News & Analysis as of

Loans Mortgages

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

Loan Documents And Key Provisions: Casualty Clauses

by Fox Rothschild LLP on

Whether you are a Lender or a Borrower, it’s obviously very important to know what terms are included in your Loan Documents and how they may affect your interests. Periodically, I will be blogging on issues and concerns...more

Community Reinvestment Act Regulations: Notice of Proposed Rulemaking

On September 22, 2017, multiple government agencies announced “… a proposed rule that would revise their regulations implementing the Community Reinvestment Act (CRA) (12 USC 2901 et seq.). The proposed rule would amend the...more

OCC's High-LTV Bulletin Is a Win for Banks and Consumers

by Pepper Hamilton LLP on

Since the financial crisis, it has been difficult for consumers and developers to obtain mortgages to buy and build in the areas most hurt by the recession. The Office of the Comptroller of the Currency (OCC) has...more

Mortgages or milk - do you need to check your expiration date?

by Hinshaw & Culbertson LLP on

There are borrowers out there who believe that the Massachusetts Obsolete Mortgage Statute, M.G.L. c. 260 sec. 33, relieves them of their repayment obligations. This statute, amended back in 2006, provides that five years...more

Negotiating Variable Rate Mortgage Loans as LIBOR Phases Out

by Freeborn & Peters LLP on

LIBOR panel banks and regulators are working on a plan for a transition to alternate benchmarks by the end of 2021. At this point, a large chunk of the LIBOR market has no real trades. LIBOR is effectively an average of...more

Federal Reserve Board Seeks Public Comment on Alternatives to LIBOR

The U.S. Federal Reserve Board is requesting public comment on proposed plans for the Federal Reserve Bank of New York and the Office of Financial Research to publish three new reference rates intended as alternatives to the...more

Forecast: Abundance of Potential New Rulemaking From the CFPB

After making headlines with its controversial arbitration rule, the embattled Consumer Financial Protection Bureau (CFPB or Bureau) released its rulemaking agenda for the rest of the year, putting financial services companies...more

West Coast Real Estate Update - May 2017 - #3

by Holland & Knight LLP on

L.A. to Legalize Residential Units Previously Created in Violation of Building Code - On May 10, 2017, the Los Angeles City Council unanimously approved an ordinance that would permit previously unapproved dwelling...more

Recent MRB Administrative Actions Highlight that Minutiae Matters to HUD

by Ballard Spahr LLP on

On April 4, 2017, the Mortgagee Review Board (MRB) of the U.S. Department for Housing and Urban Development (HUD) published an entry in the Federal Register titled "Mortgagee Review Board: Administrative Actions." The entry...more

CFPB identifies 2017 priorities in annual fair lending report

by Ballard Spahr LLP on

In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more

CFPB proposes alignment of Regulation B and Regulation C requirements regarding collection of consumer ethnicity and race...

by Ballard Spahr LLP on

On March 24, the CFPB announced a proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

Tennessee's Bankers to CFPB: "Regulation by Enforcement" Concerns Loom Large

by Baker Donelson on

The conference room was filled to capacity as bank presidents, chief compliance officers and lending executives sat in a U shape, facing the two speakers. A fissure of tension hung in the room and the audience looked...more

Maryland Issues Revised Proposed Rules for Servicing Transfers

by Ballard Spahr LLP on

The Maryland Commissioner of Financial Regulation recently issued a revised proposed regulation impacting servicing transfers. The Commissioner previously issued proposed regulations on this topic in January 2015. This...more

OCC Establishes New Third-Party Risk Management Expectations, Including for Bank Relationships With Marketplace Lenders

by Pepper Hamilton LLP on

The bulletin requires relationships between banks and marketplace lenders to be treated with the same rigor of due diligence and ongoing oversight as other relationships with third parties. On January 24, the Office of...more

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Judge John Bates of the US District Court for DC has blocked a proposed $37 billion mega-health-care-merger between Aetna and Humana, one of 2 major deals before the courts opposed by the Obama-era DOJ over antitrust...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

JPMorgan and other asset managers are pushing hard for a new type of ETF that “mimics active strategies but keeps its investments secret.” The concept hasn’t yet been embraced by the SEC, though the heavy-hitters looking to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more

Kentucky Issues Guidance Requiring Licensing of Master Servicers and Sub Servicers by March 1, 2017

by Alston & Bird on

In December, the Kentucky Department of Financial Institutions issued a memorandum interpreting the Mortgage Licensing and Regulation Act (Ky. Rev. Stat. Ch. 286.8) as requiring master servicers and sub...more

First Department Affirms Partial Dismissal of RMBS Repurchase Claims

On December 29, 2016, the New York Supreme Court, Appellate Division, First Department, in a 4-1 decision, affirmed a 2015 New York Supreme Court order dismissing certain claims in an RMBS action brought by Trustee U.S. Bank...more

Commercial Division Enforces Strict Compliance With Change-of-Control Notice Requirement

In GSMC II 2006-GC6 Bridgewater Hills Corporate Center, LLC v. Lexington Realty Trust, Case No. 653117/2015, 2016 BL 378261 (N.Y. Sup. Ct. Nov. 2, 2016), Justice Jeffrey K. Oing of the Commercial Division denied a motion to...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 20

by K&L Gates LLP on

In late 2011 and early 2012, the fragile green shoots of recovery began to peek out from the barren blasted heath of the crisis-blown financial markets. Market activity was spurred by a rare confluence of secular trends,...more

Florida Supreme Court Finds That the Statute of Limitations Does Not Prevent a Subsequent Foreclosure Action Based on Payment...

by Blank Rome LLP on

Action Item: If a prior foreclosure action has been dismissed with prejudice, mortgagees may bring new actions to foreclose on mortgages based upon post-dismissal payment default, so long as the new action is brought within...more

CFPB: The Quarterly Review, Q3 2016

by White & Case LLP on

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

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