Commercial Finance and Lending

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  • Don’t Let Your Preferred Mortgage Get Equitably Subordinated

    Ben Schupp (New Orleans) authored an article on equitable subordination in the Q2 2022 issue of Marine Money Magazine, the ship finance publication of record.

  • MBA Report Reveals Drop in Residential Mortgage Loan Delinquency Rate

    The Mortgage Bankers Association’s (“MBA”) First Quarter 2022 National Delinquency Survey revealed that the delinquency rate for mortgage loans on 1–4-unit residential properties decreased to 4.11% of all loans outstanding at the close of the first quarter of 2022. This rate, according to the MBA, represents a decrease of 54 basis points from the fourth quarter of 2021 and 227 basis points from one year ago. Further, MBA Vice President of Industry Analysis Marina Walsh notes that the delinquency rate dropped for the seventh consecutive quarter, reaching its lowest level since the fourth quarter of 2019. Walsh credits the improvement in loan performance to the movement of loans that were ninety days or more delinquent, with most of these delinquencies either being cured or entering post-forbearance loan workouts.

  • CFPB Update on the Amicus Program and Other Litigation

    The CFPB issued a Fair Lending Report in May of 2022 (“Report”), in which it provided updates on its involvement with ongoing litigation, including its amicus program. The CFPB emphasized that its amicus program provides courts with its views and helps “ensure that consumer financial protection statutes are correctly and consistently interpreted.”

  • Cannabis Companies Lacking Bankruptcy Protections Can Explore State Options

    As the trend to legalize the medical and recreational use of marijuana continues to blaze through the states, federal law, and bankruptcy courts by extension, have not yet followed suit. Bankruptcy courts have historically prevented cannabis – and even cannabis-ancillary companies – from filing for protection under the United States Bankruptcy Code because marijuana remains illegal under the Controlled Substances Act (CSA) at the federal level. Consequently, financially distressed companies in states where marijuana is legal still have limited restructuring options and must rely on state law options.

  • McGlinchey Named Special Finance 175 Honoree By SubPrime Auto Finance News

    McGlinchey’s Consumer Financial Services Regulatory team is proud to be listed in the 2022 “Special Finance 175,” a recognition presented by SubPrime Auto Finance News for organizations that “support companies and dealerships with sound guidance and tools to navigate the ever-changing regulatory demands.”

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