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Court invalidates foreclosures based on ineffective mortgage assignments
  • Katten Muchin Rosenman LLP
  • USA
  • March 11 2011

A recent court decision held that a foreclosure in Massachusetts that a clear chain of title must be established to show that the party foreclosing is the valid holder of the mortgage. Although the decision is binding only in Massachusetts, the case illustrates the importance for lenders and securitisation trustees of understanding state foreclosure laws and hold all relevant documents before entering foreclosure proceedings

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

Justice Bransten rules on MBS causation motions
  • Kelley Drye & Warren LLP
  • USA
  • January 13 2012

We previously posted about the October 5, 2011 hearing before Justice Eileen Bransten in the New York Supreme Court’s Commercial Division in MBIA Ins. Co. v. Countrywide Home Loans, Inc., et al. (Index No. 60282508), during which Justice Bransten heard arguments concerning the causation burden presented by monoline insurers’ fraud and breach of warranty claims against Countrywide relating to mortgage-backed securities transactions the plaintiffs insured

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

The GGP bankruptcy so far: grounds for concern, sources for hope
  • Alston & Bird LLP
  • USA
  • June 8 2009

As the federal government and private markets make progress to quell economic recession and stimulate the engines of financial growth, recent headlines from the commercial real estate industry have focused on certain developments, such as the proposed changes in rating agency methodologies and the repeated false starts with the government’s TALF and PPIP programs

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

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

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

Certificate holder's bid to intervene in stuy-town foreclosure shot down
  • Lowenstein Sandler LLP
  • USA
  • July 6 2010

Judge Alvin Hellerstein of the US District Court for the Southern District of New York has shot down an investor's bid to intervene in a special servicer's foreclosure proceedings over New York's Stuyvesant Town and Peter Cooper Village housing complexes in order to protect its investment of approximately $750 million in securities backing a $3 billion mortgage taken down to finance the acquisition of the lower Manhattanbased assets

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