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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


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


Investor files suit against Nationstar over mortgage auctions
  • Orrick Herrington & Sutcliffe LLP
  • USA
  • March 11 2013

On March 7, KIRP, LLC sued Texas-based mortgage servicer Nationstar Mortgage LLC in the Supreme Court of the State of New York in connection with


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


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


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


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


Michigan court holds borrower’s breach of SPE requirement in non-recourse carve-out provision of CMBS loan document results in full recourse liability for borrower and guarantor
  • Sutherland Asbill & Brennan LLP
  • USA
  • January 23 2012

The Michigan Court of Appeals recently held that a borrower’s violation of a non-recourse liability carve-out provision, which prohibited the borrower from becoming insolvent, resulted in the loan becoming fully recourse against the borrower