News & Analysis as of September 24, 2024

Loan Modifications › Banks

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Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -

Feds Issue Guidance To Financial Institutions Working With Customers Affected By COVID-19

Amundsen Davis LLC on 3/26/2020

As the Coronavirus Disease 2019 (COVID-19) continues to impact our nation, financial institutions are finding themselves in a situation wherein their customers are unable to, or are at risk of being unable to, make timely...more

Federal Agencies Issue Guidance on Loan Modifications Relating to COVID-19

Seyfarth Shaw LLP on 3/25/2020

On March 22, 2020, in response to the growing anticipation for loan modifications necessitated by the implications of the Coronavirus Disease 2019 (“COVID-19”), the Federal Reserve, Federal Deposit Insurance Corporation,...more

COVID-19 Update: Bank Regulators, Including the FDIC, Urge Financial Institutions To Collaborate With Pandemic-Affected Customers,...

Kramer Levin Naftalis & Frankel LLP on 3/25/2020

On March 22, federal banking regulators, including the board of governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, the Office of the...more

Alabama Court of Civil Appeals Holds Questions Regarding Propriety of Foreclosure May Be Raised as Affirmative Defense to...

Balch & Bingham LLP on 12/23/2016

The Alabama Court of Civil Appeals recently held in Pittman v. Regions Bank that questions about the propriety of a foreclosure may be raised more than one year after the foreclosure as an affirmative defense to an ejectment...more

OCC Imposes $70 Million Fine Against National Bank for Allegedly Violating Mortgage Servicing Consent Order

Goodwin on 6/1/2016

On May 25, the Office of the Comptroller of Currency (OCC) entered a consent order with a national bank stemming from allegations that the bank violated a 2011 consent order concerning its mortgage servicing related...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

Carlton Fields on 10/6/2015

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

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

Burr & Forman on 8/13/2015

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

Why the Flagstar Bank Case is Important - Blog: Consumer Financial Protection Bureau

Nexsen Pruet, PLLC on 1/9/2015

Let’s revisit the Flagstar Bank case which I touched on in my November 20, 2014 posting. This is an important case for a number of reasons, most notably because it was the CFPB’s first enforcement action under the CFPB’s new...more

CFPB Issues First Enforcement Action for Servicing Rules Violations

Ballard Spahr LLP on 10/3/2014

The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more

New York DFS Unveils Shared Appreciation Mortgage Rule

Ballard Spahr LLP on 7/18/2014

The New York Department of Financial Services (DFS), in accordance with Section 6-F of the New York Banking Law, recently adopted regulations authorizing shared mortgage appreciation modifications in limited circumstances. ...more

Aurora Resolves Mortgage Modification Class-Action Lawsuit for $5.3 Million

Bilzin Sumberg on 5/29/2014

A former goliath of the non-prime lending market, Aurora Loan Services, LLC (“ALS”), recently resolved a class-action lawsuit alleging that it fraudulently induced distressed California borrowers to enter into purported...more

Changes in the California Legal Environment for Commercial Lenders and the Dangers of “Extending and Pretending” in Dealing with...

Ervin Cohen & Jessup LLP on 3/6/2014

I have recently reviewed several articles about the recent trial court decision of Zigner v. Pacific Mercantile Bank, Orange County Case No. 30-2010-00337433 (filed in January 2010). Our firm did not represent any party in...more

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Loan Modifications › Banks

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