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Ohio Supreme Court Standing Decision Will Force Banks to Address “Paperwork Later” Approach to Foreclosure Actions

The Ohio Supreme Court recently addressed the following question: Can a lack of standing at the commencement of a foreclosure action be cured by obtaining an assignment of a note and mortgage sufficient to establish standing prior to the entry of judgment? On October 31 st , the court answered...

Real Cases in Real Estate By Andrea Lee Negroni, Esq. – January 7th, 2013 Update

Real Cases in Real Estate is a weekly update on real estate law, with legal principles illustrated and explained by lawsuits from around the country. The topics are wide-ranging for appeal to a broad spectrum of readers including lawyers, homeowners, investors and the general public. Andrea Lee...

10 Mortgage Servicers To Pay $8.5B To Help Foreclosure Victims

WASHINGTON, D.C. - ( Mealey's ) The Federal Reserve Board and Office of the Comptroller of the Currency yesterday announced that 10 mortgage servicing companies that have been subjected to enforcement orders since April 2011 over their foreclosure practices have agreed to pay a total of $8.5 billion...

Bank Of America To Pay $3.6B To Settle Residential Mortgage Loan Issues

CHARLOTTE, N.C. - ( Mealey's ) Bank of America Corp. will pay $3.6 billion to Fannie Mae and repurchase $6.75 billion in certain residential mortgage loans sold to Fannie Mae to resolve certain issues "relating to the origination, sale and delivery of substantially all residential mortgage...

Real Cases in Real Estate By Andrea Lee Negroni, Esq. – January 15th, 2013 Update

Real Cases in Real Estate is a weekly update on real estate law, with legal principles illustrated and explained by lawsuits from around the country. The topics are wide-ranging for appeal to a broad spectrum of readers including lawyers, homeowners, investors and the general public. Andrea Lee...

Ballard Spahr LLP: CFPB Final Ability-To-Repay Rule Prompts Cautious Optimism from Industry

By the Mortgage Banking Group The CFPB has issued its long-awaited ability-to-repay/qualified mortgage rule , and at first glance, it appears to warrant cautious optimism for the mortgage industry. The industry fought hard for the creation of a safe harbor for qualified mortgages, and the rule includes...

Ballard Spahr LLP: CFPB Adopts Mortgage Escrow Account Final Rule

By the Mortgage Banking Group Among other final rules published on January 10, 2013, the CFPB issued its final mortgage escrow account rule under a section of the Dodd-Frank Act relating to the establishment of mandatory escrow accounts on higher-priced mortgage loans. The final rule is effective...

Vetstein Law Group: Massachusetts SJC Issues Another Important Foreclosure Ruling In HSBC Bank v. Matt

By Richard D. Vetstein, ESQ Legal Standing For Mortgage Lender/Servicer Must Be Established To Start Foreclosure Today [January 14th] the Massachusetts Supreme Judicial Court has issued what I believe to be another very important ruling involving foreclosures in the case of HSBC Bank v. Matt (embedded...

Ballard Spahr LLP: Mortgage Foreclosure Is Debt Collection under the FDCPA, Sixth Circuit Holds

By the Consumer Financial Services Group Lawyers whose principal business is mortgage foreclosure or who regularly handle mortgage foreclosures are "debt collectors" subject to the Fair Debt Collection Practices Act, the U.S. Court of Appeals for the Sixth Circuit has ruled. In its decision...

Troutman Sanders LLP: CFPB Releases Rule Aimed at Reforming Force-Placed Homeowners’ Insurance Practices

By David N. Anthony , Alan D. Wingfield , Nicholas R. Klaiber and Virginia Bell Flynn On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) released a rule creating stringent requirements for servicers imposing force-placed insurance on homeowners. A summary of the rule from the CFPB...

Vetstein Law Group: Land Court Paves Way For Clearing Defective Foreclosure Titles

By Richard D. Vetstein, ESQ Court Uses Novel Equitable Assignment of Mortgage Theory In what could be the first test case of a new theory to clear up defective foreclosure titles - and much welcome news for property owners stuck with toxic titles - Massachusetts Land Court Judge Gordon Piper has...

Troutman Sanders LLP: CFPB Announces Plan to Implement New Rules for Mortgage Industry

By John C. Lynch , Ethan G. Ostroff and David M. Gettings The Consumer Financial Protection Bureau (CFPB) announced yesterday that it will be taking steps over the course of 2013 to focus on the mortgage industry's compliance with new consumer protections. The 2010 Dodd-Frank Act required the...

Vetstein Law Group: Backdated Mortgage Assignment Comes Back To Haunt Foreclosure Lender in Juarez v. Select Portfolio

By Richard D. Vetstein, ESQ Federal Appeals Court Reinstates Borrower's Wrongful Foreclosure Claim Noted Massachusetts foreclosure defense attorney Glenn Russell is on a roll of a lifetime, yesterday [February 12] winning a rare victory on behalf of a borrower at the U.S. Court of Appeals for...

Ballard Spahr LLP: Borrower Can Sue after Three Years To Rescind Mortgage Loan, 3rd Circuit Rules

By the Mortgage Banking Group A borrower can bring a lawsuit seeking rescission more than three years after loan consummation as long as the borrower has sent a written notice of rescission within the three-year period, the U.S. Court of Appeals for the Third Circuit has ruled. In its February...

Ballard Spahr LLP: CFPB Issues Guidance on Mortgage Servicing Transfers

by the Mortgage Banking Group The Consumer Financial Protection Bureau has issued guidance warning residential mortgage servicers and subservicers that CFPB examiners will be looking carefully at their compliance with federal law and focusing on specific areas related to servicing transfers. Bulletin...

Troutman Sanders LLP: CFPB Will Supervise Real Estate Mortgage Loan Servicing Transfers

By John C. Lynch, David N. Anthon, Jason E. Manning, and Maryia Y. Jones On February 11, 2013, the Consumer Financial Protection Bureau (CFPB) issued a bulletin (Bulletin) detailing its plans to closely supervise loan servicing transfers and enforce federal and state law compliance in connection with...

State Net Capitol Journal Legislative Updates: Oregon May Expand Foreclosure Mediation Program

BUSINESS: The OREGON House approves SB 558A, a bill that expands the foreclosure mediation program lawmakers created last year to apply to foreclosures pursued by lenders in courts. It moves to Gov. John Kitzhaber (D) for review (PORTLAND OREGONIAN). ENVIRONMENT: The CONNECTICUT Senate approves...

State Net Capitol Journal Legislative Updates: New Foreclosure and Mortgage Relief Laws in Oregon and Florida

GOVERNORS IN BRIEF: FLORIDA Gov. Rick Scott (R) signed SB 1852, legislation that will distribute $200 million to pay for various mortgage relief programs to help Sunshine State residents harmed in the real estate collapse. The money is part of the state's $8.4 billion cut of the $25 billion settlement...

Troutman Sanders LLP: CFPB Releases Updated Examination Procedures for Mortgage Lenders and Servicers

By David N. Anthony , John C. Lynch , Alan D. Wingfield , Virginia Bell Flynn , Jarrod F. Loadholt On August 15, 2013, the CFPB released updated examination procedures for mortgage lenders and servicers. The updated examination procedures reflect mortgage origination rules issued by the CFPB up...

HOLA Does Not Preempt Fraud Claims against Mortgage Loan Servicer, California District Court Rules

The Southern District of California recently held that claims against a mortgage loan servicer are not preempted by the Home Owners Loan Act (HOLA) when they rely on "general allegations of misrepresentation" and are only "incidental" to the servicer's lending practices. The...

Short Sale Sellers May Face Huge Tax Bill In 2014

Congress Fails To Extend Mortgage Forgiveness Debt Relief Act for 2014 The ringing of the New Year may not have been a welcome sound to distressed homeowners who were not able to complete short sales by the close of 2013. Unfortunately, Congress failed to extend the December 31, 2013 expiration...

Court of Appeals Rejects Attempted Restriction of “Mortgage Banker” Priority Provision

On February 20, 2014, the Wisconsin Court of Appeals issued an opinion interpreting the meaning of “mortgage banker” under Wis. Stat. § 224.71(3) [ version available to lexis.com subscribers ] and finding that a mortgage holder was entitled to the priority afforded under Wis. Stat. §...

Enfeoff This

Judge (J): We’re here on a motion by BailMeOutBanc for summary judgment in its foreclosure action against Lender Liability Equities LLC. It’s hard to imagine a more straightforward motion. Counsel: what’s the defense? Borrower’s Counsel (BC): Your Honor, there is a fatal defect...

Maine Supreme Court Decision Limits Scope of MERS' Ability to Assign Mortgages

On July 3, 2014, the Maine Supreme Judicial Court issued a ruling in Bank of America, N.A. v. Greenleaf , 2014 ME 89 (Me. July 3, 2014), [ enhanced version available to lexis.com subscribers ], significantly affecting the ability of Mortgage Electronic Registration System, Inc. (MERS) to assign mortgage...

Pennsylvania Amends Mechanics’ Lien Law to Protect Home Owners from Double Jeopardy and Clarify Priority Given to Open Ended Mortgages

By Marc J. Felezzola On July 9, 2014, Governor Tom Corbett signed into law legislation amending Pennsylvania’s Mechanics’ Lien Law of 1963 (the current Mechanics’ Lien Law in Pennsylvania). The stated primary purpose of the amendments is to protect homeowners who pay the prime contractor...