News & Analysis as of

Borrowers

Interest Rate Increase Coming for Many Tax-Exempt Borrowers

by Holland & Knight LLP on

Many states, local governments and conduit borrowers (e.g., 501(c)(3) not-for-profit corporations) have directly placed tax-exempt loans (secured by the issuance of notes or bonds) with lenders, such as banks and their...more

Preparing Borrowers For The LIBOR Phase-Out: Some Practical Advice

by Cole Schotz on

As a result of the well-publicized scandals involving LIBOR rate manipulation, British regulators announced plans in July 2017 to phase-out LIBOR by 2021 and replace it with a more reliable benchmark. In addition to other...more

NJ Department of Banking and Insurance Amends Its Mortgage Processing Regulation; Creates New Form

by Reed Smith on

The New Jersey Department of Banking and Insurance (the “Department”) recently took two actions of significance to residential mortgage lenders doing business in the state of New Jersey. It amended its mortgage processing...more

Ninth Circuit Clarifies Amount in Controversy for Purposes of Subject Matter Jurisdiction in Certain HBOR Cases

by Locke Lord LLP on

On December 27, 2017, the Ninth Circuit Court of Appeals issued a published decision impacting subject matter jurisdiction when a complaint seeks a stay of foreclosure proceedings pursuant to the California Homeowners’ Bill...more

Two Courts Clear the Way for Bankruptcy Trustees to Avoid Tuition Payments Made by Parents on Behalf of Children as Fraudulent...

Two bankruptcy courts recently cleared the way for bankruptcy trustees to avoid college tuition payments made by debtor-parents on behalf of their children as fraudulent transfers, potentially affecting the college’s ability...more

Operating Lessor Financings - A Structural Overview

by Vedder Price on

With competition among aircraft lessors remaining fierce, airlines continue to take an increasing proportion of aircraft on operating lease. An important recent trend in the aircraft financing market, the “wholesaling” of...more

The Devil's Dictionary of Bankruptcy Terms: Intercreditor Agreement

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Federal District Court Pumps the Brakes on Borrower’s Post-Acceleration FCRA Class Action Lawsuit

by Locke Lord LLP on

On December 11, 2017, Locke Lord obtained a dismissal with prejudice of a punitive class action. In Leones v. Rushmore Loan Management Services, LLC, No. 0:17-CV-61216-WPD (S.D. Fla. Dec. 11, 2017), the United States...more

Ninth Circuit: Loan Servicer Can Rely on Standard Notice-And-Cure Provision to Defeat Statutory Claims

by Locke Lord LLP on

On December 15, 2017, the Ninth Circuit affirmed the dismissal of borrowers’ statutory claims against their loan servicer because the borrowers failed to give the servicer notice and the opportunity to take corrective action...more

Negligent valuations and refinancing: a lesson for lenders on recovery

by Allen & Overy LLP on

The Supreme Court unanimously held that a lender was only entitled to recover new money, which had been advanced as part of a loan refinancing, in its claim against a negligent valuer (whose report it relied upon in entering...more

Department of Defense Publishes Amends and Adds Further Guidance on Military Lending Act Regulations

by Morrison & Foerster LLP on

On December 14, 2017, the Department of Defense (“DOD”) published final interpretive rules (the “2017 Interpretive Rule”) amending previously issued interpretive rules on the Military Lending Act (“MLA”). The 2017...more

Green Loans Pave the Way for Green CLOs and Green RMBS

by White & Case LLP on

While green bonds have been the darling of the capital markets for the past few years, there has not been the same level of discussion about green loans. We expect 2018 to be a transformational year for the green loan market...more

The Devil's Dictionary of Bankruptcy Terms: Roll-Up

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Federal Circuit Partially Lifts Ban on Education Department’s Default Collection Efforts; Court of Federal Claims Orders...

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Federal Circuit has partially lifted a preliminary injunction that prevented the U.S. Department of Education (Department) from placing defaulted student loans with private collection...more

Blog: Another Disclosure Requirement for California Higher Education Institutions Signals an Accelerating State Role in Student...

by Cooley LLP on

All higher education institutions in California, with the sole exception of the California Community College system, will – beginning with the 2018-19 academic year – have to provide their students an annual summary of their...more

Lyondell Trial Teaches Lender Lessons

by Baker Donelson on

Multiple draw and revolving loan lenders and counsel can find three important lessons in the 84 page trial ruling after eight years of litigation, three federal judges, and more than five interesting opinions. See Weisfelner,...more

The Decision of the Supreme Court in Tiuta v. De Villiers

by Reed Smith on

In the recently heard Tiuta v. De Villiers case, the Supreme Court considered the ‘but for’ test and unanimously overturned the judgment previously handed down by the Court of Appeal. The decision provides welcome...more

Opinion Letters In Loan Transactions- An Added Cost For Borrower

by Fox Rothschild LLP on

Legal opinion letters (“Opinion Letter”) have become a very valuable piece of a loan transaction for all parties involved. More often, Lenders are now requiring that a Borrower’s counsel provide an Opinion Letter at the...more

The Enforceability of Waiver of Defense Provisions in Guaranty Agreements

by Stinson Leonard Street on

It has been said that a guarantor is a fool with a pen. Even the Bible warns, "whoever puts up security for a stranger will surely suffer, but whoever refuses to shake hands in pledge is safe." Proverbs 11:15, NIV. That...more

New York Appellate Court Upholds Plain Meaning of Reserve Provision in CMBS Loan Agreement

by Alston & Bird on

On October 24, 2017, a New York appeals court unanimously affirmed dismissal of a CMBS borrower’s lawsuit concerning the interpretation of a reserve provision in a commercial loan agreement. The dispute concerned the...more

Electronic Mortgage Closings Improve Homebuying

The financial services industry — and the consumer financial services marketplace in particular — is experiencing significant innovation. Technology has facilitated the emergence of fintech as a major industry — fundamentally...more

Deal contingent swaps – A Borrower's Holy Grail?

by White & Case LLP on

With signs that the global economy is in the best shape it has been for some time, a number of central banks are raising interest rates. The risk of higher interest rates and corresponding upward trends in forward interest...more

Tax Reform Bill May Eliminate Need to Limit Credit Support Attributable to CFCs for US Corporate Borrowers

by White & Case LLP on

Under current law, the direct or indirect pledge of the assets of a "controlled foreign corporation" (a "CFC") as collateral security for, among other things, a borrowing of a US person is treated as an investment in US...more

Illinois Student Loan Bill of Rights Becomes Law

by Hinshaw & Culbertson LLP on

On November 8, 2017, the Illinois House of Representatives voted 98-16 to override Governor Bruce Rauner's veto of the Illinois Student Loan Bill of Rights. The IL student loan bill provides for the licensing of student loan...more

A New HUD Rule for Reverse Mortgages, with Additional Rule Changes Proposed in Congress

by Hinshaw & Culbertson LLP on

This past month, Washington was busy with rule changes and proposed legislation that underscores the ongoing debate over the origination and foreclosure of reverse mortgages. First, the U.S. Department of Housing and Urban...more

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