News & Analysis as of September 20, 2024

Loan Modifications › Class Action

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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 -

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Robins Kaplan LLP on 3/18/2019

Fascinating weekend feature from the Journal exploring how Sears Roebuck went from the dominant force in American retailing to the bankrupt shell of a company that it is now—all within a period of just 40 years....more

Real Property, Financial Services, & Title Insurance Update: Week Ending March 23, 2018

Carlton Fields on 4/2/2018

Foreclosure / Amendments to Conform to Evidence: trial court erred in allowing Wells Fargo to amend its complaint during trial to conform to evidence presented of two unpled modification agreements – Tracey v. Wells Fargo...more

Class Action Roundup: Spring 2016

Alston & Bird on 6/27/2016

Welcome to the second 2016 edition of Class Action Roundup! The first quarter of the year witnessed a few key Supreme Court decisions, even with the passing of Justice Scalia, and several settlement cases decided. The issue...more

A Tale of Two Orders: Different Results for Motions to Strike Class Allegations

Carlton Fields on 4/13/2016

The Southern District of California and the Northern District of Illinois recently entered orders addressing motions to strike class allegations—with very different results for the respective defendants. Although the claims...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending August 21 & 28 , 2015

Carlton Fields on 9/3/2015

Foreclosure/Statute of Limitations: statute of limitations did not bar foreclosure action even though filed more than five years after breach and acceleration of note upon which previous foreclosure action that had been...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

Ninth Circuit Opens Door for Protracted HAMP Litigation

Snell & Wilmer on 8/16/2013

Earlier this month, the Ninth Circuit reversed a lower court’s dismissal of two consolidated class action complaints, holding that mortgage servicers participating in the Home Affordable Modification Program (HAMP) are...more

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