New Consumer Bankruptcy Reform Act Implications and the 2023 Congressional Outlook - The Consumer Finance Podcast
It’s the stuff of nightmares. You think you have cleared all of the debt on your home when it goes into foreclosure, only for that debt to crawl up years later and attack you....more
The fact that commercial transactions can very easily become complex is not a novel statement. When financial institutions lend money to commercial entities, the basic documentation required to evidence the loan, promise to...more
This briefing is the second in a series of briefings by Walkers’ on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCFL”), and provides an overview of the licensing regime applicable to consumer...more
Secured creditors have many choices when it comes to how to file a proof of claim in bankruptcies. Those choices should be weighed carefully, however, because certain choices can have important unexpected consequences that...more
COVID-19: FCA finalised guidance for mortgage firms - On 14 September 2020, the UK Financial Conduct Authority (FCA) published finalised guidance containing additional guidance for mortgage firms in light of COVID-19....more
In Futuri Real Estate, Inc. v. Atlantic Trustee Servs., LLC, borrowers Milton and Armida Cortez (the “Borrowers”) obtained three loans secured by separate deeds of trust on their residence: (A) a $415,000 deed of trust in...more
In a victory for Chapter 13 debtors, the United States Court of Appeals for the Fourth Circuit recently issued a major decision that changes the way bankruptcy courts in North Carolina will deal with certain home mortgages in...more
Connecticut has revised several provisions involving secured and unsecured lending laws, including, but not limited to, the following...more
In the current economic climate, it is important that lenders understand how they can enforce security and debt claims to help in assessing options in the event of default by their customers, and when structuring new lending....more
The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently handed a victory to residential real estate lenders dealing with borrowers who file for Chapter 13 bankruptcy...more
Including an unsecured creditor in an agreed payments waterfall does not by itself confer on that unsecured creditor the benefit of a mortgagee’s usual duties on enforcement of security, or a direct claim against the sale...more
The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more
On June 1, 2015, the United States Supreme Court issued its decision in Bank of America, N.A. v. Caulkett, in which all nine Justices joined in an opinion that reversed an Eleventh Circuit ruling that chapter 7 debtors may...more
On June 1, 2015, the United States Supreme Court decided Bank of America v. Caulkett, No. 13-1421, together with Bank of America v. Toledo-Cardona, No. 14-163, holding that a debtor in a Chapter 7 bankruptcy proceeding may...more
Since its 1989 opinion in Folendore v. Small Business Admin., the Eleventh Circuit Court of Appeals has allowed debtors to completely strip off and void wholly unsecured junior liens in Chapter 7 bankruptcies under Section...more
The CFPB’s Office for Older Americans released a report this month reviewing mortgage debt held by older consumers—individuals age 65 and older. The report found that older consumers are carrying more mortgage debt into...more
The CFPB released its Fair Lending Report to Congress, which provides an update on the CFPB’s efforts with respect to its fair lending mandate. Section 1013 of the Dodd-Frank Act requires the CFPB’s Office of Fair Lending and...more