Fannie Mae, BNY Accused of Inflating Rates on Loan Foreclosures Fannie Mae along with units of the Bank of New York Mellon Corporation (BNY) are facing allegations that they have engaged in systematic cheating of homeowners through rate inflation on foreclosed home equity loans. According to recent lawsuits filed in federal court in Brooklyn, New…
The transition towards renewable energy is being bolstered by tax credits designed to spur investment and development. However, the financial world is facing new uncertainties due to the ability to transfer these renewable energy tax credits, a change instigated by the Inflation Reduction Act of 2022. This ability to transfer credits has introduced a novel…
Baker Donelson has announced the recruitment of James Roberts as a shareholder in its corporate restructuring and bankruptcy group located in Birmingham, Alabama. This addition underscores the firm’s commitment to expanding its expertise in financial services-specific legal issues, particularly in areas of commercial loan restructurings and bankruptcies. Read more from Bloomberg Law. Roberts brings a…
In a recent strategic move, Cozen O’Connor has brought on board a father-daughter legal team to its international real estate group, further strengthening its practice capabilities in Philadelphia. The law firm confirmed the recruitment of David Ebby as a shareholder, an addition that promises to enhance the firm’s expansive practice in real estate law. Meanwhile,…
In a growing trend affecting New York City’s outer boroughs and Long Island, financially distressed building owners are increasingly turning to bankruptcy courts to stave off foreclosures, despite the dubious viability of their cases. This surge in bankruptcy filings, specifically in Brooklyn and Queens, involves many corporate entities that primarily own small residential properties and…
Legal News Article Hinshaw & Culbertson LLP has announced the addition of Daniel Schleifstein to its consumer financial services practice group as a partner, based in New Jersey. Schleifstein, who previously practiced at Parker Ibrahim & Berg, brings a wealth of experience representing brick-and-mortar financial institutions, mortgage servicers, originators, and lenders in a variety of…
Andrew McClain has joined Dentons as a partner in its restructuring, insolvency, and bankruptcy practice in Chicago, according to an announcement made by the firm on Friday. McClain’s practice focuses on creditors’ rights, encompassing both judicial and non-judicial commercial foreclosures, receiverships, and Article 9 sales. His expertise extends to providing counsel on matters related to…
Recently in Florida, attorney Matthew Weidner found himself unexpectedly embroiled in a legal case he had no involvement with, after his name and signature appeared on a filing submitted by another party. This incident arose when U.S. Bank, the plaintiff, discovered that Weidner’s signature was on a document related to a foreclosure action, despite his…
The Federal Trade Commission (FTC) has filed an antitrust complaint to block a proposed merger in the mattress industry, citing significant concerns regarding the likelihood and degree of potential foreclosure. According to the complaint, internal documents from Tempur Sealy, one of the companies involved, reveal past efforts to exclude other suppliers from Mattress Firm. Furthermore,…
The end of March marks a critical period for Michigan homeowners who are delinquent on property taxes. If arrears and penalties are not settled by March 31, they risk foreclosure starting April 1. In response, Detroit-area non-profits, such as Michigan Legal Services (MLS) and the United Community Housing Coalition (UCHC), are intensifying their efforts to…
In a tumultuous legal saga that has spanned several years, Kevin Spacey has been acquitted of multiple sexual assault allegations, both in the United States and the United Kingdom. These cases, which varied in severity and context, have led to numerous legal battles for the actor. According to a recent article by Above the Law,…
Arizona voters will face pivotal decisions on their November ballot: whether to remove two state Supreme Court justices who upheld an 1864 near-total abortion ban and whether to eliminate judicial retention elections almost entirely. The state legislature has greenlit a measure known as S.C.R. 1044, which will ask voters to protect most judges from retention…
Ellis Oster has joined Hinshaw & Culbertson as a partner in its consumer financial services practice in the New York office, the firm announced on Wednesday. Oster, who has an active litigation practice, advises companies on municipal, state, and federal regulatory changes and compliance matters, according to the firm. He brings substantial expertise in representing…
In a recent legal development, a disbarred attorney faces allegations of fraud and breach of fiduciary duty in Florida state court. The lawsuit, initiated by a client, concerns a Miami Beach condominium foreclosure and accuses the former attorney of misappropriating over $68,000 in proceeds. For detailed information, you can read the full article here.
The U.S. Treasury Department has recently provided its final rules on transferring clean energy tax credits. This change ushers risks and challenges that companies need to be aware and wary of when engaging in transfers. According to the final rules, buyers who claim clean energy tax credits are taking on the risk of potentially losing…
Inflation has since cooled since its peak of 9.1% in June 2022. However, sustained higher interest rates and the popularity of remote work has posed significant challenges to the real estate industry, particularly commercial real estate in urban areas. These factors, coupled with higher inflation, have increased operating costs and debt service payments while decreasing…
The disciplinary hearing involving San Diego lawyer Benjamin Laurence Pavone, despite not directly referencing prominent figures as Thomas Girardi and John Eastman, is significantly colored by their influence on the California State Bar. Disbarred plaintiff’s attorney Thomas Girardi, along with Trump’s lawyer John Eastman, demonstrate the crucial backdrop to the disciplinary case. Pavone has been…
At the crossroads of legal strategy and real estate maneuvering, a Florida lawyer utilizes some might consider atypical approaches to foreclosure auctions. In doing so, his actions are seen to aid his clients significantly in acquiring property deals, according to recent reports. It would seem that these practices, described as ‘unorthodox foreclosure auction rules,’ are…
In a recent turn of events, an attorney previously sanctioned for filing unsubstantiated claims against a trustee will no longer be required to pay the designated penalties or legal fees of the trustee. The attorney, Gregory Leyh, representing a homeowner fighting foreclosure proceedings, was initially slapped with a $50,000 fine and an order to reimburse…
Gordon Rees Scully Mansukhani (GRSM) has strengthened its Pittsburgh presence with the addition of a team of 14 lawyers, encompassing eight partners. The firm’s ambition is to broaden its ’50 state platform’ and these lawyers, former members of Burns White, will bring their litigation and insurance defense specialities to the fold. Gordon Rees South Florida…
Legal industry professionals might be interested to learn that Barnes & Thornburg’s Atlanta branch have added to their ranks with thejoining of Frank W. DeBorde and Lisa Wolgast as partners in the finance, insolvency, and restructuring department, according to an announcement from the firm on Monday. DeBorde, with his vast practice background, brings a wealth…
In a recent development, a New Jersey state judge dismissed an early attempt by Katz & Dougherty LLC to throw out claims made by a former of counsel. The attorney alleges that she is due nearly $425,000 from a foreclosure case settlement earned during her tenure at the law firm. The judge deemed the firm’s…
Joe Sarcinella, previously chair of real estate practice at Reed Smith, has recently joined Haynes and Boone as a transactional partner in their New York City office. Sarcinella’s experience largely encompasses areas of cross-border real estate finance, structured finance, and consortium lending. His portfolio also highlights significant work with loan workouts, restructurings, and foreclosures, making…
In a recent development, the Maine Supreme Court has controversially overruled its previous unanimous 2017 judgement, which asserted that a loss in a foreclosure action on the merits resulted in the nullification of the bank’s security interest in the property. Notably, this overhaul arrived after five new justices joined the ranks of the court. According…
Recent industry trends indicate that a lack of confidence in fees and the impact of ‘subtle psychology’ may pose significant obstacles to profitability within the legal sector. These findings present some crucial insights for legal professionals, especially those operating in large corporations and global law firms. One indication of this trend is evident in the…