Sound Counsel. Smart Business.
by Erich Paetsch, Chair, Financial Services Industry Group A common requirement of financing and contractual agreements is a guaranty. The reasons to include one are numerous. For example, when multiple entities are involved or a lender would prefer a strong personal commitment to a project or business, a guaranty reduces liability or guarantees performance by …
by Erich Paetsch, Chair, Financial Services Industry Group A common theme expressed in the financial services industry is concern over the scope, extent and burden of regulatory action. The so called “administrative state” is a critical actor interpreting, implementing, and enforcing statutes against lending institutions and businesses generally. Congress has historically deferred to federal agencies …
by Erich Paetsch, Chair, Financial Services Industry Group Recently, the Ninth Circuit Court of Appeals in Gross v. CitiMortgage considered the extent to which financial institutions furnishing consumer credit information to reporting agencies must investigate consumer disputes. The Court reaffirmed an earlier decision that requires “furnishers” to conduct investigations that must be at least “reasonable” …
By Financial Services Industry Group In an opinion issued on September 2, 2021, the Washington Supreme Court held that the filed rate doctrine may be applied to lenders or mortgage servicers implementing forced place insurance when there is a direct attack on agency approved rates.[1] What is the filed rate doctrine? Many state laws …
By Financial Services Industry Group On August 16, 2021, Governor Kate Brown signed Executive Order 21-30, which extended the mortgage foreclosure moratorium emergency period of House Bill 2009 (2021) to 11:59 p.m. on December 31, 2021. The Oregon State Legislative Assembly passed HB 2009 during its first regular session in 2021. The law temporarily halted …
In a suit for judicial foreclosure, a plaintiff has the option of asking the court for a money award against a debtor. After amendments to the Oregon statutes dealing with judicial foreclosure from 2003 to 2007, some circuit courts began interpreting these provisions to require a money award against the person obligated on the debt, …
A recent Supreme Court case considered whether, in a Chapter 7 bankruptcy proceeding, a junior mortgage may be voided when the senior mortgage amount exceeds the value of the property. For lenders, this means that if you hold a mortgage that is second in line to the primary mortgage, and that primary mortgage is larger …
By Randy Cook, Partner, Saalfeld Griggs PC A major component to any successful financial services employer is its ability to attract and retain key employees. Studies indicate that an employer’s retirement program is high on the list of factors considered by key employees when choosing an employer, second only to current compensation. With creative planning, …