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attorney Heather BanksI tend to be a nostalgic person.  I recall stories in my childhood told by my parents and grandparents about going downtown to the big department stores to shop at Christmas.  Everyone’s stories always included a visit to the candy counter.  I am not old enough to remember any of the downtown establishments they reminisce about except I remember Sears.  I remember it because of one thing, the candy counter.  The downtown location closed when I was still in elementary school and moved to the new local mall that opened.  What a great place!  The mall was “the” place to shop in my childhood.  I have seen my local mall go from awesome to embarrassing.  Sears is one of three anchor stores still in it.  JCPenney, one of the three stores, announced this past week it was leaving my mall.  I’m guessing Sears will not be far behind them.

Demise of Retail

I’ll be the first to admit I’m guilty of contributing to the demise of these retail establishments.  I would much rather shop on-line now.  With kids, work, and life in general, who has time to walk around and shop in one store at a time.  The internet has made it so easy to see goods from many places, compare prices and most businesses offer perks like free shipping and free returns.

Read More from: Bonds & Botes, P.C.

3 days 15 hours ago

Attorney Suzanne ShinnNot too many would be shocked to hear that topping the nation’s list of consumer complaints during the year 2016 would be.

And the Winner IS……….

Illegal Debt Collection Practices

Debt collection efforts by creditors and collection agencies. I’m not sure about the general public, but I can tell you from experience in representing consumers as well as receiving calls made to me for someone else’s debt…..These collectors are relentless! It has been our experience over the years that the greatest relief clients seem to experience when they come in for a consultation is hearing the words: “You may tell your creditors and the collectors to contact our office for any information they need.” In other words, you can now have a reprieve from creditors and collection agencies calling all during the day and night. Most people don’t even answer their phones if they do not know the number, but it’s the interruptions all during the day that can unnerve even the most placid of personalities. According to ABC News, there were 859,090 complaints registered just for debt collection efforts.

Read More from: Bonds & Botes, P.C.

3 days 16 hours ago

Lifebuoy and BusinessmanThe question whether restructuring profits are taxable or not has been answered differently in Germany in the past. However, on 7 February 2017, a decision of the Grand Senate of the Federal Fiscal Court (the “FFC Decision”) was published, in which the highest German tax court declared the Restructuring Decree as unlawful. The FFC found that the administration had acted as legislator violating its obligation to apply the existing law.

Read More from: eSQUIRE Global Crossings

3 days 17 hours ago

 

mortgage debt

Figuring out what you owe on your home loan can be harder than a calculus exam.

For most people, their mortgage is their biggest debt.  And their home is their most important asset.

Yet, the people accounting for your payments are increasingly incapable of the very basics of their job.

Things have changed since the local bank made you a loan to buy a house and collected the payments you made on that loan.

Now, home loans get sold to someone else the moment the deal closes.  The right to collect the loan payments is bought and sold separately from the right to the payment amount.

And increasingly, the servicers make mistakes as they cut  corners to make a buck.

What do you need to know to assess whether your loan servicer has got the numbers right?

3 days 18 hours ago

If chosen as Comptroller of the Currency, Joseph Otting's appointment would be a crucial step in the new administration’s deregulatory efforts.

Read More from: BankThink

4 days 4 min ago

Community banks, which could be the hardest hit if economic tensions between the U.S. and Mexico escalate into a tariff battle, are urging policymakers to refrain from rash action, and big banks are already trimming exposures.

Read More from: BankThink

4 days 4 min ago

Student Loan Costs

1.3 trillion dollar issues do not just go away, and

student loan costs - money!!!
student loan costs

that is the amount of student loans owed to the

federal government.

A prospective client called me today, he and his wife were graduated about a year ago.

Both have private and public student loans, though she has a government job and is on income based repayment plans for the government loans, with the prospect of forgiveness of any balance if she keeps her job for ten years, per the Public Service Loan Forgiveness provisions.

“I wish they had told us how much it would really cost.”  he said.

$1,400 per month.  Enough for a nice house payment, but, like tens of thousands, if not more, they cannot afford both.

Read More from: Discharge Student Loan

4 days 3 hours ago

Regulators want to make rules easier for small banks; auto loan defaults rise while used-car prices fall.

Read More from: BankThink

4 days 12 hours ago

While there are inherent differences between student loan and mortgage servicing, recent claims against the largest student loan servicer echo the mortgage debacle.

Read More from: BankThink

4 days 12 hours ago

Amer Sajed, a 56-year-old Pakistan-born immigrant to the U.S., will step down from his role leading the bank’s credit card business in July after being spurred into activism by President Trump's stances on social and other issues.

Read More from: BankThink

4 days 12 hours ago

Jay Clayton, the Wall Street lawyer tapped to lead the Securities and Exchange Commission, faces what could be an uncomfortable reunion this week with Senator Elizabeth Warren.

Read More from: BankThink

4 days 12 hours ago

Bankers, directors and other large investors are unloading millions of shares as bank stocks stay close to all-time highs.

Read More from: BankThink

4 days 12 hours ago

Sen. Mike Rounds, R-S.D., told a meeting of bankers not to focus on credit unions' tax exemption in talks with lawmakers, saying the two industries should unite over regulatory reform.

Read More from: BankThink

4 days 12 hours ago

Live Oak Bank, known for streamlining the lending process, has turned its attention to fixing its patchwork approach to cybersecurity.

Read More from: BankThink

4 days 12 hours ago

The fired chief executive of a New York-based trade group representing asset-backed lenders has sued the group, claiming he was wrongfully dismissed after raising concerns about conflicts of interest and a lack of auditor independence.

Read More from: BankThink

4 days 12 hours ago

Coinbase has received approval from the New York State Department of Financial Services to offer trading of the digital currency Ether, along with other products.

Read More from: BankThink

4 days 12 hours ago

“You win some, you lose some. But you live, you live to fight another day…” – Mr. Jones, Friday Just what must be alleged for claims for breach of fiduciary duty to proceed past initial pleadings and into meaningful fact development? In a recent decision, the United States Bankruptcy Court for the Eastern District of … Continue reading

The post Breach of Fiduciary Duty (and Related) Claims Are Not Easily Defeated: A Case Study in Motions for Judgment on the Pleadings appeared first on Robins Kaplan Trial Attorneys Blog.

4 days 13 hours ago

Foreign financial institutions that trade dollar-denominated securities on the secondary market may not appreciate that they could be forced to defend an action arising from such a transaction in a U.S. court.  That is what happened, however, to an Austrian bank that purchased a $10 million interest in a syndicated $1.5 billion term loan on the secondary market.  In a recent decision, the bankruptcy court in Motors Liquidation Co. Avoidance Action Trust v. JPMorgan Chase Bank, N.A. (In re Motors Liquidation Co.), Adv. Pro. No. 09-00504 (MG), 2017 WL 632126 (Bankr. S.D.N.Y. Feb. 16, 2017) held that the Austrian bank had established sufficient contacts in the United States as a result of the transaction for the court to assert specific personal jurisdiction over it.  The decision may be instructive to foreign lenders that are not familiar with the risk or the issue.  This article will provide a summary of the Motors Liquidation case, focusing on those facts and issues that are typical of such secondary market transactions.

A.  The Facts and Procedural Context

4 days 14 hours ago

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