Banking Law

Foreclosures Explode in South Florida; Poor, Minorities Hit Hardest

Although South Florida is still a bit below the national average for the total percentage of mortgages in foreclosure, that may not be true much longer. The number of foreclosure lawsuits filed to force non-mortgage-paying owners from their properties has doubled and tripled in some counties, compared to last year.…

Jun 15, 2007 11:20 PM CDT

Cravath Poaches Partner, Adds Bankruptcy

Wall Street Journal’s Law Blog reports that white-shoe firm Cravath Swaine & Moore “has decided to scuff up its oxfords a bit” with the addition of a bankruptcy practice. Richard Levin, one of the principal authors of the Bankruptcy Code, will join the firm in July to establish the practice.…

May 9, 2007 4:21 PM CDT

Record $50k Fine for Payday Lender in Nevada

State regulators in Nevada have imposed a record $50,000 fine on a payday lender, Leads Global Inc., which was ordered in March to stop doing business there. The action was announced Monday by the Nevada Financial Institutions Division, in response to a $200 loan made by a Reno-based payday lender…

May 8, 2007 6:04 PM CDT

Subprime Lenders Face $48 Million in Possible Damages

A jury verdict against three subprime lenders accused of bait-and-switch advertising could be tripled to nearly $48 million. A competitor sued NovaStar Financial Inc. of Kansas City, Mo., and two smaller lenders, contending their ads on bankrate.com were misleading. An Orange County, Calif., jury on Friday awarded $15.9 million in…

May 8, 2007 3:13 PM CDT

Dutch Ruling Favors Shareholder Rights

A Dutch court has halted the sale of LaSalle Bank by ABN Amro Holding NV until shareholders can vote on it. The ruling benefits a banking consortium seeking to make a rival bid for ABN and its bank, according to the Wall Street Journal (sub. req.). ABN wants to sell…

May 4, 2007 2:50 PM CDT

White House Nixed Student Loan Reform

The Bush administration nixed a 2001 proposal to tighten restrictions on the student loan industry. Since then, the loan industry has come under investigation for paying universities and school officials for loan referrals. The Education Department’s draft 2001 policy shows awareness of the issue and a perceived need to act,…

May 1, 2007 5:12 PM CDT

Suit Shines Spotlight on Obscure Lender

A legal battle has put the spotlight on a little-known lender in the Washington, D.C., area called the National Rural Utilities Cooperative Finance Corp. Accountant Jeffrey J. Prosser borrowed money for his company from a cooperative subsidiary to finance offshore telephone and cable TV companies. He claimed he was not…

Apr 30, 2007 4:19 PM CDT

Business Boom Looms for Subprime Attorneys

Law firms representing subprime mortgage lenders will see a boost in business as they help with bankruptcy filings and fend off government investigations and class action lawsuits, the National Law Journal reports. One firm, Pillsbury Winthrop Shaw Pittman, has announced formation of a new practice group to handle the legal…

Apr 25, 2007 12:58 PM CDT

Tougher Regulations Eyed After Bank Ruling

A ruling supporting federal regulation of national bank subsidiaries could shape congressional debate over new laws that would give more protections to consumers, according to a New York Times article. Consumer groups had urged the U.S. Supreme Court to uphold state authority at a time when foreclosures are increasing and…

Apr 18, 2007 1:31 PM CDT

Audit Ordered for San Diego Diocese

A federal bankruptcy judge has ordered an audit of the Roman Catholic Diocese of San Diego. Judge Louise DeCarl Adler wants to know if the diocese transferred funds to new accounts after filing for bankruptcy, the Associated Press reports. The church is the fifth in the U.S. to file for…

Apr 12, 2007 5:21 PM CDT

Foreclosures Explode in South Florida; Poor, Minorities Hit Hardest

Cravath Poaches Partner, Adds Bankruptcy

Record $50k Fine for Payday Lender in Nevada

Subprime Lenders Face $48 Million in Possible Damages

Dutch Ruling Favors Shareholder Rights

White House Nixed Student Loan Reform

Suit Shines Spotlight on Obscure Lender

Business Boom Looms for Subprime Attorneys

Tougher Regulations Eyed After Bank Ruling

Audit Ordered for San Diego Diocese

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