A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
On May 30, 2024, the Supreme Court reversed the Second Circuit’s holding that New York General Obligation Law § 5–601, which mandates banks to pay borrowers the interest accumulated on a balance held in an escrow account for...more
In Cantero vs. Bank of America, N.A., mortgage borrowers are asking the Supreme Court of the United States to reverse a Second Circuit ruling that federally-chartered banks need not comply with state laws that require the...more
Real Property Update - Foreclosure / Law of the Case: Motion to vacate that attempted to re-litigate issues on standing that had been rejected on direct appeal was precluded by the law of the case doctrine – Schwartz v....more
Real Property Update - Sanctions / Dismissal: trial court abused discretion in dismissing bank’s foreclosure action; record established bank complied with discovery orders on which the motion for dismissal/sanctions was...more
In a first, a federal circuit court rules a lender cannot be held liable for a servicer’s RESPA violation. A borrower who took out a home equity loan from Bank of America alleged the Bank is vicariously liable for the...more
REAL PROPERTY UPDATE - Foreclosure/Loan Modification: foreclosing plaintiff was required to allege and prove default of loan modification agreement after trial court found the loan modification to be the operative...more
REAL PROPERTY UPDATE - Receiver/Barton Doctrine: individual could not bring negligence action against discharged receiver of commercial property until individual first obtained leave to do so from the court that appointed...more
Foreclosure: general reservation of jurisdiction in a foreclosure judgment is very limited, and certainly does not give trial court jurisdiction to eliminate a lien more than three years after Final Judgment of Foreclosure...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more