News & Analysis as of

Lenders Banking Sector Foreclosure

Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Goodwin

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

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In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Goodwin

Financial Services Weekly Roundup: May Introduces Additions And Expansions To Covid-19-related Policies

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In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-bank lenders and expanded the collateral eligible to...more

Goodwin

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

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In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

Mitchell, Williams, Selig, Gates & Woodyard,...

HUD Suspends Filing of New Foreclosures and Proceeding with Current Foreclosures in Nationwide Response to Coronavirus

U.S. Department of Housing and Urban Developers (HUD)-approved lenders take note – the filing of new foreclosures and proceeding with current foreclosures has been suspended by HUD for the next sixty (60) days, beginning...more

Rosenberg Martin Greenberg LLP

Rock, Paper, Scissors: Virginia Supreme Court Adopts Partial Subordination Rule to Interpret Subordination Agreements

Everyone is familiar with the “Rock, Paper, Scissors” method of resolving disputes where scissors cut paper, paper covers rock, and rock breaks scissors. In Futuri Real Estate, Inc. v. Atlantic Trustee Services, the Virginia...more

Hinshaw & Culbertson LLP

A New Bright Line Rule in New York Courts: Plead or Move, But a Borrower Can't Just Deny Standing to Challenge Foreclosure

In US Bank N.A. v. Nelson, the New York Appellate Division for the Second Department held that to raise a challenge to a foreclosing lender's standing it is not sufficient merely to deny the lender's allegations. In prior...more

Amundsen Davis LLC

Discharge In Bankruptcy Without Reaffirmation Is Not A Shield And A Sword

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Many borrowers use bankruptcy as a shield against a lender’s foreclosure action. Some also try to use bankruptcy as a sword to bring up defenses that stem from the mortgage contract to defeat a foreclosure. A recent second...more

Lowndes

Appellate Court Restores Lis Pendens Protections in Do-Ober Decision

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The tides have turned in Ober v. Town of Lauderdale-By-The-Sea as the Fourth District Court of Appeal recently reversed its decision and revived the full impact of Florida’s lis pendens statute. By withdrawing and replacing...more

Shutts & Bowen LLP

New court decision affects Florida foreclosures

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Until late 2016, Florida appellate courts had not considered what happens to liens placed on property between a foreclosure final judgment and a foreclosure sale. However, an August 24, 2016 opinion issued by the Fourth DCA...more

Carlton Fields

Resolving Shopping Center Foreclosures in Florida - Considerations for Lenders

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Shopping centers in Florida—and across the country—are increasingly facing financial stress due to factors such as Internet commerce and rent pressures. Rents generated from a shopping center are usually pledged as...more

Lowndes

Surviving the Zombie [Foreclosure] Apocalypse

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Preparing For A World When Lis Pendens Protections Are All But Ober - “BEWARE REAL PROPERTY LITIGATORS” warns a former chair of the Real Property, Probate and Trust Law Section of the Florida Bar. This advice, given...more

Clark Hill PLC

Recent Arizona Case Law and Other Developments Affecting Real Estate Lending

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Recent Arizona Case Law - Dobson Bay Club II DD, LLC v. La Sonrisa De Siena, LLC (AZ Court of Appeals 2016). The borrowers signed a $28.6 million note and DOT to CIBC. The note required interest-only payments with a...more

Poyner Spruill LLP

Secured Lenders – Stay on Top of the Law or Proceed at Your Own Risk

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For years, the typical post-default strategy of secured lenders has been to foreclose the collateral through the power-of-sale contained in the deed of trust, credit the foreclosure proceeds to the outstanding loan balance,...more

Parker Poe Adams & Bernstein LLP

Tough News for Lenders - Major NC Supreme Court Decision on Collection of Post-Foreclosure Deficiencies

Fall is football time. And as every football fan knows, not every player on the line of scrimmage is an eligible receiver. Imagine how dramatically it would change the game if the entire offensive line were eligible to catch...more

Burr & Forman

Another Bankruptcy Court Confirms Plan Reference to “Surrender” Means Not Defending a Lender’s Foreclosure

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Foreclosure defense and bankruptcy often go hand in hand, but sometimes it seems like the left hand doesn’t talk to the right. This has proven especially common with bankruptcy plans that propose to “surrender” real property...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 31 & August 7, 2015

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Foreclosure: non-borrower owner of real property as tenants-in-common with borrower not required to sign mortgage for borrower to encumber only his interest in the property and non-borrower’s signature on mortgage reflected...more

Baker Donelson

Liberalization of Louisiana Foreclosure Law: Cat on a Hot Tin Roof

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Legislation liberalizing Louisiana foreclosure law was signed by Louisiana’s governor on June 5. House Bill 697 becomes effective on August 1, 2015. One particular area where lenders strive to use technology involves...more

Beveridge & Diamond PC

A Municipal Ordinance Requiring Registration and Maintenance of Vacant or Foreclosed Properties Preempted under Chapter 21E

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A municipal ordinance imposing registration and maintenance obligations upon owners and secured lenders of buildings that are vacant or undergoing foreclosure was preempted by the Massachusetts remediation and clean-up...more

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