On June 8, 2020, the Federal Reserve Bank of Boston, the administrator of the Federal Reserve’s Main Street Lending Program, released updated term sheets for the three types of loans, “New,” “Priority” and “Expanded,” that will be available under Main ... Read full article
The Ninth Circuit on June 1 affirmed a key bankruptcy principle that liens may survive and “pass through” the bankruptcy process even if the underlying claim secured by the lien is disallowed. The facts in Lane v. The Bank of New York Mellon (Ninth Cir. ... Read full article
On June 4 the Consumer Financial Protection Bureau (CFPB) issued proposals to address issues arising from the required transition away from the London Interbank Offered Rate (LIBOR) scheduled for the end of 2021. LIBOR has been widely used as a benchmark ... Read full article
A proposed piece of COVID-19 relief legislation could have major implications for California lenders and servicers, particularly in the mortgage lending industry, if passed into law. The assembly bill, entitled “COVID-19 Homeowner, Tenant, and Consumer ... Read full article
On June 5, 2020, the U.S. ... Read full article
Below please find a link to the Sheppard, Mullin, Richter & Hampton LLP ( Sheppard Mullin ) Paycheck Protection Program ( PPP ) Loan Forgiveness Estimator Workbook (the Workbook ), which was created by and is the property of Sheppard Mullin. ... Read full article
On May 15, 2020, the U.S. Department of Treasury ( Treasury ) and U.S. ... Read full article
In the aftermath of the 9/11 attacks, the Appraisal Institute issued guidance to its MAI appraisers regarding the new challenges and limitations on rendering an opinion of real estate value in the wake of a disaster when markets are unstable or chaotic ... Read full article
On May 13, 2020, the U.S. Department of Treasury ( Treasury ) and U.S. ... Read full article
On Thursday April 30, 2020, the Board of Governors of the Federal Reserve Board released a new revised term sheet for the Paycheck Protection Program Liquidity Facility (“PPPLF”). Under the facility, the Federal Reserve Banks will lend to eligible ... Read full article
The U.S. Department of Treasury ( Treasury ) and U.S. ... Read full article
On April 30, 2020, the U.S. ... Read full article
On April 28, 2020, U.S. Department of Treasury ( Treasury ) Secretary Steven T. Mnuchin and U.S. ... Read full article
On April 24, 2020, the U.S. ... Read full article
The Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) guarantees loans from qualified lenders to small businesses impacted by the COVID-19 pandemic so that those businesses can keep workers employed. In the Third Interim Final ... Read full article
Among the only certainties for the post-COVID lending world is the uncertainty of commercial real estate values. Among the classes of real estate that surely will be immediately diminished in value are hospitality and most brick and mortar retail, but ... Read full article
Responding to pressure from industry groups and members of Congress, the Federal Housing Finance Agency (FHFA) announced on April 21, 2020 that servicers of Freddie and Fannie mortgage loans will only be required to advance four months of missed payments ... Read full article
The Paycheck Protection Program (“ PPP ”), as enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act , provides federally-guaranteed loans up to a maximum amount of $10 million to qualified businesses, which can be fully forgivable, ... Read full article
On April 14, 2020, the U.S. ... Read full article
On April 9, 2020, the Federal Reserve issued an updated term sheet for the Term Asset-Backed Securities Loan Facility (“TALF”). Under TALF, the Federal Reserve will make an equity investment of $10 billion in a special purpose vehicle (“SPV”) that will ... Read full article
