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|Federal Reserve Bank of New York and Student Loans|
David Head; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on February 24, 2015If you enjoy pie charts, line graphs, bar graphs, and even histograms, like I do, then the Federal Reserve Bank of New York did us a favor last week with its 3 part student loan series in its blog, Liberty Street Economics. The continuous drumbeat from the press can be numbing. However, data...
|Prevailing-party Agents Entitled to Attorney's Fees|
Bryan E. Mouber; Baker Sterchi Cowden & Rice, L.L.C.;
March 13, 2015, previously published on February 9, 2015In Curo Enterprises, LLC v. Dunes Residential Services, Inc., No. 111,191, 2015 Kan. App. LEXIS 1 (Kan.App. January 2, 2015), Curo, in its capacity as DPW’s agent, brought suit against Dunes, in its capacity as DPW’s property manager, in order to terminate DPW’s agreement with...
|Update On Amendments To The Personal Property Security Act (Ontario)|
Shane B. Pearlman; Borden Ladner Gervais LLP;
March 13, 2015, previously published on January 13, 2015The Government of Ontario has proposed three significant amendments to the Personal Property Security Act (Ontario) (the “PPSA”) in recent years which have not yet been brought into force. The changes are: (1) to perfection of security interests in cash collateral; (2) to the conflict...
|The CFPB to Regulate Payday Lending Practices|
Courtney Blowers; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on February 24, 2015Payday lenders and possibly other short-term loan lenders will soon be subject to federal regulations. Although the Consumer Financial Protection Bureau (“CFPB”) has not released its proposal yet, it is no secret that one is in the works.
|Pleading Requirements for Illinois Mortgage Foreclosure Complaints Altered|
Casey Hicks; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on March 2, 2015Illinois law requires a Grace Period Notice ("GPN") to be sent to the mortgagor(s) prior to commencing an action to foreclose a mortgage secured by residential real estate. The GPN must include the date the notice was mailed, be headed in bold 14-point type "GRACE PERIOD NOTICE"...
|Truth In Lending Act Requires Notice, Not Suit|
Pessin Katz Law P.A.;
March 12, 2015, previously published on January 27, 2015In a unanimous and brief five page opinion, both rarities for the U.S. Supreme Court, the decision in Jesinoski v. Countrywide Home Loans (Docket 13-684, Jan. 13, 2015) made clear that the Federal Truth in Lending Act (“TILA”) only requires an aggrieved borrower to provide a notice of...
|Supreme Court Upholds DOL's Rulemaking Procedure in Reclassifying Mortgage Loan Officers|
David A. Prather, Salvador P. Simao; Ford & Harrison LLP;
March 12, 2015, previously published on March 11, 2015Executive Summary: On March 9, 2015 the U.S. Supreme Court held that a federal agency is not required to engage in notice-and-comment rulemaking when it issues an interpretation of a regulation that is significantly different from its prior interpretation. In Nickols v. Mortgage Bankers...
|Second Circuit Denies Petition for En Banc Review of Fairfield Decision|
Ingrid Bagby, Daniel Gwen, David E. Kronenberg; Cadwalader, Wickersham & Taft LLP;
March 12, 2015, previously published on January 16, 2015On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the propriety of a Chapter 15 debtor’s transfers of property interests...
|High Court Rules that Borrowers May Exercise Right To Rescind Mortgage Loans By Providing Notice To Lender of Intent to Rescind Within Three Years of Loan Closing|
Robert Freund, Jennifer L. Gray, Kimberly A. Mello; Greenberg Traurig, LLP;
March 12, 2015, previously published on January 20, 2015On Jan. 13, 2015, the United States Supreme Court issued its long-awaited ruling in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, 2015 WL 144681 (U.S. Jan. 13, 2015) resolving a circuit split over the notice requirements that must be complied with under the Truth In Lending Act (TILA), 15...
|Prepayment Premium Language: A Trap for the Unwary Lender|
Arnold D. Spevack; Lerch Early Brewer Chartered;
March 9, 2015, previously published on February 12, 2015A recent Maryland U.S. District Court decision in Key Tidewater Ventures LLC, et al v. PNC Bank highlighted some of the pitfalls a lender faces when modifying loan documents. Subsequent to entering into a loan modification agreement with borrowers, a lender had difficulty enforcing a prepayment...