Publications for Financial Institution Law
By most measures the economy is strong. Unemployment is low. The stock market is roaring. Gross domestic product is rising. Under these circumstances, bankruptcy is on few people’s minds.
On February 6, 2018, Governor Snyder signed Public Act 16 of 2018, which creates a Uniform Commercial Real Estate Receivership Act (the “Act”) in Michigan. The bill was sponsored by State Representative Brandt Iden, of the 61st District. PA 16 can be viewed here.
Lenders who place a full credit bid can’t recover a deficiency based on unpaid taxes incurred prior to a foreclosure sale according to the decision in Citizens Bank v Boggs.
The foreclosure of a mortgage is “debt collection” under the Fair Debt Collection Practices Act according to the Sixth Circuit Federal Court of Appeals in Glazer v Chase Home Finance, LLC.
The Dodd-Frank Deposit Insurance Provision affords noninterest-bearing transaction accounts unlimited deposit insurance coverage. Absent an extension or further legislation, that provision is scheduled to expire on December 31, 2012.
The CFPB is tasked with regulating and enforcing a list of consumer protection laws including: RESPA, TILA, HOEPA, SAFE Act, HMDA, Fair Credit Reporting, Truth-in-Savings, the Consumer Financial Protection Act and Mortgage reforms, among others.
In a recent opinion, the Michigan Court of Appeals issued a key decision regarding foreclosing by advertisement while concurrently suing guarantors.
In light of the Chrysler bankruptcy and the instability of the U.S. auto industry, commercial lenders are increasingly unwilling to extend credit based upon these receivables.
The term sheet has been issued for banks and bank/financial holding companies who have elected tax status under Subchapter S of the Internal Revenue Code.
The State of Michigan will invest up to $150 million in six (6) month and twelve (12) month certificates of deposit (CD) from Michigan financial institutions at below market rates.
Since Treasury took the TARP out of TARP, the impetus has been on the Capital Purchase Plan for the United States Treasury (UST) to invest in qualified financial institutions (QFIs).
The credit crunch has affected everyone, but few as hard as the real estate market.
With a Presidential election occurring this year, many Townships are in the process of determining whether to ask voters to approve extra-voted millages or bond proposals.