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Banking Law

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Commentary on Banking Law

Post Frequency: 10.2/day

Last Entry: March 30, 2011 at 23:38:00

I'll Be Watching (And Chasing) You

Posted on March 30, 2011
When strategic defaulters are considering walking away from their homes, they'd be advised to make certain that if they have an outstanding second lien loan on their home, they either plan to pay it or otherwise hide their assets in...

Unfair Market Appraisals

Posted on March 29, 2011
The American Banker recently ran an article (paid subscription required) that discussed one of those hare-brained legislative schemes that pop up in times of economic crisis and that lead us to conclude that when states rights advocates refer to states...

Sometimes, You Get What You Pay For

Posted on March 28, 2011
For fans of class action litigation, a recent client alert from Ballard Spahr is a definite "must read." The firm discusses a bill working its way through the Maryland state legislature (passed by the House and being considered by the...

RSA Breach Proves That Cyberspace Is A Sea Filled With Sharks

Posted on March 27, 2011
Of all the reactions to last week's announcement that RSA had suffered a security breach that compromised its SecureID tokens, used by many banks as part of two-factor authentication, one that especially intrigued me was related by Tracy Kitten on...

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Dead In The Waters

Posted on March 24, 2011
While some readers have been trying to get me riled up over a headline in yesterday's American Banker that claimed Sheila Bair had been given a "Hero's Welcome," by the ICBA on Tuesday, I just consider the fact that the...

Lawyers: The Bane Of Our Existence

Posted on March 22, 2011
Housing Wire's Rick Grant took off on lawyers this afternoon, especially attorneys for borrowers who fight foreclosures, and he wasn't feeling "judicious." The problem I have with attorneys getting involved in every important decision that gets made in this country...

Sue, Bab y, Sue!

Posted on March 21, 2011
The failure of a bank or thrift has many unfortunate consequences for those who ran it. For one thing, the FDIC may very well sue them at some point down the road, alleging, at the very least, that they were...

Bair's Badge of Honor

Posted on March 20, 2011
No sooner do I comment on last week's booing and jeering of Sheila Bair by community bankers than Pravda Reuter columnist Rob Cox (paid subscription required) tells his readers that the booing is Bair's Badge of Honor. She was taken...

The Charmer And The Charmless: A Tale of Two Consumer Advocates

Posted on March 17, 2011
While Liz Warren was turning on the charm and her opponents were melting like school girls with Bieber Fever, Sheila Bair ventured into the lion's den to tell bankers exactly what they didn't want to hear and got an earful...

Onboard A Ship Of Fools

Posted on March 16, 2011
There's no telling what, in the myriad of items you read each day, is going to strike your funny bone. Take, for instance, the 27-page settlement term sheet that was recently circulated by the attorneys general of all 50 states...

OTS to United Western: You've Got No Standing To Complain

Posted on March 14, 2011
A few weeks ago, when United Western Bancorp., on behalf of itself and its former subsidiary bank, sued the OTS for putting the bank into receivership, we said that the deck was stacked against the plaintiffs. We also said that...

Forced-Placed Kerfuffle

Posted on March 13, 2011
A little over four months ago, I linked to an article by Jeff Horwitz in the American Banker that discussed the "scandal-in-the-making" over force-placed insurance by loan servicers. At that time, I expected that we'd be hearing a lot more...

Push For Principal Reductions Generates Pushback

Posted on March 10, 2011
As the American Banker's "cheat sheet" summary of the 27-page settlement proposal presented by state attorneys general to the large loan servicers makes clear, the state attorneys general are pushing principal reductions on loan servicers. Servicers are pushed to consider...

Bad Bank Baby Floated Again

Posted on March 09, 2011
James Thompson, financial economist for the Federal Reserve Bank of Cleveland, proposed today that the federal government set up the second coming of the Resolution Trust Corporation, which he would call the Resolution Management Corporation, to handle a future crisis...

No, Nein, Het, Nr, Non, Nej, N�o, ?, ????, ???

Posted on March 08, 2011
I intended to post tonight about the draft settlement that the state AGs presented to the big mortgage loan servicers, since American Banker's Washington Bureau Chief Rob Blackwell was kind enough to send me links to both the 27-page "term...

Discretionary Capital Enforcement: A Bad Idea

Posted on March 07, 2011
Assistant Professor of Law Julie Anderson Hill of the University of Houston Law Center has spent some time looking through the publicly available formal capital enforcement actions taken by federal bank regulators from 1993 through 2010. Sure, it's a grind,...

The Pinochio Problem

Posted on March 06, 2011
While I was gallivanting about the High Country last week, serving the Prince of Darkness, Housing Wire publisher Paul Jackson was deflating the Hindenburg of anti-bank gasbags, Yves Smith. Paul was writing about a decision in Arkansas in which a...

On The Road Again

Posted on February 27, 2011
I'm traveling this week on business and will have little or no time to blog. I'll leave readers with some links to material to keep themselves occupied with actual worthwhile reading for a change, instead of the superficial snark you...

Loan Servicers Are Litigation Cannon Fodder

Posted on February 23, 2011
The latest "hot" area for class action litigation? You guessed it: suing mortgage loan servicers. "Wrongful disclosure, deceptive trade practices, right of title, negligent representation, predatory lending, servicing transfers," said Anne Sutherland, executive vice president and general counsel at NationStar...

Durbin Amendment Small Bank Exemption An Illusion

Posted on February 22, 2011
In a letter to the American Banker (paid subscription required), ICBA CEO Cam Fine tells readers why the Durbin Amendment's exemption for banks under $10 billion in assets simply won't work. The exemption will not protect community banks or their...

A Rare Counterpunch From The Peanut Gallery

Posted on February 21, 2011
You know this fight is going to be a long charge uphill into withering machine gun fire. On the other hand, as someone who was intimately involved in successful litigation many, many years ago against the OTS and FDIC, when...

Another Day in La La Land

Posted on February 17, 2011
Two more stories surfaced today on HousingWire that prove the truth of old adage, "all the loose nuts fall and roll to the west coast." The first concerns the introduction of a bill in Oregon that purports to "prohibit a...

Common Causes

Posted on February 15, 2011
A couple of recent posts by Anthony Demongone at NAFCU Compliance Blog are worth a read, regardless of your charter type. The first concerns (in part) the Office of Servicemember Affairs within the Consumer Financial Protection Bureau. The head of...

(Un)Intended Consequences: E Pluribus Unum

Posted on February 14, 2011
Paul Muolo of National Mortgage News is not the kind of columnist who pulls his punches. Saturday's headline, "President Obama to the Housing and Mortgage Industries: Drop Dead!", told you all you needed to know about where Paul was heading...

Resistance Is Futile

Posted on February 13, 2011
The American Banker's Editor-at-Large Barbara Rehm's latest column (paid subscription required) is reason enough to subscribe to that trade publication, if you're not already doing so. Barbara brings to light something that we didn't see during the last banking crisis,...

Auditor Anxiety Spreads

Posted on February 10, 2011
Here's a tidbit I'd like to pass along in between shifts helping Darth Vader build the Death Star: Francine McKenna wrote a column for Forbes yesterday that discussed a story published on Tuesday in The Legal Intelligencer and written by...

I'm Not Responsible For Not Having A Sense Of Responsibility

Posted on February 08, 2011
In the last analysis, the individual person is responsible for living his own life and for "finding himself." If he persists in shifting his responsibility to somebody else, he fails to find out the meaning of his own existence. ---Thomas...

Workout Warriors A Treasured Tool

Posted on February 07, 2011
A couple of weeks ago, I was interviewed for a story that appeared in last week's Bank Safety and Soundness Advisor (paid subscription required) about whether or not banks with distressed loans ought to hire a "chief workout officer." I...

It's Showtime!

Posted on February 06, 2011
The CFPB got off the ground and launched itself into cyberspace late last week, while many of us were focused on other things, like chipping away at 2 inches of solid ice on the streets after we'd shoveled eight inches...

Barney Begs Off On Brown Brawl

Posted on February 03, 2011
Bank Lawyer's Blog dodged another bullet today when Barney Frank announced he'll opt out of running against Scott Brown and instead run for re-election to the House in 2012. I'd hate to see him trounced by Beam-Me-Up-Scottie and not be...

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