Bank directors on the hot seatBy Kenneth DobbsOctober 2008The last 15 years have been smooth sailing for banks and their directors. Borrowers paid loans, earnings remained strong, and bank failures were almost non-existent. Recently, however, matters became choppy as borrowers defaulted, earnings plummeted, and a few banks began to fail.
IMFL: Attempted private sales after foreclosure salesBy Jeffrey G. LissApril 2008In the First District of the Illinois Appellate Court, different Divisions have apparently found themselves at odds on a significant issue involving the Illinois Mortgage Foreclosure Law (IMFL), 735 ILCS 5/15-1101 et seq.
Insurance coverage for bankruptcy claimsBy Raymond T. Reott & Becky J. SchanzApril 2008When a company is in bankruptcy, the rules for pursuing environmental claims often drive governmental agencies and other parties to assert claims against the bankrupt entity.
Private sales after mortgage foreclosure sales—An updateBy Jeffrey G. LissAugust 2008The Illinois Supreme Court appears to have resolved a conflict between appellate districts as to the permissibility of private foreclosure sales consummated after a mortgage foreclosure sale but before confirmation of that sale.
Public Act 095-0691: A mortgage crises remedy?By Kenneth E. DaviesOctober 2008With the economy in the throws of an economic downturn due in large part to the high foreclosure rates and crunch on credit, many governments are scrambling to try to get ahead of these economic issues.