News By Edition

The borrowers in a foreclosure action filed suit against the foreclosing entity, alleging years of misdeeds and misrepresentations by the seller and others and that their property was foreclosed upon to force the borrowers to renegotiate two lease-to-own property agreements. Read on for more details.

After the new holder of an easement for the exclusive use of a parking lot asserted its right to use the parking lot, an adjacent property owner filed suit for adverse possession. When the trial court granted the adjacent property owner’s claim, the easement holder appealed, arguing that the property owner’s use of the parking lot was not hostile. Read on for more details.

Four ranking member of the Senate Committee on Commerce, Science and Transportation introduced legislation to provide Americans with more choice and control over their personal data and require businesses to be more transparent and accountable for their data practices, in addition to enhancing the Federal Trade Commission’s authority to enforce the act. Read on for more details.

After their property was foreclosed upon, property owners in Chicago alleged that the foreclosure sale should not have been approved because the public notice of the sale did not comply with state law. The case eventually went to the First District Appellate Court of Illinois.

The Government Accountability Office issued a report noting that clarity of leadership is needed to fully implement a national cybersecurity strategy. Read on for more details.

The Consumer Financial Protection Bureau announced it is extending by three days the comment period on its notice of proposed rulemaking to create a new category of seasoned qualified mortgages. Read on for more details.

After the borrower of a loan for commercial property defaulted, its lender discovered that taxes had not been payed as required through the escrow funds and that funds were still held in the escrow agent’s account. It requested the funds be returned and the escrow agent refused. The lender then filed suit for breach of contract, unjust enrichment, breach of fiduciary duty and conversion. Read on for more details.

The Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) to solicit public comment on a range of questions regarding potential regulatory amendments under the Bank Secrecy Act (BSA). Read on for more details.

The Government Accountability Office (GAO) issued a report, “Critical Infrastructure Protection: Treasury Needs to Improve Tracking of Financial Sector Cybersecurity Risk Mitigation Efforts,” that states the U.S. Treasury Department and other federal agencies are working to reduce risk and bolster the financial sector’s efforts to improve its cybersecurity and recommending that the department work with other federal agencies to better measure progress and prioritize efforts. Read on for more details.

Numerous associations, including the American Land Title Association, the New York State Land Title Association and the American Bankers Association, wrote to congressional leadership to express support for two pieces of legislation designed to streamline the Paycheck Protection Program forgiveness process for small businesses who receive PPP loans. Read on for more details.

Twelve defendants have been charged in a mortgage fraud scheme allegedly spanning more than four years and resulting in the approval on more than 100 mortgages based on fabricated documents and false information. Read on for more details.

After property was foreclosed upon in 2003, the owner transferred her right of redemption to another, who then redeemed the property and became the owner. When a second mortgagee sought to foreclose based on a mortgage to the first owner years later, the new owner interceded in the foreclosure action. The case eventually went before the Court of Appeals of Kansas, who had to determine whether the assignment of a right of redemption without an accompanying deed of conveyance transfer ownership of the property?

A woman donated part of her property and executed a mortgage on the property the next day. Both transactions were recorded the same day, with the mortgage being recorded just before the donation. After learning about the donation, her mortgagee sued the woman, the people she donated the property interest to, and entities that represented the mortgagee during the closing. Read on for the court’s ruling on the parties’ motions for summary judgment.

The California Legislature has passed a bill extending exemptions under the California Consumer Privacy Act. Read on for more details.

Several industry associations, including the American Land Title Association, Mortgage Bankers Association and National Association of Realtors, sent a letter to Congress to extend the National Flood Insurance Program. Read on for more details.

Minnesota Gov. Tim Walz designated a temporary commissioner of the Minnesota Department of Commerce. The temporary commissioner has served as deputy commissioner of insurance. Read on for more details.

The National Association of Insurance Commissioners announced that its 2020 Fall National Meeting will be held virtually. Read on for more details.

While seeking to enforce a judgment, a bankruptcy trustee discovered that the judgment debtor and his wife split their community property and transmuted their interests into separate property. They argued that the trustee now could not enforce the judgment against his wife’s transmuted separate property. The trustee argued that the transmutation was voidable under the California Uniform Voidable Transactions Act (UVTA) and the case eventually went before the U.S. Bankruptcy Appellate Panel of the Ninth Circuit.

Owners of property in California sought to quiet title and cancel a nonjudicial foreclosure, arguing that after their lender sold the note and deed of trust through a pooling and servicing agreement, the beneficiary, MERS, no longer had an agency relationship principal with the holder of the note and deed and therefore could not assign the deed of trust to the foreclosing entity. Read on for more details.

The U.S. District Court for the Northern District of California ruled in a foreclosure case that wound its way from state court to the federal court, the bankruptcy court and back to the federal court. Read on for more details.

The California General Assembly passed a law that would make changes to the notice requirements for foreclosure sales and prohibit charging a fee for filing a declaration of nonmonetary status under certain circumstances. The bill has been sent to the governor for his signature. Read on for more details.

The New Jersey Department of Banking and Insurance announced that individuals who want to take the licensing exams to become insurance producers and public adjusters will be able to do so remotely. Read on for more details.

A New York Realtor was convicted of conspiracy to commit mail and wire fraud, having conspired to obtain eight loans for unqualified borrowers. Read on for more details.