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New York federal court upholds jurisdiction over foreclosure of securitized commercial mortgage
  • Bryan Cave LLP
  • USA
  • May 23 2012

Given the historically high volume of both residential and commercial foreclosures, lenders in those states that utilize a judicial foreclosure process have often found themselves faced with significant delays


When non-recourse isn’t really non-recourse at all: the Cherryland decision full recourse enforcement of a non-recourse loan
  • Lowenstein Sandler LLP
  • USA
  • July 2 2012

The Michigan Court of Appeals recently decided a case that has garnered the attention of lenders, real estate owners, and developers nationwide


Single purpose entity provisions in CMBS loans in the wake of Wells Fargo Bank, NA v. Cherryland Mall Ltd. P'ship, et al. (Mich. App. Dec. 27, 2011)
  • Dykema Gossett PLLC
  • USA
  • January 26 2012

This alert discusses possible "springing recourse" liability for borrowers and guarantors arising out of last month's decision in Wells Fargo Bank, NA v. Cherryland Mall Ltd. P'ship (Cherryland), decided last month by the Michigan Court of Appeals


GGP: single purpose entity or all in the corporate family?
  • Alston & Bird LLP
  • USA
  • August 25 2009

On August 11, 2009, in a long-anticipated ruling in the Chapter 11 case of General Growth Properties, Inc. (GGP), the court denied the motions to dismiss that had been brought on behalf of several of the property-level lenders


Editorial: banks can fight buyback claims with a little help from BoFA
  • Bilzin Sumberg Baena Price & Axelrod LLP
  • USA
  • September 26 2014

Bank of America took a big hit when it reached a record-breaking $16.65 billion mortgage settlement with the United States Department of Justice in


Court denies in part motions to dismiss FHFA's claims against countrywide and various underwriters
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • April 2 2013

On March 15, Judge Mariana Pfaelzer of the United States District Court for the Central District of California denied in part motions to dismiss


What matters: A review of 2011 and 2012
  • Kramer Levin Naftalis & Frankel LLP
  • USA
  • April 1 2013

As you know, the last two years have seen a somewhat improved, but by no means robust, business climate. At the same time, structural shifts in the


California appellate court directs dismissal of homeowner-borrowers' fraudulent concealment claim against Countrywide in connection with sale of RMBS
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • September 6 2011

On August 24, 2011, the California Court of Appeal directed the dismissal of claims against Countrywide Financial Corp. brought by a group of homeowner-borrowers


Class action defense cases - In Re Community Bank: Third Circuit court again reverses approval of class action settlement holding wrong legal standard applied to determine adequacy of representation
  • Jeffer Mangels Butler & Mitchell LLP
  • USA
  • October 4 2011

District court applied wrong legal standard in finding named plaintiffs and their counsel to be adequate representatives of the proposed class under Rule 23(a)(4) and thus abused its discretion in certifying class and approving nationwide class action settlement Third Circuit holds


SDNY dismisses claims against Goldman Sachs
  • Orrick, Herrington & Sutcliffe LLP
  • USA
  • October 3 2011

On September 28, 2011, Judge Pauley of the Southern District of New York dismissed a suit brought by Ladesbank Baden-Wuerttemberg against Goldman Sachs & Co. and TCW Asset Management alleging common law fraud, negligent misrepresentation, and unjust enrichment in connection with the sale of $37 million in CDO notes collateralized by RMBS