Category Archives: Bankruptcy
Michigan Court of Appeals Issues Opinion Affecting Mortgages Foreclosed by Advertisement
The National Law Review published an article by Randall J. Groendyk of Varnum LLP regarding Mortgage Foreclosures: The Michigan Court of Appeals has issued important opinion affecting foreclosure of mortgages by advertisement. Michigan law prohibits starting a foreclosure by advertisement if a lawsuit has already been filed to recover payment of “the debt” secured by the mortgage. Many have …
FTC Obtains Injunction, Asset Freeze on Alleged Mortgage Scam
The National Law Review recently published an article by Steven Eichorn of Ifrah Law regarding a Recent FTC Injunction: The Federal Trade Commission has obtained an order from the federal court for the Central District of California for a preliminary injunction and asset freeze against all the defendants in an alleged mortgage modification scam. The complaint was filed against California-based Sameer …
The BankAtlantic Bancorp Decision — Roadblock or Detour to Open Bank Sale of Distressed Banks?
Recently The National Law Review published an article regarding The Bank Atlantic Bancorp Decision written by The Financial Institutions Group of Schiff Hardin LLP : Any bank holding company with trust preferred securities (“TRuPs”) outstanding and in need of capital in this stressed operating environment for banks has had its strategic options limited by a recent decision of the …
DOJ Goes After Smaller Fraudsters, Lets Big Fish Escape
An article featured recently in The National Law Review regarding the Department of Justice’s Prosecuting Fraud was written by Nicole Kardell of Ifrah Law: Successful criminal prosecutions of mortgage fraud seem to have one thing in common: a fraud figure well below $10 million. One of the recent cases that generated a fair amount of press involved the convictions …
Does Your Firm’s Standard Lien Language Create a Possibility that Your Customer IRAs May Lose Their Tax Exempt Status and Protection from Third-Party Creditors?
Recently The National Law Review published an article by Jon Andrew Jacobson, Scott E. Rahn, Alex J. Rosenthal and Adam M. Starr of Greenberg Traurig, LLP regarding Lein Language for IRAs: It is not uncommon for firms to use standard language in their account agreements that creates liens on Individual Retirement Accounts (IRAs). Two recent federal court decisions, however, suggest that granting such a …
Secured Lender Successfully Invokes Seldom Used Tool to Protect Collateral in Bankruptcy
Recently The National Law Review published an article about Protecting Collateral in Bankruptcy by Mark A. Berkoff, Robert Radasevich, Nicholas M. Miller, William Choslovsky and Kevin G. Schneider of Neal, Gerber & Eisenberg LLP: The commercial real estate market continues to struggle. Beyond poor market conditions, financing difficulties and other well known issues of late, many mortgage holders, realizing that their properties are worth …
Section 550 of the Bankruptcy Code Won’t Cap the Flow of Avoidance Action Liability
Recently The National Law Review published an article by Renée M. Dailey and Mark E. Dendinger of Bracewell & Giuliani LLP regarding Bankruptcy Codes: Tronox Incorporated and certain affiliates (the “Debtors”) emerged from Chapter 11 in February 2011 armed with a new capital structure and operational game plan, but that’s yesterday’s news. The flavor of the month is last Friday’s decision by …
Troubled Loan Workouts: Qualified Professionals Can Help Maximize Recovery for All Parties
Posted in the National Law Review an article by Norman B. Newman of Much Shelist Denenberg Ament & Rubenstein P.C. regarding workout of a financially troubled loans: The workout of a financially troubled loan requires the participants—typically the lender, the borrower and the guarantors—to be well versed in legal and business principals, coupled with an ability to understand the emotional …
Justice Department Investigation of S&P
Recently posted in the National Law Review an article by Jared Wade of Risk and Insurance Management Society, Inc. (RIMS) regarding the Justice Department investigating S&P: The Justice Department is investigating Standard & Poor’s for improperly rating the garbage mortgage-backed securities that tanked the economy once the world caught on that they were toxic assets. The anonymous folks who leaked this …
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