A Massachusetts Appeals Court has rejected an attempt by a mortgage assignee using the doctrine of equitable subrogation to impose on a surviving spouse an obligation to pay the balance of deceased husband’s note that was used to refinance their home mortgage loan. In Wells Fargo Bank, N.A., v. Comeau.,…
Read More »On November 16, 2017 the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (GSEs) will be allowed a limited re-entry into the Low Income Housing Tax Credit (LIHTC) market as equity investors, effective immediately. According to the announcement, each GSE will be subject to an annual…
Read More »On October 20, 2017, the OCC issued Bulletin 2017-49 providing updated principles that OCC regulated banks should follow to prudently manage the risks associated with offering new, modified, or expanded products and services (“New Activities”). According to the bulletin, New Activities should be developed and implemented consistently with sound risk…
Read More »On October 18, 2017, the CFPB released a set of principles expressing the CFPB’s vision of maintaining a balance in creating services based on consumer-authorized use of financial data and data aggregation. The principles are intended to apply broadly, but the CFPB indicated that they are particularly applicable to fintech…
Read More »In Wolter v. Anselmo Lindberg Oliver, LLC, No. 16 C 4205 (N.D. Ill. Oct. 4, 2017) the U.S. District Court for the Northern District of Illinois held that a debtor did not suffer a an “informational injury” sufficient to establish standing where she did not seek to compel the debt…
Read More »An Illinois Appellate Court recently reversed a mortgage foreclosure judgment finding there was a question of fact as to whether the mortgagee had sent the face to face meeting notice to the mortgagors in compliance with HUD rules. In U.S. Bank Trust National Association v. Hernandez, 2017 IL App (2d)…
Read More »In Patel v.Zillow, Inc.,No. 17-CV-4008 (N.D. Ill. Aug. 23, 2017) a U.S. District Court found that Zillow’s property valuations are not appraisals, and therefore it does not have to be licensed under Illinois law, and the valuations do not support a trespass claim because they do not invade their privacy.…
Read More »Fannie Mae succeeding in reversing a decision by the Circuit Court of Cook County which entered an in personam money judgment against it for the City of Chicago’s demolition costs on the basis that the demolition proceeding where the costs were assessed was an in rem action and Fannie Mae…
Read More »The Illinois Supreme Court was asked to answer the certified question whether the State of Illinois may pursue a claim under the Illinois Human Rights Act against providers of loan modification servicers to distressed mortgagors under a reverse redlining theory. The Court held that the services did not fall under…
Read More »The Ninth Circuit held in DZ Bank AG Deutsche Zentral-Genossenschaft Bank v. Meyer, No. 15-35086 (9th Cir. Aug. 24, 2017) that where the debtor fraudulently transferred assets the creditor is not limited to recovering the value of the assets that were directly traceable to the bank’s security interest. The case…
Read More »