Residential mortgage-backed securities offerings prior to 2008 gave rise to an abundance of litigation, some of which continues to this day. There may be reason to anticipate an increase in commercial mortgage-backed...more
On September 4, the Centers for Disease Control (CDC) imposed a moratorium on residential foreclosures and evictions through the end of this year. The move quickly followed comments by the Trump administration that it would...more
9/23/2020
/ CARES Act ,
Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Fannie Mae ,
Federal Housing Administration (FHA) ,
Financial Distress ,
Foreclosure ,
Freddie Mac ,
HUD ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Mortgages ,
Public Health ,
Relief Measures ,
Rent ,
Rental Property ,
Tenants
Governor DeSantis previously issued Executive Order 20-94 on April 2, 2020, suspending and tolling any statute providing for a mortgage foreclosure or residential eviction due to non-payment of rent that, after several...more
8/5/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Financial Distress ,
Florida ,
Foreclosure ,
Governor DeSantis ,
Landlords ,
Moratorium ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State and Local Government ,
Tenants
Major League Baseball (MLB) is scheduled to begin its COVID-delayed season on July 23, but the MLB teams’ Minor League counterparts will have no 2020 campaign. Their season has been canceled. Many Minor League teams are now...more
As state and local governments throughout the country attempt to find a balance between re-opening the economy and sheltering in place, fears persist that the COVID-19 pandemic has already set in motion the next financial...more
While declining to rule that the Consumer Financial Production Bureau (CFPB) itself is unconstitutional — a position taken by many of the agency’s opponents since it began operating in July 2011 — the U.S. Supreme Court...more
In March, the Florida Legislature passed CS/HB 873, approving the Uniform Commercial Real Estate Receivership Act (“UCRERA”). First drafted in 2015 by the Uniform Law Commission, UCRERA has already been adopted by seven...more
Businesses that receive forgivable loans through the Paycheck Protection Program (PPP) would get additional time and greater flexibility to make use of those funds under proposed legislation approved last week by the U.S....more
Talk of a broader “re-opening” of the economy has led to a fierce debate in Congress about whether it would be advisable to include, as part of a new COVID-19 legislative relief package, provisions creating certain immunities...more
On April 20, 2020, Colorado Governor Jared Polis laid out an ambitious plan to dramatically reduce the restrictions on personal movement and business operations created by last month’s “Stay-at-Home” Order....more
In response to the severe economic disruptions caused by COVID-19, Congress took unprecedented fiscal steps to inject liquidity into the economy. One of Congress’ most significant actions was the CARES Act, which included the...more
A surge in repurchase claims against mortgage originators may be imminent as aggregators and servicers face nonpayment of debt obligations and liquidity shortfalls resulting from an increase in residential mortgage loans put...more
A proposed class action filed in federal court in California on April 20 demands refunds for all fans who purchased tickets to Major League Baseball (MLB) games that have been postponed indefinitely due to the coronavirus...more
In the mortgage industry, as in many others, uncertainty abounds as companies attempt to adjust to the “current normal.” One thing residential mortgage loan originators and servicers believe is clear, however, is that they...more
What can companies expect from their funding sources as COVID-19 does damage to the economy? In at least some instances, perhaps, opportunistic attempts by lenders to illegally take control of business assets....more
The disastrous health effects of the novel coronavirus, and the extraordinary economic problems it is creating, are becoming all too familiar for companies around the world. Unfortunately, the problems spawned by COVID-19 do...more
Earlier this week, we noted that COVID-19 might be the pin that bursts a corporate debt bubble. Unfortunately, corporate debt is not the only type of debt poised to explode, particularly under mounting pressure from COVID-19...more
The effects of the novel coronavirus on individual businesses and the larger economy cannot be forecasted with precision, but are virtually certain to be profound. As companies await a better understanding of the specifics of...more
As the world grapples with the health threat posed by the novel coronavirus (COVID-19), the secondary threats of the coronavirus—including economic and financial consequences—have come into clear view....more
3/18/2020
/ China ,
Coronavirus/COVID-19 ,
Corporate Bonds ,
Debt ,
Dow Jones ,
Economic Downturn ,
Federal Reserve ,
Financial Markets ,
Financial Services Industry ,
Infectious Diseases ,
Interest Rate Adjustments ,
Mortgages ,
Public Health ,
Recessions ,
Stock Prices
The years since the 2007–2008 financial crisis have been marked with milestone settlements of claims against the major mortgage “aggregators” (sometimes also known as “investors” in the mortgage purchasing context), who then...more
3/17/2020
/ Bank of New York (BNY) Mellon ,
Deutsche Bank ,
FHFA ,
Financial Markets ,
Freddie Mac ,
Investment ,
Investment Products ,
JPMorgan Chase ,
Lehman Brothers ,
Loans ,
Mortgages ,
RMBS ,
Securitization ,
Settlement ,
Wells Fargo
Lawyers or business people who feel they have been hearing about a lot more consumer protection class actions lately have good reason for that feeling. A recent report by Lex Machina, part of LexisNexis, highlights an...more
2/20/2020
/ Class Action ,
Consumer Protection Laws ,
Data Breach ,
Data Privacy ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Litigation Strategies ,
Personally Identifiable Information ,
Putative Class Actions ,
TCPA ,
Text Messages
A recent decision by the United States Court of Appeals for the Eighth Circuit offers some vindication for mortgage companies still facing “repurchase” demands made by the banks to which they sold residential mortgages in the...more
11/19/2019
/ Appeals ,
Consumer Financial Products ,
Financial Crisis ,
Financial Services Industry ,
Foreclosure ,
Loans ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgages ,
Repurchases ,
Summary Judgment
Last week, on the heels of a significant decline in Bitcoin prices, Forbes reported that China’s Central Bank is set to launch the world’s first state-backed cryptocurrency. The cryptocurrency will be made available initially...more
9/9/2019
/ Alibaba ,
Bitcoin ,
China ,
Cryptocurrency ,
Cyber Attacks ,
Digital Currency ,
Digital Wallets ,
Financial Institutions ,
Financial Transactions ,
Motion to Dismiss ,
Mt.Gox ,
Personal Jurisdiction ,
Popular ,
Putative Class Actions
The Consumer Financial Protection Bureau (CFPB) recently announced that it will allow the so-called “GSE patch” to expire in January 2021. This patch permits Government-Sponsored Entities Fannie Mae and Freddie Mac to buy...more
8/20/2019
/ Ability-to-Repay ,
Bright-Line Rule ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Housing Market ,
Loans ,
Mortgages
The fallout from the last financial crisis and recession is far from over. More than a decade after the demise of Lehman and Bear Stearns, among others, litigation continues related to alleged deficiencies in mortgage loans...more