October 2008 | Volume 1 · Number 5

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1-3-2020 EDITOR'S NOTE: Some links have been removed because the content is either no longer applicable or available.

Update from ATG Trust Company

Advising Clients in Tough Economic Times

Robert Lopardo photoA lawyer's role is to solve problems. You are the central, trusted adviser your clients turn to in times of trouble. When they need to talk about their investment portfolio, what do you say?

We've put together a general discussion about investing money, When Advisers Need Advice on Investing. It is not advice, particularly, but a conversation about advice.

veryone needs a life plan, which may include investments, and someone they trust to bring it to them. Together with ATG Trust Company, you can get your clients what they need. Call on our staff during these difficult financial times. We're here to help. Even advisers need advice sometimes.

Robert Lopardo
President, ATG Trust Company

ATG Trust Company is a premier provider of Section 1031 Exchange services and is here to help you with all your trust, estate, investment and Section 1031 Exchange needs. Contact us (info@atgtrust.com or 877.674.7878) or visit www.atgtrust.com for more information.

ATG EVENTS

ATG Legal Education and the University of Illinois College of Law present
America's Mortgage Crisis: Looking Out for Your Client

This timely and educational program sponsored by ATG and hosted by the University of Illinois College of Law on Friday, October 10, 2008, was a success... read more

Program speakers and organizers, from left: Ralph Schumann, ATG member (Elk Grove Village) and Illinois Real Estate Lawyers Association President; Dave Johnson, Assistant Dean for Communications, College of Law, University of Illinois (Urbana); Jerry Gorman, ATG Senior Vice President - Downstate Operations (Champaign); Hon. Thomas L. Perkins, U.S. Bankruptcy Judge for the Central District of Illinois (Peoria). Don't miss Judge Perkins' article, below.

NOTE: This program will soon be available as an ATG OnDemand program. Join our e-mail list to receive notice when it is available, or check ATG Legal Education on www.atgf.com.

This Issue's Highlight

Thomas L. Perkins photoThe Origins of the Subprime Mortgage Crisis

by The Honorable Thomas L. Perkins, U.S. Bankruptcy Judge for the Central District of Illinois (Peoria, Ill.)

"I would suggest to you that perhaps the first subprime loan in the history of the world was the one George Bailey made to Ernie Bishop, the cab driver in the movie, It's a Wonderful Life. Ernie had a very low FICO score...."

— Judge Thomas L. Perkins

EDITOR'S NOTE: This article is based on Judge Perkins's comprehensive presentation at the ATG Legal Education program, "America's Mortgage Crisis: Looking Out for Your Client" on October 10 at the University of Illinois. Perkins included a thorough analysis of the secondary mortgage market, the critical role of investment banks and credit rating agencies, and the role of the mortgage servicer.

Using recent examples from Washington, Wall Street, and Main Street — as well as drawing parallels between the U.S. mortgage industry prior to the secondary market and the era depicted in a Hollywood classic — Perkins untangles a complex web of details and explains them in an engrossing and easy-to-understand manner that is sure to captivate readers as it did everyone who attended the Champaign program... read more

ATTORNEYS | Practice Notes

TRUST AND ESTATE PLANNING NEWS

Court Bonds — Need a probate bond quick? Don't have time to visit the bond desk or stop by the ATG Trust Company office? Buy bonds the quick and easy way from atgtrust.onlinecourtbonds.com... read more

CASENOTES
Illinois

Taxation
Alvarez v Pappas | Petitions for duplicate real estate tax payment were untimely... read more

Wisconsin
Fraud; Torts
Below v Norton | Economic loss theory does not apply to false advertising claims under Wisconsin Statutes Section 100.18. The theory does apply to residential real estate transactions generally... read more

LEGISLATIVE UPDATES
Indiana

Civil Procedures
PL 27-2008 | A summary of the changes to the Indiana Code concerning property... read more

RECOMMENDED READING
Foreclosures -
We recommend the article, "Helping Clients Who Face Foreclosure," by Helen W. Gunnarsson, from the February 2008 Illinois Bar Journal, a publication of the Illinois State Bar Association (ISBA). For more information, please contact the ISBA at www.isba.org or call 800.252.8908.

ATG MEMBERS | Underwriters' Bulletin

This section provides updated procedural and underwriting information. If you keep hard copies of our Member Handbooks in your office, print this information for insertion.

CLAIMS CORNER

E-mail your questions to Christine Sparks.

Omitted Mortgagor — Whoever Owns Property Must Unconditionally Execute the Mortgage | ATG agents are responsible for examining mortgages to make sure they are insurable... read more

PROCEDURAL UPDATE

ATTN: Chicago-Area Members: Effective immediately, Cook County requires that an original death certificate must accompany the Joint Tenancy Affidavit - ATG Form 3007 (see Affidavits and Indemnity Forms). The County no longer accepts copies of the death certificate as an attachment.

EVENTS | ATG Hosts Top Members at Busch Stadium

2008 WI Member Appreciation Event photo 036ATG hosted top member for an afternoon CLE program followed by dinner and a great game of baseball at Busch Stadium in St. Louis where the Cardinals faced the Chicago Cubs, Wednesday, September 10, 2008 (pictured from left: Dan Strang; Greg Miely, ATG Senior Underwriting Attorney and Corporate Counsel; ATG top member Bill Strang (Jerseyville, Ill.); Gloria Strang.)... read more.

WHAT'S NEW | CLE, Trust Services

ATG Legal Education logo10/1: New Construction: Managing Construction Escrows
10/4: Navigating a Real Estate Transaction: A Seminar for Law Students and New Attorneys (Illinois)
10/10: America's Mortgage Crisis: Looking Out For Your Client (in conjunction with the University of Illlinois College of Law)
11/12: Harold Levine Real Estate Institute: Innovative Marketing Strategies and Topical Issues

CLE in Your Office — Earn CLE any time with ATG Legal Ed OnDemand, recorded programs available 24-7. See our Quick List of programs and easy registration... Learn more


ATG Trust Company logoVisit the ATG Trust Website On our site we provide comprehensive information about ATG Trust, the services we provide lawyers and the clients they serve, and much more. Use our flyer to find your way around... Learn more


sml ATG logo
Attorneys' Title Guaranty Fund, Inc. (ATG) and subsidiaries provide services for member attorneys and their real estate clients. ATG also works with lenders, Realtors, and other parties to ensure that each real estate transaction is completed in a professional and hassle-free manner. Contact us today! 800.252.0402.