Perry Law Firm Washington

CFPB/TRID Rules Pushed Back

CFPB/TRID Rules’ effective date have been pushed back from August 1, 2015 to October 1, 2015.  The Rules were pushed back, in part, to accommodate families busy with going to back to school.

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Bankruptcy Exemptions and Inherited IRAs

When a person files for bankruptcy he/she may exempt certain assets from the bankruptcy estate, including retirement funds (i.e. IRAs) under 11 USC 522(b)(3)(C).  However, in Clark v. Rameker, 134 S.Ct. 2242, the Supreme Court ruled that inherited IRAs do not qualify as retirement funds under that exemption.  The SC focused on three legal characteristics: […]

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Business Records Exception

Generally speaking, Florida omits hearsay evidence unless it falls under one of the acceptable exceptions.  One of those exceptions is the business record.  Here, the business record must pass a 4 prong test, namely: It was made at or near the time of the event recorded, By, or from information transmitted by, a person with […]

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CFPB Issues Integrated Mortgage Disclosure Rule

Recently the Consumer Financial Protection Bureau (“CFPB”) issued its Integrated Mortgage Disclosure Rule (the “Rule”).  The Rule will become effective 8/1/2015 and essentially replace the HUD-1 Settlement Statement with a Closing Disclosure, and, replace the Good Faith Estimate with a Loan Estimate.  The idea is to consolidate and simplify the information.  One significant change is […]

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Mark Perry Now Board Certified in Creditors’ Rights Law by the American Board of Certification

Mark Perry is now board certified in Creditor’s Rights Law by the American Board of Certification (ABC).  ABC celebrated its twentieth year of certifying lawyers in Business Bankruptcy, Consumer Bankruptcy and Creditors’ Rights.  ABC, the nation’s premier legal specialty certification organization, is sponsored by the American Bankruptcy Institute and the Commercial Law League of America, […]

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Bankruptcy Recharacterization

The 9th Circuit recently decided In re Fitness Holdings, Intern., Inc., 714 F.3d 1141.  The case stands for the conclusion that bankruptcy courts can recharacterize a claim from debt to an equity interest for purposes of the Bankruptcy Code Section 548.  This has important implications for possible fraudulent transfers and in turn determining a debt […]

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Changes coming to the Fair Debt Collection Practices Act: Banks better be ready.

The Fair Debt Collection Practices Act (“FDCPA”) fines debt collectors for using false or misleading representations, including harassment or abuse among other things, in the collection of consumer debts, not business loans.  However, the FDCPA specifically defines debt collector to mean “any person who . . .  regularly collects or attempts to collect, directly or indirectly, debts owed […]

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Loss-Share Agreements Coming Up

One of the FDIC’s pillars are loss-share agreements. Suppose Bank A fails. And, suppose Bank B wishes to acquire Bank A but is hesitant due to the uncertain exposure it could have. The FDIC assists by covering a portion of those losses. Bank B gains because it has reduced its risk. The FDIC gains because […]

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