Loss Mitigation

News & Analysis as of

Court of Appeal rules on indefinite demurrage claims

MSC Mediterranean Shipping Company S.A. v. Cottonex Anstalt - [2015] EWHC 283 (Comm) - A Court of Appeal decision handed down on 27 July 2016 of this week ruled that demurrage on detained containers, which could not...more

Connecticut Foreclosures: Judgment of Loss Mitigation – Good, Bad or Unnecessary?

One of the plethora of new procedures enacted in the 2016 General Assembly’s legislative session is a concept which is being dubbed a “judgment of loss mitigation.” The procedure seems straightforward at first – a lender can...more

CFPB Releases Supervisory Report

In a special edition of its Supervisory Highlights publication, the Consumer Financial Protection Bureau (CFPB) detailed its Supervision findings regarding the mortgage servicing industry's compliance with CFPB regulations....more

CFPB Cites Violations of Regulation X

The CFPB recently cited several loan servicers for violations of Regulation X that stemmed from "outdated and deficient servicing technology." The CFPB announced in its June 2016 Supervisor Highlights: Mortgage Servicing,...more

Summary of Updated Mortgage Servicing Examination Procedures

On June 22, 2016, the CFPB released a special edition of its Supervisory Highlights focused on examinations of mortgage servicers between January 2014 and April 2016. Additionally, it released its third update to the mortgage...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

CFPB Finds Technology Problems During Reviews of Mortgage Servicers

Last Friday, the Consumer Financial Protection Bureau (CFPB) released a special edition of their semi-annual Supervisory Highlights report focusing solely on issues uncovered during reviews of mortgage servicers. The report...more

CFPB Releases Latest Supervisory Highlights Focused on Mortgage Servicing

The Consumer Financial Protection Bureau released their 11th edition of Supervisory highlights, a special edition with a direct warning to mortgage servicers. The report typically shares findings and examination observations...more

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

To Mitigate or Not to Mitigate – That is the Question!

If you suffer loss as a result of negligent advice, do you have a duty to mitigate? If yes, what does that duty look like in practice? How far do you need to go in attempts to reduce the loss you have suffered? This was the...more

LSREF III Wight Ltd v Gateley LLP [2016] EWCA Civ 359

The Court of Appeal has handed down judgment in LSREF III Wight Ltd v. Gateley LLP [2016] EWCA Civ 359, a case which concerned what, if any damages had been caused by solicitors' negligence and whether the claimant had failed...more

Do RESPA’s Loss Mitigation Procedures Really Apply After a Borrower Leaves a Residence?

The Consumer Financial Protection Bureau (CFPB)’s mortgage servicing rules, which took effect on January 10, 2014, contain a number of detailed loss mitigation procedures that servicers must follow after a payment default. ...more

Texas Tornadoes: Why Risk Mitigation Matters

On Dec. 26, 2015, 12 confirmed tornadoes struck the North Texas area, killing 13 people.[1] Property damage resulting from the tornadoes is currently estimated at $1.2 billion. According to the National Oceanic and...more

Circuit Court Rules that Ambiguous Regulatory Requirements Cannot Give Rise to FCA Liability

A recent decision from the United States Court of Appeals for the District of Columbia Circuit evaluated whether a regulatory requirement was sufficiently ambiguous that it precluded a finding of liability under the False...more

Mitigation and the assessment of damages on early redelivery – “The New Flamenco”

Mitigation and the assessment of damages on early redelivery – “The New Flamenco” - Assessing the level of damages recoverable following the early redelivery of a vessel under a time charter can be a complex area of law...more

Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!

Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll,...more

Insurance Coverage – Homeowner’s Insurance – “Imminent Loss”

Arthur Grebow, et al. v. Mercury Insurance Company - Court of Appeal, Second District (October 21, 2015) - Homeowners’ policies are not intended to require that all maintenance costs incurred to prevent collapse...more

Administration Announces New Mitigation Policies

This afternoon, the Administration issued two policies intended to encourage private investment in natural resource conservation and to facilitate application of the mitigation hierarchy—avoiding, minimizing and compensating...more

South Carolina’s 1,000-Year Flood Requires Immediate Recovery Action

South Carolina was recently pummeled by a devastating storm that Governor Haley described as happening “once in a thousand years.” Compounding the resultant flooding, many dam breaks exacerbated the catastrophic losses South...more

Court Confirms No Duty to Reimburse for Prophylactic Repairs Prior to Actual Collapse

In Grebow v. Mercury Insurance Company (No. B261172, filed 10/21/15), a California appeals court held that coverage for collapse in a homeowners policy does not extend to prophylactic repairs undertaken to mitigate damage...more

[Event] 2015 Cybersecurity Seminar: Identifying and Mitigating Data Breaches and Related Liabilities - Oct. 29th, Richmond, VA

October is National Cyber Security Awareness Month! Please join Williams Mullen, Marsh and EY for an in-depth discussion on effective strategies for identifying and mitigating data breach and related liabilities. WHO...more

Data Breaches, Media Relations, and the Bottom Line

Data breaches are crisis moments that business must prepare for in many ways: not just in taking steps at prevention, but also mitigating losses, arranging for business continuity, complying with legal and regulatory...more

Wrongful Trading: Robin Hood’s not-so Merry Men

Brooks and another v Armstrong and another [2015] EWHC 2289 (Ch) 0 - In a rare judgment considering wrongful trading in detail, the memorably-named “Robin Hood” case considers at which point the directors ought to have...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

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