A respite, however brief, can be refreshing, but the hope is always for more lasting change. For student loan borrowers, the hope has been for COVID-19 loan forbearance to lead to loan forgiveness. Such sweeping action doesn’t appear likely soon. But, there is an alternative that would be more targeted to the neediest borrowers and be more palatable to conservatives in Congress: making bankruptcy...
There are pitfalls that those in asset-based financing should be mindful of, particularly when it comes to insurance and protecting collateral against loss. We spoke with Jack Schwartz, managing director of Davis+Gilbert Risk Management LLC, about key issues to keep in mind when buying policies. Jack has been working with clients for over 15 years with a particular emphasis on real estate and...
Making order out of a multiverse is an extraordinarily difficult task, just ask DC Comics, which has struggled to achieve the success of its rival, Marvel, to create a coherent narrative for its popular superheroes. Regulators in Washington, D.C. and elsewhere must do better if they hope to create a comprehensive regulatory framework for an ever-expanding multiverse of digital coins and digital...
Lenders, servicers and others regulated by consumer protection statutes may be able to rest a bit easier following the U.S. Supreme Court’s recent decision in TransUnion LLC v. Ramirez (Ramirez), where the Court filtered out over 75% of claimants in a consumer class action because they did not suffer actual harm from the alleged statutory violations. The Ramirez decision is also potentially...
The deep voiced “In a world . . .” movie trailer narrator is no longer with us, but his legacy lives on, calling us to imagine the unthinkable as we brace for a post–pandemic future. While we enter what we expect to be a moment of increased scrutiny from regulators and legislators with respect to lending and consumer protection, it’s not unreasonable to ask: could subprime auto lending...
Joseph Cioffi and Nicole Serratore's article, “Biden Administration Signals Change in Direction for Subprime Auto Regulations,” was published in Westlaw Today. Click here to view the full article.
Residential mortgage lending has seemed to fare reasonably well in the thick of the pandemic due to stimulus and relief programs, but as pandemic-era relief recedes and foreclosures rise, hidden threats to a lender’s first priority lien status may become apparent and require resolution. With foreclosures up 9% in the first quarter of 2021 versus the prior quarter, several recent cases highlight...
