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|“Totality of the Circumstances” Standard Used to Sanction Mortgagee for Lack of “Good Faith” Negotiation in Foreclosure Matter|
Edward W. Chang, Francis X. Crowley, Margaret Anne Hill, Kevin C. Rakowski; Blank Rome LLP;
September 24, 2014, previously published on September 2014Action Item: While engaged in court-ordered mediation in NY foreclosure cases, mortgagees and servicers must insure prompt and thorough review of loan mod applications and provide consistent responses to those applications to prevent sanctions for bad faith negotiation.
|Basel III Liquidity Framework: Federal Reserve Approves Final Rule Implementing Basel III Liquidity Coverage Ratio for Large U.S. Banks|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 9, 2014 On Wednesday, September 3, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency (the “OCC”) and the Federal Deposit Insurance Corporation (the “FDIC” and, together with the Federal Reserve and...
|Industry Canada Announces Online Deposit Tool to Register Security Interests Over Railcars or Rolling Stock in Canada|
Jennifer Wasylyk; Cassels Brock & Blackwell LLP;
September 23, 2014, previously published on September 19, 2014In previous publications, we provided an overview of the process for registering security interests over railcars or rolling stock in Canada and outlined considerations to be mindful of when taking railcar security in Canada, including considerations relating to the recent introduction of the...
|Another Court Rules That Availability of Make-Whole Premiums in Bankruptcy Depends on Governing Documents|
Eric R. Blythe, Kevin J. Walsh; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
September 23, 2014, previously published on September 15, 2014In a recent bench decision in In re MPM Silicones, LLC et al., Case No. 14-22503-RDD (Bankr. S.D.N.Y. August 26, 2014), the Bankruptcy Court considered bondholders’ right to recover make-whole premiums (premiums paid for early repayment of debt) upon the payment of accelerated debt following...
|The Marcotte Decision: The Supreme Court of Canada Rules Against Banks in Provincial Consumer Protection Class Action|
David T. Neave, Rebecca R. von Rüti; Davis LLP;
September 23, 2014, previously published on September 22, 2014On September 19, 2014, the Supreme Court of Canada (the “Court”) ruled in Bank of Montreal v. Marcotte (“Marcotte”) that Quebec’s consumer protection legislation is applicable to federally regulated banks such that it provides the basis for consumer class actions in...
|Security-Based Swaps: SEC Proposes Rule Regarding Communications Involving Security-Based Swaps Entered Into Solely by Eligible Contract Participants|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 10, 2014 On September 8, 2014, the Securities and Exchange Commission proposed a rule under the Securities Act of 1933 to provide that the publication or distribution of price quotes relating to security-based swaps that may be purchased only by eligible contract participants and are traded or processed...
|No Market Interest Rate and No Make Whole: Momentive Performance Court Rejects Lender Arguments Against Confirmation|
Ingrid Bagby, Mark C. Ellenberg, Michael A. Stevens; Cadwalader, Wickersham & Taft LLP;
September 23, 2014, previously published on September 17, 2014On August 26, 2014, Judge Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York ruled that (i) the debtors could satisfy the cramdown requirements of section 1129(b) of the Bankruptcy Code by issuing to certain secured noteholders replacement notes with...
|Bank Capital: Supplementary Leverage Ratio; Federal Banking Agencies Issue Final Rules Revising the Supplementary Leverage Ratio’s Exposure Measure Denominator|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 16, 2014 Earlier this month, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (collectively, the “Agencies”) issued final rules (the “Final SLR Rules”) that revise the definition and...
|Commercial Interest Rate Basics|
David Brown; Weltman, Weinberg & Reis Co., L.P.A.;
September 23, 2014, previously published on September 18, 2014Ohio R.C. § 1343.01 caps commercial interest rates at 8% per annum with respect to bonds, bills, promissory notes, or other instruments of writing for the forbearance or payment of money at any future time. However, there are several broad exceptions which provide for interest rates above and...
|Borrowers Need to be Made Aware of Mortgage Relief Scams|
Larry R. Rothenberg; Weltman, Weinberg & Reis Co., L.P.A.;
September 23, 2014, previously published on September 8, 2014 While the media places great emphasis on lawsuits alleging wrongdoing by mortgage lenders against homeowners, less emphasis has been placed on egregious frauds perpetrated against distressed homeowners by supposed providers of mortgage assistance relief services (MARS).