News & Analysis as of

Mortgage Lenders

Cities Can Sue Banks for Predatory Lending, U.S. Supreme Court Says

by Best Best & Krieger LLP on

While the nationwide economy has steadily improved since the recession, many cities are still clawing their way back to financial stability. California, in particular, was hit hard by the foreclosure crisis, leaving cities in...more

Lender's Edge Newsletter

by Polsinelli on

Deeds in Escrow - Deeds in escrow, or “pocket deeds,” have increased in popularity in recent years. But are they the right option in connection with a workout of your distressed loan? Please see full Publication...more

Government turns GST on its head for new property sales

by Dentons on

Proposal: Purchasers to pay GST to the ATO - The Budget measures include a radical plan to shift the responsibility of accounting for GST from property developers to purchasers. Under the proposal, purchasers must remit...more

HUD Settles Fair Housing Act Claims Against California Credit Union

by Goodwin on

On May 10, 2017, the U.S. Department of Housing and Urban Development (HUD) announced a settlement with a California credit union concerning allegations that the credit union denied loan approval to a married couple because...more

In re Lutz – A Value’d Decision Under Section 363(f)(3)

The Bottom Line - The Bankruptcy Court for the District of New Jersey denied the Debtors’ request for approval of a sale of property free and clear of liens encumbering the property. The court determined that the term...more

U.S. Supreme Court Sides with Cities, Allowing Lawsuits Against Banks for Fair Housing Act Violations - Bank of America v. City of...

by Best Best & Krieger LLP on

The U.S. Supreme Court has given the City of Miami the go-ahead to sue banks under the Fair Housing Act for alleged racially discriminatory lending practices that resulted in increased foreclosures and fiscal harm to the...more

Lenders Welcome Cinco de Mayo Ruling From NC Supreme Court on Deficiency Judgments

Readers of my case alerts may remember a July 2015 alert about the troubling North Carolina Court of Appeals decision in United Community Bank v. Wolfe, which made it a lot harder for lenders to obtain a post-foreclosure...more

CFPB Report Outlines Best Strategies for Promoting Diversity and Inclusion in the Mortgage Industry

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) has released a report that outlines a number of strategies for promoting diversity and inclusion (D&I) in the mortgage industry, presents the business case for diversity, and...more

If At First You Don’t Succeed - Georgia Supreme Court Upholds Waiver of Confirmation After Prior Confirmation Action Denied

On April 17, 2017, the Supreme Court of Georgia found that defendant guarantors had waived the statutory protections under the Georgia foreclosure confirmation statute, and the lender could pursue a deficiency judgment...more

Supreme Court Rules that Cities Can Sue Banks for Predatory/Discriminatory Lending

by Ballard Spahr LLP on

The U.S. Supreme Court has ruled, by a 5-3 majority, that the city of Miami was authorized to bring lawsuits based on allegations that banks engaged in financial-crisis-era discriminatory lending. The city alleged that the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Fed wrapped up its Open Market Committee meeting yesterday without any change in interest rates but with an expression of confidence in the economy, despite Q1’s sub-1 percent growth figure (which it dubbed “transitory”)....more

CFPB Releases a Report Outlining Best Strategies for Promoting Diversity and Inclusion in the Mortgage Industry

by Ballard Spahr LLP on

On Thursday, April 27, the CFPB released a report which outlines a number of strategies for promoting diversity and inclusion (D&I) in the mortgage industry, presents the business case for diversity, and provides current D&I...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Investors’ decreasing appetite for actively managed mutual funds appears to have helped drive the major shake-up at AllianceBernstein Holding, which said so long to CEO Peter Kraus and removed nine board members in favor of 6...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We know that China’s Didi Chuxing is powerful enough to have driven Uber out of China altogether. So what happens when Didi sets its sights outside of Chinese borders? Flush with $5.5 billion in new funding, Didi is likely...more

HUD Resolves Allegations of Discrimination Against California Lenders

by Goodwin on

?On April 19, the U.S. Department of Housing and Urban Development (HUD) announced that it had entered an agreement with a group of California mortgage lenders to resolve allegations that they discriminated against a mortgage...more

CFPB Proposes Clarification to Home Mortgage Disclosure Act

by Goodwin on

On April 13, 2017, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to clarify certain requirements of the Home Mortgage Disclosure Act (HMDA). HMDA requires that financial institutions collect and...more

CFPB proposes revisions to HMDA final rule

by Ballard Spahr LLP on

On April 13, 2017, the CFPB proposed substantive changes and technical corrections to the 2015 Home Mortgage Disclosure Act (HMDA) Final Rule (Final Rule) amending Regulation C. The proposal, which is discussed in more...more

Recent MRB Administrative Actions Highlight that Minutiae Matters to HUD

by Ballard Spahr LLP on

On April 4, 2017, the Mortgagee Review Board (MRB) of the U.S. Department for Housing and Urban Development (HUD) published an entry in the Federal Register titled "Mortgagee Review Board: Administrative Actions." The entry...more

11th Circuit Clarifies FDCPA/FCCPA Issues Re Periodic Mortgage Statements After Bankruptcy

by Burr & Forman on

In Helman v. Bank of America, 15-13672, 2017 WL 1350728 (11th Cir. April 12, 2017) the Eleventh Circuit Court of Appeal clarified important issues regarding the use of periodic mortgage statements after a bankruptcy...more

California DBO Enters Into $1.4 Million Consent Order With Mortgage Lender Over Interest Charges

by Goodwin on

On April 10, 2017, the California Department of Business Oversight (DBO) announced? that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was...more

Real Property & Title Insurance Update: Week Ending March 31 & April 7, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Deficiency Judgment: where a foreclosing bank acquires in rem jurisdiction via service by publication in underlying foreclosure action, bank may still seek personal service over an...more

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

BaFin Publishes Revised "MaComp" Covering Rules of Conduct, Organization and Transparency for Investment Services Enterprises - BaFin published the revised “MaComp” on 8 March 2017. The MaComp (Governing Rules of...more

Curing Consumer Finance Overreach

A legacy of the financial crisis a decade ago, Congress enacted the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), which gave states one year to pass legislation requiring licensure of mortgage...more

CFPB Proposes Amendments to Align Regulation B with Revised Regulation C

by BakerHostetler on

On March 24, 2017, the Consumer Financial Protection Bureau (CFPB) proposed amendments to Regulation B to “provide additional flexibility for mortgage lenders concerning the collection of consumer demographic information.” ...more

CFPB Proposes to Provide Flexibility in Collecting Information

On March 24, 2017, the Consumer Financial Protection Bureau (“CFPB“) released a proposal to amend Equal Credit Opportunity Act regulations. The proposal would provide flexibility for lenders in collecting information about...more

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