Effective February 1, 2016, Local Bankruptcy Rules for the Eastern District of Michigan were extensively amended.
Read More »JPMorgan’s Lehman Settlement Crosses the $1 Billion Threshold
Lehman originally accused JPMorgan Chase of improperly draining billions of dollars before the investment banking firm's infamous 2008 bankruptcy.
Read More »Wells Fargo Settles With DOJ Over Bankruptcy Rules Violations
Wells Fargo Bank and the Department of Justice’s U.S. Trustee program have entered into a settlement agreement over the bank’s acknowledged violation of federal bankruptcy rules that took effect in December 2011, according to an announcement from the DOJ.
Read More »Senate Subcommittee Examines Strategies for Ending ‘Too Big to Fail’
Taylor noted there are two current bills in Congress—one in the House (the Financial Institution Bankruptcy Act of 2015) and one in the Senate (the Taxpayer Protection and Responsible Resolution Act), which he called "essential" for ending government bailouts.
Read More »Ohio Senator Introduces Bill to Improve Accuracy of Consumer Credit Reporting
"During the financial crisis, more than 50 million people saw their credit scores fall due to foreclosures and financial hardships," Brown said. "Many turned to bankruptcy, but are still haunted by debt on their credit report that they no longer owe. This bill would ensure that debts prior to bankruptcy aren’t in effect double counted and don’t continue to make it difficult for consumers to get a job or secure a loan for a home."
Read More »Wingspan Portfolio Advisors Files For Bankruptcy
Wingspan Portfolio Advisors filed for Chapter 7 bankruptcy on Tuesday in the United States Bankruptcy Court for the Eastern District of Texas, the court confirmed to DS News. In a Chapter 7 bankruptcy, the company ceases operations while a trustee liquidates a company's assets in order to pay off debt. A company in Chapter 7 bankruptcy continues operations only if the trustee decides to continue.
Read More »JPMorgan Chase Settles for $50 Million With DOJ Over Robo-Signing, Other Violations
The amount Chase agreed to in the proposed settlement will include cash payments, mortgage loan credits, and loan forgiveness to the homeowners in bankruptcy. Chase has agreed to change its internal operations, and an independent compliance reviewer will conduct oversight to ensure that Chase is complying with the terms of the settlement.
Read More »Counsel’s Corner: Lack of Uniformity in Bankruptcy Laws, CFPB Rules Challenging Servicers
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Marcy Ford, Managing Partner at Detroit-based Trott Law, P.C.
Read More »KML Law Group Hires Senior Counsel
Pennsylvania-based law firm KML Law Group, a firm devoted to mortgage foreclosure, bankruptcy, ejectment, REO closing, and other real estate matters for secured real estate lenders, has announced that John F. Goryl, Esquire, has joined the firm as senior counsel as of October 1, 2014.
Read More »The Wolf Firm Adds Five Attorneys
The Wolf Firm, an Irvine, California-based financial services law firm, announced recently the addition of several new attorneys (alphabetically): Mark T. Domeyer, Robert J. Jackson, Scott J. Jackson, Parnaz Parto, and Sonia A. Plesset.
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