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Results: 1-10 of 323

Misrepresentation In re Nosek

  • Reed Smith LLP
  • -
  • USA
  • -
  • January 19 2009

A federal bankruptcy court imposed sanctions against two mortgage companies and their attorneys for making misrepresentations as to which party was the true holder of the mortgage and note

Chrysler bankruptcy judge approves GMAC as preferred lender for dealers

  • Alston & Bird LLP
  • -
  • USA
  • -
  • May 13 2009

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles

American Home court denies bank’s deficiency claim by accepting discounted cash flow valuation of mortgage loan portfolio subject to repurchase agreement

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • September 17 2009

A Delaware bankruptcy court recently delivered the first decision applying section 562 of the Bankruptcy Code to a claim based on the termination of a repurchase agreement

Delaware bankruptcy court severs servicing rights from safe harbored repo

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • January 31 2008

Congress enacted amendments to the United States Bankruptcy Code in 2005 designed to increase certainty in the marketplace for mortgage loan repurchase agreements and other financial contracts

Dashed expectations yield no recovery in Solutia

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • January 31 2008

Creditors have recently made some headway in collecting the full amount to which they are contractually entitled pursuant to various debt instruments

Third Circuit settles right to cure split in New Jersey

  • Reed Smith LLP
  • -
  • USA
  • -
  • January 31 2008

For more than 10 years, the courts in New Jersey were split as to whether, under the Bankruptcy Code, a chapter 13 debtor’s right to cure a default on a mortgage loan secured by the debtor’s primary residence expired at the foreclosure sale, or at the time the deed to the foreclosed property was delivered to the purchaser

Existing guaranty extinguished by refinancing

  • Reed Smith LLP
  • -
  • USA
  • -
  • September 13 2007

Lenders take notea state court has held that in some circumstances a refinancing transaction can extinguish an original guarantee

Sixth Circuit affirms the Bankruptcy Court in mortgage avoidance action

  • Bricker & Eckler LLP
  • -
  • USA
  • -
  • May 1 2008

In Geygan v. World Savings Bank, FSB, 2008 FED App. 0005P (6th Cir. B.A.P. Mar. 12, 2008), the Sixth Circuit BAP affirmed the bankruptcy court, holding that the mortgage’s certificate of acknowledgment, which included the phrase “witness my hand” next to the notary’s signature, did not comply with Ohio law, and that the Trustee was a bona fide purchaser pursuant to the U.S. Bankruptcy Code

Wells Fargo sanctioned by Bankruptcy Court for subprime lending role

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • May 13 2008

A federal bankruptcy judge has ordered Wells Fargo to pay $250,000 in sanctions for its role as a trustee for a pooled subprime mortgage trust

Second Circuit affirms dismissal of employees' lender liability WARN Act suit

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • September 28 2007

The United States Court of Appeals for the Second Circuit on Aug. 30, 2007, affirmed the dismissal of a lender liability class action brought by employees of a defunct originator and seller of mortgages and home equity loans