Today, the U.K. Treasury and Northern Rock plc separatelyannounced that the restructuring of Northern Rock will take place on January 1, 2010 (Transfer Date).
The European Commission (EC) yesterday approved the restructuring plan of Northern Rock plc. The plan will split the company into two separate companies. The new Northern Rock plc will consist of a new savings and mortgage bank that will hold and service all customer savings accounts and some existing mortgage accounts.
De Nederlandsche Bank (DNB) began the process of appointing receivers Monday for DSB Bank NA (DSB) after DSB experienced a “run” when rumors of its insolvency spread via Twitter and other outlets.
Today, the Government Accountability Office (GAO) released a report entitled, “Fannie Mae and Freddie Mac: Analysis of Options for Revising the Housing Enterprises’ Long-term Structures.” Last September, the Federal Housing Finance Agency placed the GSEs into conservatorship fearing that their deterioration would harm U.S. financial stability.
Today, the FDIC announced the next steps in further developing the government's Legacy Loan Program (LLP), by testing the LLP program's funding mechanism through the sale of a portfolio of residential mortgage loan receivership assets to a limited liability company (LLC) in exchange for an ownership interest in the LLC.
Yesterday afternoon, the House delayed a vote on H.R. 1106, “Helping Families Save Their Homes Act of 2009” (the “Act”) after a little over an hour of debate, amidst unexpected opposition from some Democrats.
Yesterday, the House Judiciary Committee held a hearing to discuss two proposed bills, H.R. 200, the “Helping Families Save Their Homes in Bankruptcy Act of 2009” and H.R. 225, the “Emergency Homeownership and Equity Protection Act", that would allow bankruptcy judges to modify the terms of certain mortgages on principal homes during bankruptcy proceedings. H.R.
On January 6, 2009, Senator Richard Durbin (D-IL) re-introduced H.R. 200, “Helping Families Save Their Homes in Bankruptcy Act.” First introduced in the fall of 2007 by Durbin in the Senate and by Rep. John Conyers (D-MI) in the House, this bill has been the subject of three hearings, but faces opposition primarily from Republicans and representatives of the mortgage industry.
Yesterday, following announcements from Ally Financial and JP Morgan Chase of temporary suspensions of foreclosure efforts in certain states, Fannie Mae issued a statement yes
The Illinois legislature has passed and sent to the Governor an amendment to the Illinois Conveyances Act to address the decision in Crane v. The Gifford State Bank (2012 WL 669595 (Bkrtcy.C.D. Il). The Crane decision was rendered on February 29, 2012, and held that a mortgage could be avoided by a trustee in bankruptcy because it failed to include the interest rate and maturity date of the indebtedness secured by the mortgage.