| Expect Changes for Rating Agencies |
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April 28, 2008 Link
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On Tuesday, April 22, 2008, Congress took the latest step in its examination of the mortgage markets. According to Committee Chairman Dodd, this was the 48th hearing conducted on subprime mortgages. Submitted by Gerald L. Baldwin.
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| Good News for Banks and Insurance Professionals Courts Are Eliminating Negligence claims for Economic Losses |
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April 17, 2008 Link
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It is getting harder to sue banks and insurance professionals for negligence claims in the Ohio federal courts. In the past year, the Ohio federal courts have applied the doctrine of economic loss in four separate decisions to eliminate negligence claims against banks and insurance brokers. Submitted by David W. Walulik.
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| Sixth Circuit Court of Appeals Rules in Favor of Creditors Regarding Deficiency Claims in Chapter 13 Cases |
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April 15, 2008 Link
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The Sixth Circuit Court of Appeals in AmeriCredit Financial Services, Inc. v. Long, held that deficiency claims following the surrender of a debtor’s vehicle in Chapter 13 consumer bankruptcy cases survive the surrender of the vehicle and must be paid by the debtor pursuant to a Chapter 13 plan. Submitted by Joseph B. Wells.
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| Revenge In A Foreclosure Comes With A Price |
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April 15, 2008 Link
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The huge wave of foreclosures that has swamped courts across the country has brought with it a tremendous increase in retaliation by homeowners; not retaliation by filing claims against the lenders in court, but retaliation in the form of damage to the house that serves as collateral. Submitted by Gerald L. Baldwin.
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| Major Credit Card Reform Act Proposed in U.S. Senate |
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April 15, 2008 Link
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Concerns over subprime mortgage lending have led to a substantial amount of proposed legislation. Those proposals, however, are increasingly directed at sectors of the credit industry other than traditional mortgage lending. Submitted by Matthew J. Horwitz.
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| Another Ohio Appeals Court Finds Negligence Is Not a Bar to the Application of the Doctrine of Equitable Subrogation |
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April 3, 2008 Link
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A recent Ohio appeals court decision may signal a new willingness of Ohio courts to apply the doctrine of equitable subrogation in situations in which a lender or its agent allegedly acts negligently. Submitted by Russell J. Kutell and Elizabeth M. Norton.
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| "S.A.R." stands for Suspicious Activity Report, not serial activity report |
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April 1, 2008 Link
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Poorly schooled bankers sometimes misunderstand the "Safe Harbor" concept associated with the Bank Secrecy Act and the filing of a Suspicious Activity Report ("SAR"). Submitted by William T. Repasky.
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| The Care and Maintenance of the Kentucky Mechanics Lien |
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April 1, 2008 Link
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A party furnishing labor or materials resulting in improvement of real estate, and who is not paid for its service, has a statutory right to encumber the property. Submitted by William T. Repasky.
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| SEC Proposes To Expand Privacy Regulations |
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April 1, 2008 Link
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On March 4, 2008, the Securities and Exchange Commission (SEC) voted unanimously to propose amendments that would expand the privacy obligations for the institutions that the SEC regulates. Submitted by Kevin T. Shook.
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