Further Elimination of Exemptions to the California Finance Lender's License Requirements Proposed. Stay Tuned.
The Department of Business Oversight ("CDBO") is proposing the elimination of the exemption to the California Finance Lenders Law ("CFLL") license for a "nondepository operating subsidiary, affiliate, or agent" of a national bank because the Dodd-Frank act allows a state to regulate a subsidiary in a manner that was previously unavailable. More to come as it unfolds.
If you have missed any of our earlier Newsletters, you can find them on the left side of the Home Page of our Blog Site located at www.glassgoldbergblog.com.
Please make sure to correct your records to reflect our new address:
GLASS & GOLDBERG, ALC
21600 Oxnard Street, Suite 320
Woodland Hills, CA 91367.
Warmest regards,
Marshall Goldberg
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Real Estate Appraiser Viewed More Favorably than a Few Years Ago
Many different institutions drew great criticism for contributing to the housing bubble which played a part in the financial crisis of 2008. Some of the blame also targeted appraisers who many believe should play a neutral role like a referee in a sporting event. But just as different umpires have diverging views as to whether a certain pitch is a ball or strike, real estate appraisers do not universally conclude that a particular piece of property possesses exactly the same value. Read More
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Applying the Right Statute of Limitations Correctly
The law can often be a stern mistress. This aphorism applies perhaps with no greater force than it does in the area of statutes of limitation, the rules which govern the time periods in which certain types of lawsuits must be filed. A recent case from Colorado demonstrates how strict these limitations can be and how tricky they can sometimes be to apply. Read More
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Banks Reprising Practices which Led to Housing Market Crash
Now that housing prices for homes in Southern California are rising after the calamitous plummeting in the wake of the financial crisis five years ago, a new report indicates that lenders are starting to return to some of the dangerous practices which led to that crisis. According to Data Quick, homeowners in the six-county Southern California region took out 47,542 home equity lines of credit last year - 48% more than in 2012, according to the research firm. Apparently, procuring second mortgages on one's home is getting easier as it did before the bottom fell out of the housing market.
Read More
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United States Supreme Court Resolves Restitution Issue in Mortgage Fraud Case
When a defendant in a criminal case is convicted of committing an offense, the defendant can often be ordered to pay restitution above and beyond any fine which the Court may also impose. As restitution amounts, unlike fines, must be based on the actual losses incurred by the victims of crime, issues frequently may arise as to how to determine such amounts.
Read More
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Independent Foreclosure Review Short-Circuited by Hasty Settlement
In order to identify the problems caused by the financial crisis relating to home foreclosures and to compensate aggrieved homeowners, the Independent Foreclosure Review (the "Review") was established with a mandate to investigate the responsible banks. But before the Review could complete its mission, the Office of the Comptroller of the Currency and the Federal Reserve went ahead and reached a $10 billion settlement with the banks under investigation. Read More
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The High Bar for Pleading Securities Fraud Cases
Another federal court recently reiterated the hurdle that investors making a case for securities fraud must meet when pleading their civil complaints in court. The case involves California Business Bank which had in March of 2010 entered into a consent order with the Commissioner of Federal Deposit Insurance Corporation ("FDIC") which, among other things, required it to raise its capital levels so as to be able to prospectively withstand unexpected losses. Later that same year, in an effort to raise necessary capital, the Bank offered for sale a minimum of 1,666,667 shares at a price of $3.00 per share. Read More
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Defendant Fails to Show Basis for Federal Jurisdiction
Parties seeking to litigate a civil action can have their case heard in federal court provided they can meet one of two sets of jurisdictional requirements. If the plaintiff presents a cause of action (or a defendant counterclaims with a cause of action) which involves a federal question - the resolution of an issue governed by the United States Constitution, a federal statute or federal regulation - the District Court can accept jurisdiction under such basis. Or if a party in one state sues a party from another, the District Court may have what is known as "diversity jurisdiction" provided the amount of damages being sought exceeds a jurisdictional limit which now is set at $75,000. Read More
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Carefully Avoiding the Penalty Exacted by Res Judicata
The Latin term "res judicata" roughly translates in to English as "the thing having been litigated". It refers to the important legal doctrine encouraging judicial economy and avoiding a multiplicity of suits on a single legal claim. Under this doctrine, a particular legal claim is precluded from being brought against certain parties if the claimant has brought the claim against the same parties previously. Read More
|
Independent Foreclosure Review Short-Circuited by Hasty Settlement
In order to identify the problems caused by the financial crisis relating to home foreclosures and to compensate aggrieved homeowners, the Independent Foreclosure Review (the "Review") was established with a mandate to investigate the responsible banks. But before the Review could complete its mission, the Office of the Comptroller of the Currency and the Federal Reserve went ahead and reached a $10 billion settlement with the banks under investigation. Read More
|
The High Bar for Pleading Securities Fraud Cases
Another federal court recently reiterated the hurdle that investors making a case for securities fraud must meet when pleading their civil complaints in court. The case involves California Business Bank which had in March of 2010 entered into a consent order with the Commissioner of Federal Deposit Insurance Corporation ("FDIC") which, among other things, required it to raise its capital levels so as to be able to prospectively withstand unexpected losses. Later that same year, in an effort to raise necessary capital, the Bank offered for sale a minimum of 1,666,667 shares at a price of $3.00 per share. Read More
|
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Now that housing prices for homes in Southern California are rising after the calamitous plummeting in the wake of the financial crisis five years ago, a new report indicates that lenders are starting to return to some of the dangerous practices which led to that crisis. According to Data Quick, homeowners in the six-county Southern California region took out 47,542 home equity lines of credit last year - 48% more than in 2012, according to the research firm. Apparently, procuring second mortgages on one's home is getting easier as it did before the bottom fell out of the housing market.
|
United States Supreme Court Resolves Restitution Issue in Mortgage Fraud Case
When a defendant in a criminal case is convicted of committing an offense, the defendant can often be ordered to pay restitution above and beyond any fine which the Court may also impose. As restitution amounts, unlike fines, must be based on the actual losses incurred by the victims of crime, issues frequently may arise as to how to determine such amounts.
|
Applying the Right Statute of Limitations Correctly
The law can often be a stern mistress. This aphorism applies perhaps with no greater force than it does in the area of statutes of limitation, the rules which govern the time periods in which certain types of lawsuits must be filed. A recent case from Colorado demonstrates how strict these limitations can be and how tricky they can sometimes be to apply.
|
Real Estate Appraiser Viewed More Favorably than a Few Years Ago
Many different institutions drew great criticism for contributing to the housing bubble which played a part in the financial crisis of 2008. Some of the blame also targeted appraisers who many believe should play a neutral role like a referee in a sporting event. But just as different umpires have diverging views as to whether a certain pitch is a ball or strike, real estate appraisers do not universally conclude that a particular piece of property possesses exactly the same value.
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June 2014
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______________ Please check out our Blog Site at www.glassgoldbergblog.com where you will find posts, articles, FAQs etc. several times a week which we believe will be of interest to you. Feel free to contact us with questions or comments. Showcased in Forbes Magazine as the Magazine's Southern California choice for outstanding lawyer and lawfirm in the area of Bankruptcy, Property, Commercial and Creditor/Debtor Rights law Selected for Inclusion 2010, 2011, 2012, 2013, 2014 Super Lawyers Editions: (1) Southern California Attorneys (2) Nation's Top Attorneys in Business Practice Areas Selected By Peer Recognition and Professional Achievement
as a Top Attorney in Southern California 2013 ____ Selected as Southern California Top Rated Firm as also shown in the National Law Journal, the American Lawyer, Corporate Counsel and Law.com. 2013 and 2014 ____ Our Legal Team Glass & Goldberg is comprised of talented attorneys and staff who have the utmost knowledge and experience in the legal community.
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Since its inception in 1986,
Glass & Goldberg has earned an unparalleled reputation in the areas of creditors' rights, commercial and business transactions and litigation, and bankruptcy and restructuring.
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Feedback
We invite you to contact us to discuss any topics presented in these article, to learn how we might further assist your business, and to sign up for future newsletters!
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Reach us at
Phone: (818) 888-2220
Email: info@glassgoldberg.com
Glass & Goldberg
21600 Oxnard St., #320
Woodland Hills, CA 91367
Phone: (818) 888-2220
Fax: (818) 479-9940
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