At issue in FirstMerit Bank, N.A. v. McEnery, 2022 IL App (3d) 210306 (Dec. 21, 2022) was who had the right to shares of stock: the citation petitioner-bank who had recorded a judgment against its borrower who once owned the shares or certain trusts who claimed they were bona fide…
Read More »In Hovde v. ISLA Dev. LLC, 51 F.4th 771 (7th Cir. Oct. 24, 2022) a property developer borrowed money from private lenders in 2004 to develop a condominium project. To secure the loan, the developer signed a note and the developer’s principal gave his personal guarantee. The project ultimately failed.…
Read More »A court awarded plaintiff awarded attorney’s fees and costs in an FDCPA action because the defendant attempted to remove the case to federal court where it was clear there was no Article III standing to confer federal jurisdiction. The consumer plaintiff in Currier v. Lawgix Laws., LLC, No. 21-CV-419-PP (E.D.…
Read More »In Cooper v. Retrieval-Masters Creditors Bureau, Inc., No. 18-2358 (7th Cir. July 29, 2022) the Seventh Circuit addressed attorney fee awards to prevailing plaintiffs under the FDCPA where the damage award was modest and the plaintiff had rejected what hindsight shows to have been a substantial early settlement offer. The…
Read More »The Eleventh Circuit in Daniels v. Select Portfolio Servicing, Inc., 34 F.4th 1260 (11th Cir. May 24, 2022) reversed a district court ruling in favor of a mortgage servicer that monthly mortgage statements sent in compliance with Truth In Lending Act (“TILA”) are not communications in connection with the collection…
Read More »On April 25, 2022, the CFPB announced that it intends to begin using a largely unused authority to examine nonbank/non-depository financial companies, that operate nationally including fintechs (“nonbanks”) that “pose risks to consumers”. The CFPB’s announcement appears to be in response to the banking industry criticism that nonbanks’ activities are…
Read More »On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was signed into law, as Division U of the enactment of the Consolidated Appropriations Act of 2022. As the London Interbank Offered Rate (“LIBOR”) index is set to end on June 30, 2023, the LIBOR Act provides…
Read More »In Leszanczuk v. Carrington Mortgage Services, LLC, 21 F.4th 933 (7th Cir. Dec. 28, 2021), the borrower challenged the legality of a $20.00 property inspection fee that her loan servicer charged following her default. She claimed that because her property was occupied the fee could not be charged. The district…
Read More »To the several opinions issued in the last two years on the scope and impact on mortgage foreclosure proceedings of Illinois’ “single-refiling” rule, which allows a plaintiff to dismiss and refile a suit only once, needs to be added Bank of New York Mellon as Tr. for Certificate Holders of…
Read More »The Second District Illinois Appellate Court in Freedom Mortg. Corp. v. Olivera, 2021 IL App (2d) 190462 (Aug. 5, 2021) affirmed the rule that failing to comply with the HUD regulations requiring a face-to-face meeting prior to foreclosure is a complete defense to the action. The Court went further, however,…
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