Banking
Feb. 26, 2013
Decision gives lenders a new duty of care to borrowers
Lenders now may be liable for unreasonably failing to reveiw a borrower's request for a loan modification. By Alfred M. Clark
Recently, a state Court of Appeal issued an opinion likely to gain the attention of holders of distressed commercial mortgage debt. In Scott Call Jolley v. Chase Home Finance, LLC, 2013 DJDAR 1954 (Cal. App. 1st Dist. Feb. 11, 2013), the court reversed the trial court's summary judgment order in favor of lender. In doing so, the court rejected lender's proffer of its purchase and assumption agreement governing its acquisition of ...
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