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|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...
|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).
|North Carolina Supreme Court Upholds Enforceability of Waiver of ECOA Claim|
Jessica K. Burr; Spilman Thomas Battle PLLC;
September 23, 2014, previously published on September 18, 2014Last month, the North Carolina Supreme Court issued an important opinion for lenders in this state. The opinion reversed the North Carolina Court of Appeals’ decision in RL REGI N.C., LLC v. Lighthouse Cove, LLC, which found that a waiver of claims contained in a forbearance agreement could...
|Proposed Margin Requirements for Uncleared Swaps Under Dodd-Frank: Federal Reserve Board, OCC, FDIC, Farm Credit Administration and Federal Housing Finance Agency Repropose Rules for Minimum Margin and Capital Requirements for Certain Dealers and Major Participants in Swaps and Security-Based Swaps|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 10, 2014 On September 3, 2014, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (“OCC”), the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Prudential Regulators”) issued a proposed rule to...
|Massachusetts Division of Banks Gears Up to Implement State Law Limiting Flood Insurance Requirements on Residential Properties|
Nancy R. Wilsker; Hinckley, Allen & Snyder LLP;
September 23, 2014, previously published on September 17, 2014On Thursday, September 11, 2014 the Massachusetts Division of Banks held a public hearing regarding regulations to implement Chapter 177 of the Acts of 2014, An Act Further Regulating Flood Insurance (the "Act"). The Division will continue to accept written comments concerning the...
|Genco Shipping: Valuation Lessons Learned From "Underwater” Equity|
Michael S. Fox, Adam H. Friedman, Jordanna L. Nadritch; Olshan Frome Wolosky LLP;
September 23, 2014, previously published on September 11, 2014Valuation is a balance of art and science. In the bankruptcy context, valuation determines which constituents are entitled to a recovery and which are not, making it a centerpiece of the restructuring process. In In re Genco Shipping & Trading, Ltd. the federal bankruptcy court in New York...
|CFPB and FTC Stop Two Payday Lending Scams|
Thomas I. Elkind; Foley & Lardner LLP;
September 23, 2014, previously published on September 18, 2014In separate suits brought by the Consumer Financial Practices Bureau (“CFPB”) and the Federal Trade Commission (“FTC”) federal courts have frozen the assets of two separate groups who allegedly defrauded consumers by creating unauthorized payday loans.
|CFTC Votes to Re-Propose Margin Requirements for Uncleared Swaps|
Steven Lofchie, Nihal S. Patel, Jeffrey L. Robins; Cadwalader, Wickersham & Taft LLP;
September 22, 2014, previously published on September 18, 2014On September 17, 2014, the Commodity Futures Trading Commission (“CFTC”) voted to re-propose rules to impose initial and variation margin requirements on uncleared swaps entered into by swap dealers and major swap participants that are not regulated by a “Prudential...
|Prudential Regulators and CFTC Re-Propose Margin Requirements for Non-Cleared Swaps|
Maureen A. Donley, Elizabeth A. Mastrogiacomo, Mark D. Young; Skadden Arps Slate Meagher Flom LLP;
September 22, 2014, previously published on September 19, 2014Federal banking regulators (the Prudential Regulators) have re-proposed regulations to require certain dealers and major participants in the swap and markets to collect initial and variation margin for non-cleared swaps (the 2014 Proposal).