CFPB Issues Letter on TRID Enforcement and Liability

By Sherwin Root & David Sands on January 11, 2016

On December 29, 2015, CFPB Director Richard Cordray sent a letter to the president of the Mortgage Bankers Association regarding implementation of the CFPB’s Know Before You Owe mortgage disclosure rule (more commonly known as the Truth in Lending and RESPA integrated disclosure rule, or TRID) responding to concerns raised by the MBA. The letter addressed concerns that technical TRID violations are resulting in extraordinarily high rejection rates by secondary market purchasers of mortgage loans…

Financial Institutions Law Blog

Does A Consumer’s Exercise of a Rescission Right Mean that the Loan Is Automatically Rescinded? Perhaps Not, According to One Federal Court, If the Consumer Does Not Also File a Lawsuit for Rescission

By David Sands & Sherwin Root on May 20, 2014

In Baker v. Bank of America, N.A., No. 5:13-CV-92-F, 2014 U.S. Dist. LEXIS 9578 (E.D.N.C. Jan. 27, 2014), the United States District Court for the Eastern District of North Carolina held that even if a consumer timely exercises his or her right to rescind a loan transaction under the Truth in Lending Act (TILA), 15 U.S.C. § 1601, et. seq. — i.e., during the three-day statutory “cooling-off” period — that exercise does not automatically cause the…

Corporate & Securities Law Blog

Does A Consumer’s Exercise of a Rescission Right Mean that the Loan Is Automatically Rescinded? Perhaps Not, According to One Federal Court, If the Consumer Does Not Also File a Lawsuit for Rescission

By David Sands & Sherwin Root on May 20, 2014

Financial Institutions Law Blog

The End Is In Sight? Deutsche Bank Claims Victory In Defense Of A Repurchase Claim Based Upon Statute Of Limitations

By Sherwin Root & David Sands on December 30, 2013

A unit of Deutsche Bank won dismissal of a suit brought by mortgage bond investors after a New York state appeals court determined the claims for loan repurchase and indemnity were subject to a six-year statute of limitations that began to run when the deal to purchase the loans closed. This decision may limit new suits by investors who allege that their claims don’t accrue – and that therefore the statute of limitations does not…

Venture Law Blog

When Is a Non-Binding Term Sheet or Letter of Intent Enforced as a Binding Contract?

By James Burgess & David Sands on September 19, 2013

In almost all corporate transactions, the first piece of written documentation the parties exchange and execute (after a non-disclosure agreement) is a letter of intent or term sheet (“LOI”), which is intended to summarize the main deal points. And as many corporate transactions involve entities organized in Delaware, these documents often select Delaware as the governing law.…

Corporate & Securities Law Blog

When Is a Non-Binding Term Sheet or Letter of Intent Enforced as a Binding Contract?

By James Burgess & David Sands on September 13, 2013

Healthcare Law Blog

When Is a Non-Binding Term Sheet or Letter of Intent Enforced as a Binding Contract?

By James Burgess & David Sands on September 11, 2013

David Sands

CFPB Issues Letter on TRID Enforcement and Liability

Does A Consumer’s Exercise of a Rescission Right Mean that the Loan Is Automatically Rescinded? Perhaps Not, According to One Federal Court, If the Consumer Does Not Also File a Lawsuit for Rescission

Does A Consumer’s Exercise of a Rescission Right Mean that the Loan Is Automatically Rescinded? Perhaps Not, According to One Federal Court, If the Consumer Does Not Also File a Lawsuit for Rescission

The End Is In Sight? Deutsche Bank Claims Victory In Defense Of A Repurchase Claim Based Upon Statute Of Limitations

When Is a Non-Binding Term Sheet or Letter of Intent Enforced as a Binding Contract?

When Is a Non-Binding Term Sheet or Letter of Intent Enforced as a Binding Contract?

When Is a Non-Binding Term Sheet or Letter of Intent Enforced as a Binding Contract?

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