Mortgages, Contract Terms

CFPB Warns Against Deception in Contracts for Consumer Financial Products and Services

Hinch Newman LLP on 6/6/2024

On June 4, 2024, the Consumer Financial Protection Bureau issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. According to the...more

Making Lemonade from Lemons: A Mortgage Lender's Guide to Successful Loan Workouts, Part 3

Holland & Knight LLP on 5/29/2024

If you are a mortgage lender who followed the recommendations in the first two articles in this series, then you have performed due diligence on your mortgage portfolio and have taken note of the many options that are...more

Subscription-Secured Credit Facilities: Recent Developments in the US Market and Considerations for Real Estate Funds

Goodwin on 5/6/2024

Fund-level subscription-secured revolving lines of credit are a well-established instrument in the toolkits of a variety of private equity fund sponsors and managers, including for venture capital funds, hedge funds, debt...more

Ex Parte Appointment of a Receiver Confirmed

Cadwalader, Wickersham & Taft LLP on 4/3/2024

The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more

Commercial Foreclosures in Pennsylvania: How Deal Formation Impacts Litigation

Stark & Stark on 2/23/2024

The fact that commercial transactions can very easily become complex is not a novel statement. When financial institutions lend money to commercial entities, the basic documentation required to evidence the loan, promise to...more

Second Department Dismisses Action for Specific Performance Because Contractual Conditions Were Not Satisfied

Freiberger Haber LLP on 12/7/2023

Many times, remedies for the breach of a contract other than monetary damages are necessary to make a plaintiff whole...more

The “Art” of Negotiating a Commercial Real Estate Mortgage Loan Term Sheet

Tannenbaum Helpern Syracuse & Hirschtritt LLP on 2/24/2023

When a borrower is seeking real estate financing, there is invariably timing pressure to solidify a mortgage loan term sheet (on occasion, in the form of a loan commitment or loan application), so that the next steps in the...more

UK FCA consults on mortgage support guidance as cost of living starts to bite borrowers

Hogan Lovells on 12/8/2022

With interest rates rising and inflation and energy prices at record levels, the government, major mortgage lenders and the UK FCA have agreed a range of measures that firms can use to support their existing mortgage...more

Commercial Division Permits COVID-Related Contract Termination Pursuant to “Market Disruption” Clause

Patterson Belknap Webb & Tyler LLP on 9/2/2022

The onset of the COVID-19 pandemic in the Spring 2020 brought immense market uncertainty, which in turn placed serious strain on contractual relationships. Amid that strain, a question on the minds of many commercial parties...more

Purchase Money Financing: Not Just for Homeowners

Lowndes on 8/3/2022

In recent years, many property owners have refinanced their mortgages to take advantage of low interest rates. When interest rates rise, buyers may prefer to assume a seller’s existing loan since new loans have higher...more

Further Developments in Mezzanine Foreclosures

Cadwalader, Wickersham & Taft LLP on 4/27/2022

The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that...more

Buying and Selling Real Estate in Slovakia (Updated)

International Lawyers Network on 2/15/2022

KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER SLOVAKIAN LAW - I. Types of Real Property Conveyance Transactions - a) Purchase of an undeveloped plot of land b) Purchase of a developed plot of land c) Purchase of a...more

Something Special, April 2021 | Issue No. 23: What’s So Special about Special Purpose Entities?

Cadwalader, Wickersham & Taft LLP on 4/29/2021

Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities...more

Buying and Selling Real Estate in Slovakia (Updated)

International Lawyers Network on 4/27/2021

KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER SLOVAKIAN LAW - I. Types of Real Property Conveyance 1 Transactions - a) Purchase of an undeveloped plot of land b) Purchase of a developed plot of land c) Purchase of a...more

Demystifying the Commercial Lease–Subordination, Non-Disturbance, and Attornment Agreements

Whitman Legal Solutions, LLC on 3/29/2021

Many legal contracts operate like coordinate harmony. The parties have different roles, but each is equally important to the transaction. Differences in bargaining power may allow one party to have the upper hand, but both...more

Thou Shall Not Interfere With Special Purpose Entities’ Contractual Obligations

Dechert LLP on 1/4/2021

A recent decision of the New York Court of Appeals, Sutton v. Pilevsky held that federal bankruptcy law does not preempt state law tortious interference claims against non-debtors who participated in a scheme that caused a...more

All Consuming - Financial Litigation Insights: Issue 5, September 2020

Spilman Thomas & Battle, PLLC on 9/18/2020

Three Important Ways the COVID-19 Pandemic is Changing the Delivery of Consumer Financial Services - The world continues to come to grips with the daily changes brought by the COVID-19 pandemic. Schools contemplate...more

Automatic Subordination Clauses

Lowndes on 8/26/2020

Most Leases contain what are called automatic subordination clauses, pursuant to which the Tenant agrees that the Lease is subordinate to any Mortgages granted by the Landlord, whether they are already in existence when the...more

Foreclosure and Receiver Issues in the United States during COVID-19

BCLP on 6/23/2020

Updated as of June 22, 2020. The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions in the United States, as well as of the United States federal...more

Foreclosure and Receiver Issues in the United States during COVID-19

BCLP on 6/19/2020

The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions, as well as of the federal government, to the COVID-19 outbreak. The analysis has a particular...more

Residential Mortgage Originators Facing Increasing Pressures In the Midst of the Coronavirus Pandemic

Bilzin Sumberg on 4/28/2020

Mortgage loan brokers, correspondents and loan originators (“Originators”) who survived (or, in many cases, are still dealing with) the onslaught of “repurchase/indemnification” claims asserted by loan aggregators and...more

Ginnie Mae Announces PTAP Assistance for Issuers

Bradley Arant Boult Cummings LLP on 4/14/2020

In an All Participants Memo dated April 10, 2020 (APM 20-03), Ginnie Mae announced that it revised and expanded its issuer assistance programs in Chapter 34 of the Mortgage Backed Securities Guide (MBS Guide) to include a...more

Rent And Mortgage Payments In The Time of COVID-19

Fox Rothschild LLP on 3/25/2020

The COVID-19 epidemic presents significant challenges to the commercial real estate market in the United States. As governors impose shutdown orders and Americans are told to shelter-in-place, commercial offices and retail...more

Consumer finance regulatory news, March 2020

Hogan Lovells on 3/17/2020

The Financial Conduct Authority (FCA) has published research into mortgage switching and how consumers can be encouraged to seek out better deals. It has also published occasional paper 54, which looks at the characteristics...more

Recent Developments in the Enforceability of Make-Whole Premiums in the Second Circuit

Skadden, Arps, Slate, Meagher & Flom LLP on 6/18/2019

In March 2019, Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York ruled that lenders using clear and unambiguous language in their loan agreements may be entitled to prepayment...more

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