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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


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


Nevada provides clarification on wholesale lender exemption
  • Ballard Spahr LLP
  • USA
  • August 23 2012

The Commissioner of the Nevada Division of Mortgage Lending addressed the licensing obligations of wholesale lenders under the Nevada Mortgage Brokers and Mortgage Agents Act in an August 20, 2012, memorandum


N.Y. Bankruptcy Court: MERS lacks authority to assign mortgages
  • Ballard Spahr LLP
  • USA
  • February 25 2011

In a ruling that borrowers may try to use in seeking to delay foreclosures or bankruptcy proceedings on proofs of claim, the U.S. Bankruptcy Court for the Eastern District of New York finds that the Mortgage Electronic Registration System (MERS) lacks authority to assign mortgages


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


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


Borrower may sue after three years to rescind mortgage loan, 4th Circuit rules
  • Ballard Spahr LLP
  • USA
  • May 8 2012

In a decision that possibly opens the door for renewed foreclosure delays, the U.S. Court of Appeals for the Fourth Circuit has held that a lawsuit seeking rescission is timely where the consumer provided notice of rescission to the subservicer within three years of closing but did not file suit until after the three-year deadline had passed


Washington Supreme Court: trustee's actions in nonjudicial foreclosure violated consumer law
  • Ballard Spahr LLP
  • USA
  • March 21 2013

The Washington Supreme Court has held that a trustee's practice in a nonjudicial foreclosure of deferring to the lender on whether to postpone a


HUD face-to-face meeting rule gets expansive reading from Virginia high court
  • Ballard Spahr LLP
  • USA
  • May 10 2012

In a decision affecting all lenders in Virginia that issue FHA-insured home loans, the Supreme Court of Virginia has adopted an expansive reading of HUD’s requirement of face-to-face meetings prior to foreclosure


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