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Posts published in “Mortgage Law”

Illinois App. Court (1st Dist) Holds Description of Property Improvements in Notice of Foreclosure Sale Was Sufficient

The Appellate Court of Illinois, First District, recently affirmed a trial court order confirming the sale of a foreclosed property, holding that a public notice of sale stating that the property contained a “single family residence” complied with the Illinois Foreclosure Law’s requirement to sufficiently describe “improvements on the real estate.” 

In God We Trust, All Others Pay Cash Collateral: Can Chapter 11 Bankruptcy Debtors Use Assigned Rents for Business Reorganizations Under Ohio Law?

The COVID-19 pandemic has turned nearly every facet of American life on its head, and the long-term social changes it will bring about remain up in the air. Even after the economy recovers from the disease’s current impact, many employers could permanently enact far-reaching changes to how — and where — people work. As more employers discover that employees can adequately perform their duties remotely, they may reevaluate the need for expensive office space, which could lead to increased Chapter 11 filings by the owners of office buildings, office parks, and single-asset real estate debtors.

6th Cir. Holds Lender Violated TILA’s ‘Ability to Repay’ Income Verification Rule

In an unpublished opinion, the U.S. Court of Appeals for the Sixth Circuit recently held that a mortgage lender’s reliance upon the borrower’s representations concerning the amount of his future spousal support and rental income without proper verifiable documentation were insufficient to satisfy the “ability to repay” income verification requirements arising under the federal Truth in Lending Act and its implementing regulation (“Regulation Z”).

9th Cir. Allows City of Oakland’s FHA ‘Predatory Lending Discrimination’ Claims to Proceed

The U.S. Court of Appeals for the Ninth Circuit recently held that the city of Oakland’s amended complaint alleging unlawful discriminatory lending practices against a national bank and its parent holding company sufficiently stated a claim that its decreased property tax revenues, but not its increased municipal expenses, were proximately caused by the alleged predatory lending practices.

7th Cir. Rules in Favor of Mortgagee in Insurance Coverage Dispute Involving Fire in Collateral Property

The U.S. Court of Appeals for the Seventh Circuit recently reversed summary judgment in favor of an insurer and against a mortgagee in an action involving state tort claims arising from a deadly fire in the collateral property, holding that an issue of fact existed regarding who was in possession of the property when the fire occurred.

2nd Cir. Confirms No Private Right of Action for FCRA ‘Direct Dispute’

The U.S. Court of Appeals for the Second Circuit recently held that two plaintiff consumers failed to state a claim under the Fair Credit Reporting Act (FCRA) because the plaintiffs did not allege that they reported the alleged errors to a consumer credit reporting agency or that any such agency notified them of the alleged errors; and there is no private right of action arising from a direct dispute of credit reporting with only the furnisher.

9th Cir. Holds Nevada Foreclosure Mediation Rules Provide Exclusive Means to Challenge Mediation

The U.S. Court of Appeals for the Ninth Circuit recently affirmed the dismissal of claims brought by borrowers on a residential mortgage loan alleging contractual and tortious breaches of the implied covenant of good faith and fair dealing against the loan’s owner, trustee and servicer for purported failure to adequately participate in the state’s foreclosure mediation program.