On October 20, 2011, the Director of the Arizona Department of Insurance filed a Complaint to place PMI Mortgage Insurance Company (PMI) into receivership in Arizona. In an interim Order, the court required the director, as Receiver, to take possession and control of PMI, which had been under the formal supervision of the insurance department since August 19, 2011. The court also directed that certain related affiliates of PMI be placed under administrative supervision.
Whittle Development, Inc. v. Branch Banking & Trust Co.
Judge Buchwald of the U.S.
Dissatisfied with the ongoing multistate and federal efforts to reach a settlement agreement with major U.S. banks over unlawful foreclosure practices, Massachusetts Attorney General Martha Coakley indicated that her office was independently preparing to file several lawsuits. A number of U.S. states, along with the U.S. Department of Justice, have accused the five largest mortgage servicers, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Ally Financial and Wells Fargo & Co., of failing to follow proper foreclosure procedures.
In re Gelt Financial Corporation (Bankr. E.D. Pa.) Case no. 11-15827
In re MicroBlade, LLC (Bankr. W.D. Wis.) Case no. 11-14981
On September 13, 2011, the Federal Deposit Insurance Corporation (the “FDIC”) approved a final rule (the “Final Rules”) to be issued jointly by the FDIC and the Board of Governors of the Federal Reserve System (the “Board”) intended to implement section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) which requires each non-bank financial company supervised by the Board and each bank holding company with assets of US$50 billion or more (each, a “Covered Company”)1 to report periodically to the Board, the FDIC and the Financial Stability Oversig
The U.S. Bankruptcy Court for the District of Massachusetts ruled that the Massachusetts Predatory Home Loan Practices Act, Chapter 183C of the General Laws of Massachusetts, is preempted by the high cost home loan provisions of the federal Truth in Lending Act (“TILA”) for federally chartered depository institutions. The July 27 ruling came in a case brought by Massachusetts residents who had jointly received a home mortgage loan from a national bank.
If there was such a contest, the 232-unit Spa at Sunset Isles would be in the running for "worst case scenario" condo-conversion. Here is a summary of the development's situation as it existed in late 2010:
Sending the Debtors back to the drawing board after almost three years in bankruptcy, in a 139 page opinion, the Bankruptcy Court has for the second time denied confirmation of the Plan of Reorganization for Washington Mutual, Inc. (“WaMu”), which was the owner of the largest savings bank ever to be seized by the FDIC.