One would think that, as we approach 2021, litigation related to residential mortgage loans originated and sold well over a decade ago would be ancient history. Nevertheless, some suits filed years ago remain active, and, even more surprisingly (and disturbingly),
Latest from Mortgage Crisis & Financial Services Watch - Page 2
What RMBS Litigation Might Tell Us about Future CMBS Lawsuits
When mortgage-related litigation, including residential mortgage-backed securities (RMBS) lawsuits, erupted after the last financial crisis (the Great Recession of 2008), the litigants recognized that some of their disputes presented issues of “first impression.” That is, the parties’ arguments required judicial
Legal Challenges Greet New Moratorium on Residential Evictions, Foreclosures
On September 4, the Centers for Disease Control (CDC) imposed a moratorium on residential foreclosures and evictions through the end of this year. The move quickly followed comments by the Trump administration that it would take steps to keep renters
Minor League Baseball Teams Seek Major Victories In Suits Against Insurance Companies
Major League Baseball (MLB) is scheduled to begin its COVID-delayed season on July 23, but the MLB teams’ Minor League counterparts will have no 2020 campaign. Their season has been canceled. Many Minor League teams are now seeking victories in
COVID-19, Economic Crisis Put Pressure on CLOs
As state and local governments throughout the country attempt to find a balance between re-opening the economy and sheltering in place, fears persist that the COVID-19 pandemic has already set in motion the next financial crisis. Early in the pandemic,
Supreme Court Rules CFPB’s Structure Must Be Modified
While declining to rule that the Consumer Financial Production Bureau (CFPB) itself is unconstitutional — a position taken by many of the agency’s opponents since it began operating in July 2011 — the U.S. Supreme Court ruled today, June 29,
Florida’s Uniform Commercial Real Estate Receivership Act – A New Statutory Framework for Receiverships
In March, the Florida Legislature passed CS/HB 873, approving the Uniform Commercial Real Estate Receivership Act (“UCRERA”). First drafted in 2015 by the Uniform Law Commission, UCRERA has already been adopted by seven states: Arizona, Maryland, Michigan, Nevada, Oregon,
Proposed PPP Flexibility Act Would Relax Certain Current Loan Requirements
Businesses that receive forgivable loans through the Paycheck Protection Program (PPP) would get additional time and greater flexibility to make use of those funds under proposed legislation approved last week by the U.S. House of Representatives. By a 417-1 vote,
As Businesses Re-open, Congress Mulls Shielding Them From Liability
Talk of a broader “re-opening” of the economy has led to a fierce debate in Congress about whether it would be advisable to include, as part of a new COVID-19 legislative relief package, provisions creating certain immunities from potential liability
Florida Foreclosures Continue To Be Suspended
On May 14, 2020, Florida Governor Ron DeSantis issued Executive Order Number 20-121, extending his April 2, 2020 Executive Order 20-94 suspending all foreclosure actions through June 2, 2020. While the preamble to Governor DeSantis’ Executive Order makes clear