Illinois court holds that tender of amount sought before class certification motion moots claim
The Illinois Supreme Court recently allowed an appeal from an order finding that the tender to the plaintiffs of the requested relief before a motion for class certification is made served to moot the plaintiffs’ claims. In Joiner v. SVM Mgmt., LLC, 2019 IL App (1st) 172336-U (Feb. 14, 2019)…
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Seventh Circuit affirms reduction of fee petition on FDCPA verdict from $187,410 to $10,875
The Seventh Circuit observed in Paz v. Portfolio Recovery Assocs., LLC, No. 17-3259 (7th Cir. May 15, 2019) that “[s]ometimes settling a case is the only course that makes sense”. It affirmed a district’s reduction of a debtor’s fee petition on an FDCPA verdict from $187,410 to $10,875 concluding the…
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IRS Proposes Guidance on Investments In Opportunity Zones
On April 17, 2019, the IRS issued proposed regulations providing additional guidance about investments in qualified opportunity zones. Comments to the proposed regulation are due within 60 days after the date the proposed rules are published in the federal register. These regulations relate to the Tax Cuts and Jobs Act…
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Illinois appellate court holds refinancing lender entitled to conventional subrogation even where the proceeds…
In Wilmington Savings Fund Society, FSB v. Zarkhin, 2019 IL App (2d) 180439 (March 26, 2019) the Plaintiff filed a foreclosure on property owned by mortgagors, alleging in part that its mortgage, although recorded later, had priority over the defendants’ mortgage because it was intended and used to pay off…
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Eleventh Circuit hands servicer big loss in FCRA case
On March 25, 2019 the Eleventh Circuit in Marchisio v. Carrington Mortgage Services, LLC, 919 F.3d 1288 (11th Cir. 2019) affirmed a ruling that a servicer failed to conduct a reasonable investigation of the Plaintiffs’ challenge of its report that they owed a balloon payment on their second mortgage loan,…
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Illinois Appellate Court affirms ruling that loss mitigation affidavit satisfied court rule even though…
In Wells Fargo Bank, N.A. v. Smith, No. 1-17-2963 (March 4, 2019) an Illinois Appellate Court affirmed the trial court’s finding that a mortgagee’s loss mitigation affidavit satisfied Illinois Supreme Court Rule 114 even though it was executed more than a year prior to moving for judgment of foreclosure. The…
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Second Circuit finds letter did not have to provide a breakdown of debt or…
At issue in Kolbasyuk v. Capital Mgmt. Servs., LP, 918 F.3d 236 (2d Cir. Mar. 12, 2019) was whether a debt collection letter complied with the FDCPA where it stated the “amount of the debt” but did not provide a breakdown of the debt or inform the debtor of the…
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Second Circuit finds letter did not have to provide a breakdown of debt or…
At issue in Kolbasyuk v. Capital Management Services, LP, 918 F.3d 236 (2d Cir. Mar. 12, 2019) was whether a debt collection letter complied with the FDCPA where it stated the “amount of the debt” but did not provide a breakdown of the debt or inform the debtor of the…
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Supreme Court answers whether attorneys engaged in non-judicial foreclosure are not debt collectors for…
The facts of Obduskey v. McCarthy & Holthus LLP, No. 17-1307 (U.S. Mar. 20, 2019) are straight-forward. The defendant lawyers were hired to carry out a nonjudicial foreclosure on a Colorado home owned by the petitioner. The lawyers sent a debt validation notice to the petitioner who disputed the debt.…
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Ninth Circuit rules that Fannie Mae is not a “consumer reporting agency” within the…
In Zabriskie v. Federal National Mortgage Association, 912 F.3d 1192 (9th Cir. Jan. 9, 2019) the Ninth Circuit reversed an Arizona district court’s ruling that Fannie Mae was a “consumer reporting agency” within the meaning of the FCRA. Fannie Mae is a government-sponsored entity created by Congress in 1938. Its…
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