Creditors Practice Section

This section was created for attorneys who are in the creditors practice field. It provides its members the opportunity to exchange information with other practitioners in this area of practice, provides timely CLE and legislative updates.

Chair
Portfolio Recovery Associates, LLC
120 Corporate Blvd
Norfolk, VA 23502
(888)772-7326
Immediate Past Chair
Buffaloe & Associates PLC
201 4th Avenue N #1300
Nashville, TN 37219
(615)256-2642

Circuits Split on Definition of ‘Applicant’

In her Journal column this month, Kathryn Reed Edge makes a prediction: "As the financial crisis wanes and fewer banks are plagued by their borrowers’ credit problems, we in the business are seeing the federal banking agencies gear up for an energetic assault on consumer compliance violations." And adding to the confusion that many bank compliance officers have in interpreting the Equal Credit Opportunity Act, she writes that two judicial circuits, the 6th and the 8th, "have split on a seemingly simple issue of the definition of 'applicant' under the ECOA." She explains the important differences and advises readers of her column "Bank On It" to watch the U.S. Supreme Court for an answer.

read more »

Court to Consider When 2nd Mortgage Can Be Void

The U.S. Supreme Court said Monday it will decide whether homeowners who declare bankruptcy can void a second mortgage if the home’s market value has dropped below the amount they owe on the first mortgage, the Memphis Daily News reports. The case involves Florida homeowners who were allowed to nullify second loans held by Bank of America. The Atlanta-based 11th U.S. Circuit Court of Appeals affirmed both cases, but Bank of America says the rulings conflict with Supreme Court precedent and the rulings of other appellate courts that have considered the issue.

read more »