation....more
The Financial Conduct Authority (FCA) in the UK released a consultation paper outlining its proposed direction for consumer credit activities. This includes both loan-based crowdfunding (also known as peer-to-peer lending...more
The Law Firm Lending division at Case Funding handles plenty of unique considerations when discussing loan options with attorney clients; but there are some standard concerns we run across daily that are likely shared by the...more
The CFPB has issued a rule that allows the CFPB to supervise certain nonbank student loan servicers for the first time.
The CFPB currently oversees student loan servicing at the largest banks. ...more
Confirmation of the W.Va. Attorney General's Authority to Hire Private Counsel on Behalf of the State -
For more than a decade, the circuit courts in West Virginia have wrestled with the issue of whether the State...more
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have carried out their threats in their proposed guidance to kill deposit advance loans. On November 21, 2013, the two...more
On November 21, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued final supervisory “guidance” to supervised financial institutions that offer or may consider...more
For the first time, the Pennsylvania Supreme Court has addressed the important issue of whether, and to what extent, Pennsylvania's Loan Interest and Protection Law (Act 6) may be used as the basis for claims that do not...more
When a business borrows money, especially when it’s a new business, the lender wants to make sure it will be repaid even if the business fails. The lender often asks for additional security that it will be paid. Additional...more
Thirteen states that took out loans from the federal government in order to keep their unemployment insurance (UI) trust funds solvent will lose the full Federal Unemployment Tax Act (FUTA) credit for 2013 because they did...more
The Bankruptcy Court for the Southern District of New York overseeing the Residential Capital (“ResCap”) cases issued an opinion on November 15, 2013 (the “Opinion”) allowing the unamortized interest associated with original...more
The new CFPB mortgage rules are tough on lenders, beginning with the loan application process. In order to issue a mortgage, lenders must collect information about income and assets, employment status, credit history, monthly...more
Hot on the heels of the CRA’s recent publication of a “fact sheet” on its views on the tax treatment of Bitcoin currency (which has been in the news recently), the CRA has published two technical interpretations on the tax...more
On October 15, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a bulletin providing guidance on certain mortgage servicing rules which are to take effect on January 10, 2014 under the Real Estate Settlement...more
What happens when one loan document contains a jury waiver but another doesn’t? For the lender, all may not be lost.
That was another important holding from the Missouri Court of Appeals Western District in Midland...more
Entrepreneurs in Miami and elsewhere are familiar with making and receiving loans as commonplace tools in the management of their businesses. One need look no further than the growth of Miami’s skyline through debt-financed...more
Our previews of the latest additions to the Illinois Supreme Court's civil docket continue with BAC Home Loans Servicing, LP v. Mitchell. BAC Home Loans presents the following question: does waiver of a personal jurisdiction...more
FDIC Cautions Financial Institutions About D&O Insurance -
Noting a rise in the use of exclusions in insurance policies for executives at financial institutions, the Federal Deposit Insurance Corporation urged banks to...more
Among the many changes in the financial services industry, two important events occurred this year that effectively signaled the extinction of deficiency judgments in loans secured by residential property.
Refinancing is usually a good choice for homeowners who maintain high credit scores, qualify for the lowest interest rates, keep sufficient cash on hand and own homes that have retained their value in today’s depressed...more
The Michigan Court of Appeals recently issued an opinion that may have a big impact on how banks respond to creditor garnishments for customers who are in default on their loans from the bank.
In Ladd v Motor City...more