Ten years after the financial crisis, mortgage companies and regional/local banks are still getting hit with new breach of contract and indemnification claims related to loans sold before the crisis. The latest case in point involves demand letters that JPMorgan Chase
Mortgage Crisis & Financial Services Watch
Business and legal issues affecting Banking, Finance and Lending | Credit | Securities and Investing | E-Commerce
Mortgage Crisis & Financial Services Watch, published by Bilzin Sumberg, focuses on legal developments and issues related to mortgage lending, financial services regulation, and consumer protection in the housing finance sector. The blog covers topics such as mortgage forbearance compliance, fair lending enforcement actions, class action litigation involving mortgage lenders and brokers, regulatory changes affecting financial institutions, and emerging legal challenges in mortgage and real estate finance. It also addresses broader financial services concerns including antitrust matters, government regulations, and the impact of new financial products and technologies on mortgage and lending practices.
Latest from Mortgage Crisis & Financial Services Watch - Page 5
A Decade on, Crisis-Era Litigation Still Bedevils Banks
Banks and other financial institutions might reasonably have expected that, 10 years after the collapse of Bear Stearns and the demise of Lehman Brothers, they would finally be free and clear of lawsuits spawned by the financial crisis.
That has…
EB-5 Program Extension Allows Developers More Time to Obtain Financing
Last week H.R.1625 – Consolidated Appropriations Act, 2018 was enacted. The Act includes a continuation of funding, until September 30, 2018, for the EB-5 Regional Center Program.
EB-5 financing has been a low cost financing alternative for real estate developers…
Lehman RMBS Settlement Likely to Spur Additional Claims
On March 8, the Bankruptcy Court for the Southern District of New York concluded a lengthy “claims estimation” trial to determine the appropriate final settlement price for a resolution of lawsuits filed on behalf of investors in residential mortgage-backed securities…
The Eighth Circuit Raises the Bar for Would-Be Indemnitees
Here is a situation that comes up quite a bit in the world of business contracts containing indemnification provisions, and in the insurance industry as well. First, a party (“Party A”) gets sued, or threatened with a suit, and settles…
CFPB Arbitration Rule Eliminated by Congress and President
On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in the financial services industry.
The CFPB…
You Are the Target: 75 Different Ways Your Company Can Be Hacked
Join us on Thursday, June 15th from 12:00PM to 1:00PM for an in-depth webinar as Philip R. Stein, a partner in Bilzin Sumberg’s Litigation Practice, and Ray Vasquez, a director in Enterprise Risk Management’s Cybersecurity and IT Risk…
New Wave of Lehman Litigation Appears to Be Imminent
Thousands of mortgage lenders across the country either recently received, or will soon be receiving, this document from Lehman Brothers Holdings, Inc. (LBHI). It is a notice of a motion to approve a proposed settlement of Residential Mortgage-Backed Securities…
Supreme Court Ruling Permits City Lawsuits Against Banks Under FHA to Proceed
The U.S. Supreme Court ruled today, in Bank of America Corp. v. City of Miami, Case No. 15-1111 that cities may qualify as “aggrieved persons” under the Fair Housing Act (“FHA”), thus placing them within the “zone of interests”…
The New Administration’s Plans for the CFPB Take Shape
For those who have been wondering—as I did in a previous post—what the new presidential administration would mean for the Consumer Financial Protection Bureau (CFPB), an agency that has been in Republicans’ crosshairs virtually since it came into existence,…