Can bankruptcy lawyers act as mortgage brokers?

first_img Can bankruptcy lawyers act as mortgage brokers? Gary Blankenship Senior Editor The Professional Ethics Committee has reconsidered an earlier vote that a bankruptcy attorney could act as a mortgage broker for Chapter 13 clients seeking to refinance their house to get out of bankruptcy early.The panel, at its September meeting, sent the issue back to a subcommittee after further debate and hearing reservations from the Business Law Section. The PEC had tentatively voted at its June meeting to issue an opinion that the inquiring lawyer could broker refinancing for his or her bankruptcy clients if proper disclosures were made. The PEC also asked the subcommittee to draft an opinion and work out a proper disclosure.On other matters, the PEC voted to adopt a subcommittee recommendation to revise and reissue a staff opinion on whether attorneys providing title insurance are required to disclose the rating of the title insurance company underwriting the insurance. The subcommittee recommended that the opinion be revised to state that the inquiring lawyer must disclose the rating if the lawyer believes it is information that is required for the client to make an informed decision. If the title insurance is being provided to someone who is not a client, disclosure is only required if the rating is material and failure to disclose the rating would constitute fraud.The panel also addressed whether an attorney could protect the fees of a public adjuster who referred cases to the attorney.On the bankruptcy issue, the inquirer said clients filing Chapter 13 bankruptcy sometimes find that after a year or so their homes have increased in value and they can refinance to pay off their debts to emerge from bankruptcy years ahead of schedule. The problem is mortgage brokers are hitting them with high fees, adding thousands of extra dollars to the refinancing costs.The lawyer wants to be able to act as a broker for clients he or she has helped in Chapter 13 cases, noting there’s no restriction on helping those refinancing who are not clients. The inquirer argued that should be allowed with proper disclosures.“I conceded early on the elements of conflict [in his proposal],” the lawyer said. “I’m not disputing there are the elements of a conflict here; what I’m saying is I believe this is a waivable conflict with full knowledge [of the client].”Mark Wolfson, chair of the Business Law Section, noted that the PEC had sent the matter to a subcommittee to determine what kind of waiver and conflict notification might be required. But he suggested if the issue depended on how the waiver was worded, it might be an unwaivable conflict to begin with.“My point is, if it’s a close call, approving without knowing what is in the waiver is troublesome,” Wolfson said. “If the disclosure is not sufficient, then it’s not waivable.”Some PEC members said they were concerned there was an inherent conflict that could not be waived by any disclosure, while others expressed uncertainty because they were unfamiliar with the complexities of bankruptcy law. Still others argued what the inquirer proposed should be allowed under the Bar’s ancillary business rules.“We’ve allowed attorneys to sell life insurance. We sell title insurance to our clients,” committee member Adele Stone said. “Of course, there’s room for abuse, but you don’t tell them ahead of time they cannot do it because there’s room for abuse.”The committee voted 13-15 to reject a subcommittee recommendation to allow the practice with a proper disclosure, and then voted to send the issue back to the subcommittee for more study.On the claims adjuster issue, Bar Ethics Counsel Elizabeth Tarbert told the PEC the inquiring attorney originally in a phone call asked if he could accept referrals in personal injury cases from a public adjuster when that adjuster charged a contingency fee and failed to settle the case. Part of the arrangement would have the attorney agree to protect the adjuster’s fees in any final settlement of the case.A staff opinion found that impermissible, she said, and the attorney then filed a written request for an opinion, asking if it was permissible to protect the adjuster’s fees using a lien or letter of protection.The committee voted to correct the staff opinion to reflect that the inquiry related to property damage cases and revise the staff opinion to refer the inquirer to Ethics Opinion 02-4 for advice on protecting the adjuster’s interests when no improper referral has occurred.On another matter, the PEC referred an inquiry to the same subcommittee addressing the mortgage brokerage business on whether a firm practicing mainly in estate planning and administration could form an ancillary business to advise and sell clients life insurance policies. Can bankruptcy lawyers act as mortgage brokers? October 15, 2005 Senior Editor Regular Newslast_img read more

Starting blocks

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Mohamed Elneny responds after Mikel Arteta brands his display against Fulham as ‘phenomenal’

first_img‘I know it’s not easy to be on loan and come back to Arsenal and I’m really happy because I made everyone feel like I was not away from the team. This makes me really happy and I have to thank Mikel Arteta because he helped me a lot to feel like this.‘He speaks to me always, saying things like ‘we need you on the team’ and he is always giving me good feedback and always pushing me to get the best from me. I’m really happy to be here.‘I’ll give 100% every day in the training and if they give me a chance to play, I will always give 100%. Because it’s the best for me, to play always in regular games and to give 100% to the team, to help the team to win and make sure that we’re going to build a team to be strong in the Premier League.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalArteta represents the third manager Elneny has played under at Arsenal since signing from Basel and he has been staggered by the change in ethos and attitude his new boss has implemented.He added: ‘We feel like we are more aggressive, like everyone just wants to give 100%. This was what we missed in Arsenal, because at Arsenal we always loved to play football but we didn’t care [enough] about giving 100%. But now we can see that everyone does, even the kit man!‘Everyone has to give 100% because this is a great club and everyone has to work really hard to push this club to win the Premier League, to win everything, because we have quality players, we have the facilities, we have the family. Everyone is great in this club.’MORE: Mikel Arteta praises unsung Arsenal hero Mohamed Elneny against Fulham and reacts to Gabriel’s debut displayMORE: Dani Ceballos speaks out after clash with Arsenal teammate Eddie Nketiah during warm upFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Advertisement 💬 “You were away for all of last season. How much has the club changed in that time?”❤️ Honesty from @ElNennY after #FULARS 👇— Arsenal (@Arsenal) September 12, 2020 Mohamed Elneny starred in Arsenal’s 3-0 win over Fulham (Picture: Getty)Mohamed Elneny has thanked Mikel Arteta for resurrecting his Arsenal career after the Egypt midfielder was singled out for praise by his manager following Saturday’s 3-0 win over Fulham.The Egypt international joined the Gunners in January 2016 when Arteta was still a first team squad member at the Emirates Stadium, but his time in north London has largely been a frustrating one.Indeed, Elneny spent last season on loan at Besiktas having been deemed surplus to requirements of Unai Emery, but has been handed an unlikely lifeline at the start of the new campaign.The 28-year-old impressed in the Community Shield win over Liverpool a fortnight ago and with Arteta’s options in midfield limited, he kept his place against the Cottagers and his performance was described as phenomenal by his manager afterwards.AdvertisementAdvertisementADVERTISEMENTReacting to the praise, Elneny said: ‘I feel really happy and I have to thank Mikel Arteta for giving me a chance to play. Mohamed Elneny responds after Mikel Arteta brands his display against Fulham as ‘phenomenal’center_img Comment Metro Sport ReporterSaturday 12 Sep 2020 6:24 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link489Shares Advertisementlast_img read more

Pension reforms must not divide German system, aba warns

first_imgProposals to reform Germany’s pension system could create an artificial division within the occupational pensions market, something that must be avoided at all costs, according to the chairman of the country’s pension association (aba).Heribert Karch, speaking at the aba annual conference, said Germany needed to avoid creating a legislative framework that could result in needless competition over the terms of collective bargaining agreements that would see proven providers left behind.“We do not want that, and we must avoid such a split,” Karch said. “It is therefore important companies can still set terms, not only parties involved in collective bargaining agreements.”His comments came after German minister for Labour and Social Affairs Andrea Nahles said the government would consider a number of changes to its reform proposals that would introduce industry-wide defined contribution arrangements. Karch said: “If you do not take into consideration the whole of the [pension] system, then the reforms will only amount to a paper tiger, and none of us wants that to happen.“We do not want a race between those now called onto the stage and those who have proven themselves – and vice versa.”Karch insisted on the importance of ensuring all aspects of the pension system are fully thought out before any proposals are passed into law – particularly highlighting the matter of benefit protection schemes and tax incentives, a topic outside of Nahles’s remit at the Ministry for Labour and Social Affairs (BMAS).In her speech at the conference, Nahles challenged the industry to come up with other ways of protecting benefits.The reforms would see the direct benefit protection offered by employers severed, resulting in BMAS suggesting that benefits could be protected by the Pensions-Sicherungs-Verein (PSV), but the suggestion has not been welcomed in all quarters.Evylin Still, head of occupational pensions at Volkswagen, noted at a later panel that requiring the PSV to step in and protect benefits provided by the new industry-wide DC funds would see it take on an additional role.At present, she stressed, the PSV currently stepped in when there was a company insolvency endangering the benefits provided by Pensionsfonds or book reserve arrangements.“As I have currently understood the debate,” Still said, “we [PSV levy payers] would in future also have to insure against a capital market investment not working out. That is a completely different type of risk.”last_img read more

EIOPA outlines vision on pan-European personal pensions

first_imgNational regulators, however, would cover other areas, such as how to oversee the decumulation phase.The consultation also suggested the launch of PEPPs would support the development of multi-pillar pensions in countries yet to establish strong second-pillar systems.EIOPA outlined a number of high-level investment principles it felt should apply to all PEPPs, including a de-risking strategy – such as a lifecycle fund – for default strategies where contributions were not guaranteed.It said: “Assets should be selected with a view to the most efficient liquidity profile over the longer term, including the potential participation in longer-term investments as appropriate to the investment horizon and payout profile of the PEPP, including, as appropriate, infrastructure and other similarly illiquid investments.”The supervisor also suggested PEPPs should have a limited number of investment options, where the provider has responsibility for reviewing holdings.“If an investment option contains a guarantee, the PEPP provider is not required to apply a life-cycling strategy to that investment option,” it said.“However, a duty of care would still apply to ensure the PEPP does offer value for money and sets an investment strategy that offers an appropriate exposure to risk premium for long-term investment.”It added that a long-term investment horizon could be achieved by pooling all member assets into funds where smoothing of returns was applied, allowing for the provider to access the premium associated with certain less liquid assets.EIOPA stressed that high-level investment principles should be the only limits on a provider’s ability to design investment options, to ensure they have “sufficient freedom when developing the different investment options”.The consultation, which concludes on 5 October, follows on from a discussion paper on PPPs in early 2013 and a preliminary report in 2014. A Europe-wide personal pension regime would require default products to guarantee contributions or need to be based around a lifecycle fund, according to proposals by the European Insurance and Occupational Pensions Authority (EIOPA).In a consultation paper, the supervisor noted that while it had initially considered the introduction of a passport system to accredit all personal pension products (PPPs), it would focus on introducing a second, parallel PPP system that met certain minimum standards.EIOPA previously referred to such an approach as the 29th regime, a term also used by the European Commission when it championed the development of the PPP market in its recent green paper on the Capital Markets Union (CMU).The consultation suggested that the goal of a Pan-European Personal Pension (PEPP) system would be to deliver value for money for consumers through economies of scale as providers operated across national borders.last_img read more

Sweden opens door to unlisted direct investments for AP funds

first_imgIn the proposal, the Ministry of Finance also announced a plan to analyse a series of other liberalisations to the mandate this autumn, with the resulting changes set to come into effect on 1 July 2019.The changes – which are to be discussed by the Pensions Group – relate to direct investments in unlisted companies and loans.The additional proposals follow a lengthy consultation on the revised mandate, during which calls came for the funds to be given the freedom to make unlisted direct investments.Tobias Fransson, head of strategy and sustainability at AP4, told IPE that the second part of the investment liberalisation was an important complement to the set of changes now about to go before parliament.“This will give the AP funds the ability to invest very long term, cost effectively and in line with international market practice,” he said.Specifically, the Pensions Group will look into whether the AP funds should be able to make direct investments in unlisted infrastructure companies, make co-investments in unlisted shares, and invest in illiquid loans.In addition, the politicians will consider whether the funds should be allowed to keep a stake of more than 10% when a company is listed.The group will also consider whether the pension funds may provide loans to companies in which they have invested.The new investment rules, which were first proposed last summer, allow the buffer funds more flexibility and will take effect on January 1, 2019.Per Bolund, minister for financial markets, said: “The proposal includes permission for the funds to put a larger proportion of their assets outside the stock markets, while at the same time not having to have such a large portion invested in fixed-income securities.”The revised mandate also includes legal requirements for the funds to be managed in an “exemplary manner” with regard to responsible investment and responsible ownership. Sweden’s four main state pension buffer funds could be granted permission to make direct investments, on top of a package of amendments already in the pipeline that are now set to take effect in January.The country’s Council on Legislation (Lagrådet) on Thursday approved a final proposal for new investment guidelines for the AP funds from the Ministry of Finance.This rubber-stamping paves the way for the government to present the proposed legislation to parliament before the summer. Although the guidelines have yet to gain parliamentary approval, they are likely to go through as they have already been agreed by the cross-party Pensions Group.last_img read more

Pornography addiction leads to same brain activity as alcoholism or drug abuse, study shows

first_imgThe Independent 22 Sept 2013People who are addicted to pornography show similar brain activity to alcoholics or drug addicts, a study has revealed.MRI scans of test subjects who admitted to compulsive pornography use showed that the reward centres of the brain reacted to seeing explicit material in the same way as an alcoholic’s might on seeing a drinks advert.The research by Cambridge University assessed the brain activity of 19 addictive pornography users against a control group of people who said they were not compulsive users.Lead scientist Dr Valerie Voon, an honorary consultant neuropsychiatrist, told the Sunday Times: “We found greater activity in an area of the brain called the ventral striatum, which is a reward centre, involved in processing reward, motivation and pleasure.“When an alcoholic sees an ad for a drink, their brain will light up in a certain way and they will be stimulated in a certain way. We are seeing this same kind of activity in users of pornography.” read more

Immobile nears Serie A record as Lazio target second spot

first_imgCiro Immobile moved to within one goal of equalling the Serie A single season scoring record on Wednesday night as Lazio beat relegated Brescia 2-0 to stay in the race for second place. Immobile struck his 35th league goal of the campaign eight minutes from time in Rome to close in on Gonzalo Higuain’s record of 36 goals, scored for Napoli in 2015-16.Advertisement Read Also: Napoli seal signing of Victor Osimhen – ReportImmobile helped Joaquin Correa open the scoring after 16 minutes at the Stadio Olimpico, with Correa returning the favour late on.Behind the top four, who are assured of Champions League football next season, AC Milan kept the pressure on fifth-placed Roma for the Europa League group stage berth.FacebookTwitterWhatsAppEmail分享 Loading… Promoted ContentYou’ve Only Seen Such Colorful Hairdos In A Handful Of AnimeThe 10 Best Secondary Education Systems In The WorldWhy Do So Many Digital Assistants Have Feminine Names & Voices?6 Interesting Ways To Make Money With A DroneBest & Worst Celebrity Endorsed Games Ever MadeCan Playing Too Many Video Games Hurt Your Body?8 Superfoods For Growing Hair Back And Stimulating Its Growth5 Of The World’s Most Unique Theme ParksTop 10 Most Romantic Nations In The WorldWhich Country Is The Most Romantic In The World?7 Universities In The World Where Education Costs Too Much6 Incredibly Strange Facts About Hurricanescenter_img “There is Ronaldo, so it would be a great achievement for Ciro Immobile, a prize and source of pride for everyone,” said coach Simone Inzaghi.With one game to play Lazio are fourth, equal on 78 points with third-placed Atalanta, who beat Parma 2-1 on Tuesday, and one adrift Inter Milan who are second following their 2-0 win over Napoli.All three teams are targeting second place behind Juve, who sealed a ninth consecutive Serie A title at the weekend.Inter and Atalanta will go head-to-head this weekend with Lazio’s last game at seventh-placed Napoli. Juventus star Cristiano Ronaldo is four goals behind Immobile as the champions take on Cagliari later Wednesday.last_img read more

Mills tunes up with IMCA Modified checkers at Park Jeff

first_imgCody Thompson parked n victory lane following the Karl Kustoms Northern SportMod feature. Thompson came from mid-pack to pick up the win over Rusty Montagne and John Foreman. Monta­gne has been working on a new setup and it will be interesting to see who can take the Iron Cup. JEFFERSON, S.D. (Aug. 1) – A beautiful blue sky greeted drivers and fans as Park Jefferson driver warmed up for Aug. 7-8 and the Iron Cup with a great fast night of racing at Park Jefferson Speedway on Turner Plumbing Night. In the IMCA Sunoco Hobby Stocks, Andy Hoffman returned to victory lane. Hoffman who had a challenging night a few weeks ago, was able to utilize the front row starting spot to win over a strong running Blake Arends and Jay Devries. And in the Mach-1 Sport Compacts, it was Connor Brown showing the way for a good win over William Reed and Kaytee DeVries. The seventh annual running of the famed Iron Cup is Friday, Aug. 7 and Saturday, Aug. 8. IMCA Modifieds will be running for $7,000 to win and a 2021 Fast Shafts All-Star Invitational ballot berth in Saturdays feature with their Friday heats being used to set the lineup. The rest of the divisions will run complete shows with Sport Compacts only running Friday and Sprint Cars only on Satur­day. Veterans Travis Barker and Ryan Harris put on a show for the fans in the IMCA Sunoco Stock Car main. The two longtime Siouxland combatants raced nose to tail with Bo Lundquist mixing it up the entire way. Harris finally got the jump on Barker in the waning laps and took the win while Barker lost the top groove and ended up 10th. Lundquist roared back for second and Greg Taylor picked up third. Chris Mills tuned up for this weekend’s Iron Cup with the Saturday night IMCA Modified feature win at Park Jefferson Speedway. In the IMCA Modifieds, it was Chris Mills who took the top spot after a handful of cautions slowed the 20-lap affair. Mills was able to come from mid-pack to run away with the checkers. 2019 cham­pion Bob Moore showed well as he was a strong second and Sean Barragan rushed in straight from a wedding to take third. In the IMCA RaceSaver Sprints, it was Colin Smith returning to the site of two track champion­ships to whip the rest of the field. Smith has ventured around the area this year and took a comforta­ble win with Danny Nekoite second and Jesse Lindberg third. Gates open at 5 p.m. both days with hot laps at 6:30 p.m. and racing to follow.last_img read more

Janis Clifford July 15, 1936 – May 16, 2019

first_imgJanis Clifford, age 82 of Harrison, Ohio passed away Thursday, May 16, 2019 in Harrison, Ohio. Born July 15, 1936 in Rupert, West Virginia the daughter of Elgin and Gertrude Meece.Janis worked for the United States Postal service for many years, member of the Cincinnati Deaf club and St. Teresa Benedicta of the Cross Bright, Indiana.Survived by her children Donna (Dan) Ferguson and Tim (Denise) Clifford both of Bright, Indiana. Grandmother of Tarah (Molly) Ferguson, Jared (Taylor) Ferguson, Michael Miller and Eddie (Amanda) Greenwood. Great grandmother of Parker, Wyatt, Abby, Annabell and Kingston.Preceded in death by her parents Elgin and Gertrude Clifford and husband Larry S. Clifford.Visitation will be Wednesday, May 22, 2019 from 5:00 P.M. to 7 P.M. at Jackman Hensley Funeral Home 215 Broadway Street Harrison, Ohio 45030. Graveside services will be Friday, May 24, 2019 11:00 A.M. at Gate of Heaven Cemetery Cincinnati, Ohio.last_img read more