EPA's regulatory fix for lenders

Article Abstract:

Lenders who hold a mortgage on polluted property are, under some conditions, liable for cleanup of the holding if the borrower cannot do so. Legislation to this effect is laid down in the Comprehensive Environmental Response and Cleanup Liability Act. The Environmental Protection Agency has proposed rules under which lenders can avoid such liability. To do so, lenders must not participate in management, and must only be involved to the degree necessary to preserve security interest in the property.

Air, water, & solid waste management, Liability for environmental damages, United States. Environmental Protection Agency, Lender liability

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Recovering the costs of environmental remediation

Article Abstract:

Insured companies are facing several challenges to recover environmental remediation costs. Environmental remediation costs that took place from the 1960s through the 1980s may not have been tabulated specifically, may have taken place under previous owners of the property or firm or may have been tabulated under a different accounting method. Certain costs may never be recovered because they were indirect costs.

Property & Liability NEC, Management, Property and casualty insurance, Pollution liability insurance

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Do title insurance policies protect lenders?

Article Abstract:

Title insurance policies do not protect lenders in California until a foreclosure is completed and a title defect affects the value of the property after encumbrances. A lender must actually face a loss. A preliminary title report does not determine the condition of the property. A title insurance policy is not a guarantee but only a contract of indemnity if the insured party suffers a loss.

Title Insurance, Interpretation and construction, California

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