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Only promissory note holders can initiate foreclosures in Washington state

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • August 23 2012

The Supreme Court of Washington has determined that, under the Washington deed of trust act, only the actual holder of a promissory note can be the beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property

Federal judge refuses to dismiss Arizona mortgage class action alleging interest rate fraud

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • February 21 2013

On January 25, 2013, a federal judge in Arizona refused to dismiss a class action lawsuit against an Arizona-based mortgage company in a case

HUD revises proposal to reduce seller concessions on FHA loans

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • March 1 2012

On February 23, 2012, the United States Department of Housing and Urban Development published a revised proposal to reduce the maximum concession that a seller or other interested third party may provide to a borrower purchasing a home with an FHA-insured single-family mortgage loan

Preparing your company for sale: the role of investment banks

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • March 29 2012

After determining to sell a business, a potential seller must decide whether to hire an investment bank to facilitate the sale process or to rely on the company’s owners, management, and legal advisers to manage the transaction

FinCEN starts e-filing of new CTR and SAR forms mandatory use of new forms soon to follow

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • April 12 2012

The Financial Crimes Enforcement Network (FinCEN) announced on March 29, 2012, that it is now accepting the new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) forms for filing on the BSA E-Filing System

Information security preparedness checklist

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • January 10 2013

Financial services companies are under constant attack by cyber criminals to hack, skim, socially engineer, or even Dumpster dive consumer data out of an

MERS has power to assign interest in deed of trust, borrower can challenge assignment of mortgage, First Circuit rules

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • February 20 2013

Under Massachusetts law, Mortgage Electronic Registration Systems, Inc., or MERS, has the power, as nominee beneficiary, to assign its interest under

Mortgage investor's alleged failure to be licensed could subject company to claims under debt collection statutes

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • March 21 2013

A federal court in Maryland recently declined to dismiss a borrower's claims that the owner of a mortgage loan operated as a debt collection agency

Chicago adds debt collector license

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • February 21 2013

The City of Chicago has added a licensing requirement for any person who, in the ordinary course of business, regularly engages in consumer debt

CFPB issues guidance on mortgage servicing transfers

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • February 15 2013

The Consumer Financial Protection Bureau has issued guidance warning residential mortgage servicers and subservicers that CFPB examiners will be