On December 3, 2019, the FRB, CFPB, FDIC, NCUA and OCC (the “regulators”) issued a joint statement concerning the use of alternative data in credit underwriting (the “Statement”). The statement is directed to both depository and non-depository financial institutions (collectively “institutions”). The alternative data covered by the Statement is the…
Read More »The US Supreme Court was asked in Rotkiske v. Klemm, No. 18-328 (U.S. Dec. 10, 2019) to weigh in on when the statute of limitations begins to run on an FDCPA claim. It held that absent the application of an equitable doctrine, the statute of limitations begins to run when…
Read More »At issue in CSI Worldwide, LLC v. TRUMPF Inc., No. 19-2189 (7th Cir. Dec. 11, 2019) was the scope of the judicial estoppel theory. A trade show exhibitor contracted with an exhibit installer to provide services for a trade show in Chicago. The installer subcontracted some of the work out.…
Read More »The borrowers in Deutsche Bank Nat’l Tr. Co., a v. Roongseang, 2019 IL App (1st) 180948 (Dec. 2, 2019) filed an affirmative defense to a foreclosure alleging the plaintiff-mortgagee failed to provide them with an acceleration notice in accordance with the sections 20 and 22 of the mortgage. The mortgage…
Read More »As you know, last year a jury in Saccameno v. Servicer Loan Servicing, LLC, No. 1:1-15-cv-1164 (June 21, 2018) tagged a mortgage loan servicer for $500,000 in compensatory damages under the FDCPA, RESPA and breach of contract claims and for a UDAP claim, $82,000 in compensatory and $3 million in…
Read More »In Trilisky v. City of Chicago, 2019 IL App (1st) 182189 (Sept. 26, 2019), a purchaser who bought real estate from Fannie Mae, and was assessed a transfer tax on the transaction, sued the City of Chicago on behalf of a class claiming that sales to and from Fannie Mae…
Read More »In In re: Jacqueline M. Sterling, No. 18-2773 (7th Cir. August 13, 2019) the Seventh Circuit held that a creditor could be held in civil contempt, on an agency theory, for violations of the discharge injunction by its attorney; but the attorney could not be held in contempt for violating…
Read More »In First Bank of Highland Park v. Sklarov, 2019 IL App (2d) 190210 (Sept. 18, 2019), following the borrower’s default, the bank moved to be appointed a mortgagee in possession. The borrower opposed the motion asserting the property was residential real estate and he was therefore presumptively entitled to maintain…
Read More »In In re: Scott N. Jaffe, No. 18-2726 (7th Cir. August 5, 2019) the Seventh Circuit reversed the district court, finding that because a debtor’s contingent future interest in property was not exempt under Illinois law as it was not exempt from the debtor’s bankruptcy estate. In Jaffe, the creditor…
Read More »In Access Realty Grp., Inc. v. Kane, 2019 IL App (1st) 180173 (Sept. 13, 2019) an Illinois Appellate Court upheld the dismissal of a citation proceeding by the creditor’s assignee on the grounds that the merger doctrine satisfied the underlying judgment. Because the plaintiff was no longer a judgment creditor,…
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